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Sanjeev Gupta plans second bank

Martin Greenland | 07:27 Wednesday 2nd May 2018

British industrialist Sanjeev Gupta (pictured above) has entered into an agreement with Diamond Bank PLC of Nigeria to acquire its UK-regulated banking subsidiary Diamond Bank (UK) PLC.

Sanjeev – who heads up the GFG Alliance group of companies – announced that a subsidiary of his family's Wyelands Trust has signed an agreement to acquire Diamond Bank UK, subject to regulatory approval from the FCA and the PRA.

The transaction has already been approved by the Central Bank of Nigeria.

The proposed acquisition is part of Sanjeev's strategy to expand further the financial services activities of the GFG Alliance.

Once acquired, Diamond Bank UK is expected to be renamed British Commonwealth Trade Bank (BCTB).

Commenting on this latest development, Sanjeev said that finance was the life blood of our economy.

“Our first bank, Wyelands Bank, saw a gap in effective financial servicing for mid-sized UK industrial companies targeting developed countries worldwide and, after a successful first year, is now well on its way to becoming a leading institution in this market segment.

“The acquisition of BCTB – with its particular global networks, breadth of experience and specialist expertise in developing economies – will enable us to focus on a very different market gap: providing tailor-made financial solutions that enable UK businesses to access specific fast-growing markets, especially within the Commonwealth.

“GFG companies have a long history in trade with the Commonwealth and we hope to use both what we've learned and our worldwide contacts to help design a British bank focused on helping UK companies to access exciting new opportunities.

“Britain is a nation of traders, and, with our government's new focus on international trade, we hope to play a key role in connecting UK businesses to customers and opportunities across the world, especially in the developing Commonwealth markets, where Britain has a long and rich history.”

Secretary of state for international trade, Liam Fox, welcomed the transaction: “GFG's acquisition of Diamond Bank UK will go a long way in helping UK businesses access opportunities in some of the world's largest and fastest-growing markets.

“This includes the Commonwealth – with a third of the world's population – where the bank has a strong presence.

“As we leave the European Union, it is essential that we make the most of trade and investment to help secure UK jobs, growth and prosperity.

“This is why my international economic department is helping companies seize the global business opportunities ahead.”

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