Sanjeev Gupta to launch new British bank
The lender will be called British Commonwealth Trade Bank.
Steel tycoon Sanjeev Gupta is to launch a new bank aimed at helping British industry trade globally after Brexit.
Mr Gupta’s GFG Alliance has struck a deal to acquire the UK division of Nigeria’s Diamond Bank, which will be renamed British Commonwealth Trade Bank (BCTB).
The industrialist said his strategy is to “identify and capitalise” on investment opportunities and gaps in banking and financial markets.
Post-Brexit, there will be a heightened need to provide competitive financing to British companies in the commodities and industrial sectors as they seek to grow in new markets globally Sanjeev Gupta
“Post-Brexit, there will be a heightened need to provide competitive financing to British companies in the commodities and industrial sectors as they seek to grow in new markets globally.
“BCTB will aim to be the ‘bridge’ between borrowers and lenders for trade with these markets,” Mr Gupta said, adding that trade with the Commonwealth will be a particular focus.
Mr Gupta has overseen a series of acquisitions at GFG, including portions of conglomerate Tata’s steel operation in the UK.
The group also owns Wyelands Bank, acquired in 2016.
Mr Gupta added: “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.”
The Diamond Bank deal is subject to approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).