Kingdom Bank has announced that it has taken over the insurance business of the financial support services charity Stewardship.

The growing Christian bank transferred all insurance business at the start of May after the Board of Stewardship decided they no longer wished to remain in the insurance market.

Kingdom Bank’s Board of Directors decided to take on the business because it complemented insurance services already offered by the bank.

Chief Executive Guy Priestley said the takeover would strengthen its business.

“The church and charity insurance service offered by Stewardship was the only area in which it was governed by Financial Services Authority. Due to the increase in regulation, Stewardship felt the time was right to transfer this business," he said.

“In looking for partners to take on the insurance services, we were delighted that Stewardship believed Kingdom Bank offered the best solution to its customers, and our Board decided that by taking on this arm of Stewardship it would strengthen our business.”

Stewardship’s former Insurance Manager Mike Clarkson has joined the Kingdom Bank team.

Mr Priestley added: “As a business, we are authorised and regulated by the Financial Services Authority and already provide general insurance services to church and charities.

"We feel confident that we can provide the standard of service Stewardship customers were used to and welcome them to the Kingdom Bank family.”