By Dipo Olowookere
Indian-born British businessman, Mr Sanjeev Gupta, has completed the acquisition of United Kingdom subsidiary of the defunct Diamond Bank Plc, Business Post has confirmed.
The Diamond Bank UK was sold by the parent company in Nigeria before its merger with Access Bank Plc in March 2019.
As the new owner of Diamond Bank, Business Post reliably gathered that Mr Gupta will change the name of his newly acquired bank to Commonwealth Trade Bank (CTB).
It was learned that the businessman acquired the financial institution as part of a strategy to help UK businesses trade internationally, especially with emerging and Commonwealth markets.
The Commonwealth Trade Bank is expected to add significantly to the financial services offering within Mr Gupta’s global GFG Alliance, comprising metals, industrials, energy, finance and property businesses.
The CTB will facilitate greater international trade with countries such as Australia and India, giving customers the attention and support they need to unlock value within their businesses, we gathered.
Also, the new lender will offer a core range of trade solutions including receivables, inventory and supply chain finance, letters of credit discounting, and trade and documentary services associated with trade finance.
The Change in Control for the bank follows the granting of approval for the acquisition by the Prudential Regulation Authority.
As a regulated entity, the Commonwealth Trade Bank will be owned, governed and operated independently of Mr Gupta’s other businesses.
The banks specific expertise in emerging and Commonwealth markets will complement the role of Wyelands Bank, Mr Gupta’s other bank in the UK focused on working capital solutions for both domestic and global industrial companies, which was purchased by Mr Gupta in 2016. Both banks will operate independently.
Mr Gupta, founder and executive chairman of GFG Alliance, said The CTB will be a highly valuable partner for Britain’s dynamic and ambitious companies that are looking to export their goods and services to some of the highest growth markets around the world like Australia and India.
“This is an exciting time for British businesses, with many new opportunities opening up in emerging and Commonwealth markets. By helping businesses to capitalise on these opportunities and expand their global footprint, I believe the Commonwealth Trade Bank will play a significant role in expanding trade worldwide.
“Finance is the life blood of our economy and there is a clear gap in the market to provide accessible finance and bespoke solutions to facilitate greater trade flows.
“Utilising its global networks, breadth of experience and specialist expertise in emerging and Commonwealth economies, and adopting latest technological solutions, this bank will aim to become a leader among financial institutions globally that provide international trade finance. GFG companies have a long history of trade within the Commonwealth and we hope to use that experience to design a British bank focused on helping UK companies to access exciting new opportunities in a post-Brexit world.
“We are very excited to have been given the privilege of acquiring two of Britain’s banks in this coveted market. We will build on the success of Wyelands Bank and will make CTB a great champion also,” Mr Gupta said.
The bank’s chief executive, Mr Peter Horton, said, “Were looking forward to a bright future as a new, independent, entity.
“We will focus on making it easier for businesses, to trade internationally. We will take the time to understand their needs so we can tailor workable solutions that will enable them to make the most of existing value within their business.
“We will also invest significantly in our people and in latest technology so we can do more to empower businesses to trade internationally.”
