SteelOrbis has learned that British industrialist Sanjeev Gupta, who is also the CEO of the international industrial and metals group Liberty House, has finalized the terms of agreement for the purchase of Tungsten Bank with Tungsten Corporation PLC through Wyelands Holdings Limited.
The bank will be renamed Wyelands Bank and the transaction will be completed in December 2016.
Mr. Gupta said the investment in Wyelands Bank is part of his wider vision to promote the revival and growth of industrial businesses in the UK. The bank will initially specialize in supply-chain and trade financing for the industrial sector in the UK and internationally. He added, “I’m eager to promote the development of a deposit-taking institution that will become an industry-friendly source of finance to oil the wheels of British engineering and manufacturing, thereby stimulating growth and job creation.”