22nd December 2016
Industrialist Gupta completes purchase of ‘industry-friendly’ bank
British industrialist Sanjeev Gupta, through Wyelands Holdings Limited, last night (21st December) completed the acquisition of Wyelands Bank from Tungsten Corporation PLC.
Terms of the purchase were agreed in November, after the granting of approval for a Change in Control from the Prudential Regulation Authority and the Financial Conduct Authority. Completion now permits the Bank to accept deposits under the protection of the Financial Services Compensation Scheme.
Mr Gupta, who is executive chairman of the metals and industrials group Liberty House, said his aim is that the Bank should help create a more fertile environment for the growth of British industry by specialising in supply chain and trade financing for small and medium-sized enterprises (SMEs).
John Howland Jackson, formerly a Senior Managing Director of ING Bank NV and presently Chairman of Nikko Asset Management Europe, will be formally appointed Chairman of the Bank at Wyelands’ first board meeting in the New Year. Iain Hunter, who had served as CEO of Tungsten Bank PLC, is the Chief Executive of Wyelands Bank. Previously, he was CEO of CIT Bank Limited.
Mr Gupta said: “Today marks an important milestone for my family’s aspirations as we believe strongly in the revival of British industry and have now introduced a new champion to underpin those industrial businesses which who have vision and ambition.”
He added: “In my view Britain needs a bank specialising in the industrial SME sector that will be a friendly source of finance to oil the wheels of industry; stimulating growth and the creation of quality jobs. Such businesses need better working capital funding solutions and, with a first class management team at the helm, Wyelands Bank will provide those solutions.”
Wyelands Bank, as a regulated entity, will be owned, governed and operated independently of Mr Gupta’s industrial businesses, Liberty House Group, and the Gupta family’s energy-related operations in the SIMEC group.
Further information from Eoghan Mortell 07977 555117 or Jessica Beeken 029 20 455182