Sanjeev Gupta renames Diamond Bank UK to British Commonwealth Trade Bank

Sanjeev Gupta renames Diamond Bank UK to British Commonwealth Trade Bank

After acquiring Diamond Bank UK, British industrialist, Sanjeev Gupta has renamed it to the British Commonwealth Trade Bank.

It would be recalled that Nigeria’s Diamond Bank Plc said it has sold off its 100% equity in Diamond Bank UK to GFG Alliance, an industrials and energy group owned by Sanjeev Gupta.

The $10 billion metal empire has now confirmed that it has acquired Diamond Bank UK for an undisclosed amount. Diamond Bank is, however, expected to disclose the sale in its subsequent financial report.

in a statement he made to Reuters News, Gupta said:

“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.”

“Our first bank, Wyelands Bank, saw a gap in effective financial servicing for mid-sized UK industrial companies targeting developed countries. BCTB will enable us to (help) UK businesses access fast-growing markets, especially within the Commonwealth,” Gupta said.

“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’.”