# Industrialist Sanjeev Gupta plans second bank to aid UK’s trade with Commonwealth markets Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-04-27 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Sanjeev Gupta Expands Financial Services with Diamond Bank UK Acquisition Meta Description: GFG Alliance leader Sanjeev Gupta ventures into regulated financial services & banking with Diamond Bank UK acquisition, aiming to bridge funding gaps URL: https://financedigest.com/industrialist-sanjeev-gupta-plans-second-bank-to-aid-uks-trade-with-commonwealth-marketshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd260418-11-1-1736842792291-compressed.jpg) Sanjeev Gupta, the British Industrialist, is expanding his involvement in regulated financial services and banking by entering an agreement with Diamond Bank PLC of Nigeria to acquire its UK-regulated banking subsidiary, Diamond Bank (UK) PLC. The entrepreneur, who leads the GFG Alliance group of companies, announced today (26th April) that a subsidiary of his family’s Wyelands Trust, has signed an agreement to acquire Diamond Bank UK, subject to approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Central Bank of Nigeria has already approved the transaction. ![gfg](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/gfg-1736842792267-compressed.jpg) The proposed acquisition is part of Mr Gupta’s strategy to expand further the financial services activities of the GFG Alliance, alongside its other business pillars of metals, industrials, [power generation](https://www.financedigest.com/rising-investments-in-renewable-power-generation-to-amplify-demand-of-substation-monitoring-system-market-fact-mr-report.html "Rising Investments in Renewable Power Generation to Amplify Demand of Substation Monitoring System Market: Fact.MR Report"), infrastructure and property. His decision to make a further investment in banking [follows](https://www.financedigest.com/uk-watchdog-contacts-banks-following-huge-withdrawal-of-mortgage-deals-ft.html "UK watchdog contacts banks following huge withdrawal of mortgage deals -FT") his initial successful period of ownership of Wyelands Bank PLC, which he acquired in 2016 Mr Gupta’s strategy is to identify and capitalise upon investment opportunities and gaps in the [banking and financial markets](https://www.financedigest.com/improving-reputation-in-the-banking-sector-through-marketing-communications.html "IMPROVING REPUTATION IN THE BANKING SECTOR THROUGH MARKETING COMMUNICATIONS"). This is based on an [analysis that significant gaps continue to exist in bank](https://www.financedigest.com/analysis-u-s-banks-face-trillion-dollar-reverse-repo-headache.html "Analysis: U.S. banks face trillion-dollar reverse repo headache") and non-bank funding availability for trade, commodity and supply-chain finance, globally. Wyelands Bank, was established to address market gaps in funding for trade and working capital solutions to support UK industrial companies wanting to trade with developed economies worldwide. The new bank, which, upon [change of control](https://www.financedigest.com/the-automation-control-system-market-to-see-through-the-probable-sea-change-through-digitization.html "The Automation Control System Market to see through the probable sea change through digitization"), is intended to be renamed British Commonwealth Trade Bank (BCTB) will complement this by addressing those same gaps for trade in developing economies, particularly within the Commonwealth. Like Wyelands Bank, BCTB will be separately capitalised and independently governed and managed. Separately, Wyelands Capital, also part of the GFG Alliance, recently entered the credit insurance sphere by acquiring Transworld Credit Corporation, now being renamed Centinel Insurance Corporation (CIC), as well as investing in a joint [venture with international working capital solutions](https://www.financedigest.com/carta-teams-up-with-vauban-to-launch-the-first-digital-solution-aimed-at-venture-capital-investors-creating-luxembourg-based-funds.html "Carta teams up with Vauban to launch the first digital solution aimed at venture capital investors creating Luxembourg-based funds") business, Demica. These businesses are both regulated by the FCA. Announcing this [latest development](https://www.financedigest.com/north-america-residential-wood-flooring-market-expansive-coverage-on-the-latest-trends-and-developments-in-the-market.html "North America Residential Wood Flooring Market – Expansive Coverage on the Latest Trends and Developments in the Market"), Mr Gupta said: “Finance is 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](https://www.financedigest.com/cosmetic-packaging-market-to-gather-traction-in-developing-countries-latest-insights-by-transparency-market-research.html "Cosmetic Packaging Market to Gather Traction in Developing Countries, Latest Insights by Transparency Market Research") 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](https://www.financedigest.com/powder-dispenser-market-market-2019-2029-where-should-participant-focus-to-gain-maximum-roi.html "Powder Dispenser Market Market (2019 – 2029) | Where Should Participant Focus To Gain Maximum ROI ") 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](https://www.financedigest.com/banks-oil-majors-lift-british-shares-higher.html "Banks, oil majors lift British shares higher") 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](https://www.financedigest.com/foot-orthotic-insoles-market-to-generate-us-5-billion-by-2026-growth-key-business-strategies.html "Foot Orthotic Insoles Market to Generate US$ 5 Billion by 2026 | Growth & Key Business Strategies") to customers and opportunities across the world, especially in the developing Commonwealth markets, where Britain has a long and rich history.” “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](https://www.financedigest.com/anti-microbial-nanocoatings-market-global-industry-analysis-size-share-growth-trends-and-forecast-2025.html "Anti-Microbial Nanocoatings Market Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2025"). BCTB will [aim](https://www.financedigest.com/u-s-markets-regulator-takes-aim-at-coinbase-lending-product.html "U.S. markets regulator takes aim at Coinbase lending product") to be the ‘bridge’ between borrowers and lenders for trade with these markets.” Uzoma Dozie, CEO of Diamond Bank PLC said: “We feel the proposed sale of our UK subsidiary, DBUK, to the GFG Alliance will provide our UK clients, employees and stakeholders with a new shareholder committed to developing its activities and business. Our particular attraction is the experience the GFG Alliance has in managing regulated businesses, as well as knowledge of Africa, which [forms a key](https://www.financedigest.com/networking-is-key-to-forming-business-ideas-as-a-college-student.html "Networking Is Key To Forming Business Ideas As A College Student") competency of DBUK.” The transaction was welcomed by Secretary of State for International Trade, Liam Fox, who said: “GFG’s acquisition of Diamond [Bank UK will go a long way in helping UK businesses access opportunities in some of the world’s](https://www.financedigest.com/fund-nature-protection-now-or-face-huge-losses-says-world-bank.html "Fund nature protection now or face huge losses, says World Bank") largest and fastest-growing markets. This includes the Commonwealth – with a [third of the world’s population – where the bank](https://www.financedigest.com/polands-bank-millennium-third-quarter-results-hit-by-payment-holidays.html "Poland’s Bank Millennium third-quarter results hit by payment holidays") 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](https://www.financedigest.com/autonomous-vehicles-market-emerging-growth-analysis-future-demand-and-business-opportunities-2026.html "Autonomous Vehicles Market Emerging Growth Analysis, Future Demand and Business Opportunities 2026") ahead.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---