Didn’t the Archbishop say they were looking to encourage credit unions as an alternative, and as such drive Wonga out of business? I don’t think the plan was to buy Wonga as a going concern.
Not only is the CofE a state church of which the British monarch is the Supreme Governor, but at the time the succession laws were being written, the time was not too long past when Popes were excommunicating English monarchs and either implicitly or explicitly encouraging their assassination or deposition, and funding or encouraging foreign attacks on the realm. The British have long historical memories.
Her Majesty the Queen wins. She is always prepared.