Tungsten agrees sale of banking business
16 November 2016 | 3186 views | 0
Supply chain finance outfit Tungsten has won approval from UK regulators for the sale of its banking offshoot to Wyelands Holdings.
Tungsten has agreed a staged completion with Wyelands Holdings Limited, on behalf of Sanjeev Gupta, whose other interests include the Liberty House Group. The final completion date for the transaction is 21 December 2016.
Tungsten - founded by City financier Edmund Truell with the express aim of shaking up the supply chain finance industry - put the banking operation on the market last year as a key part of a strategic review aimed at reviving the flagging business.
The acquisition of the banking unit was seen as a key element in the firm's plans to provide suppliers with access to accelerated invoice settlement on a transparent and simple to execute basis.
Announcing the sale of the business in December 2015, the Board took a view that "operating a regulated deposit-taking banking license is incompatible with the pursuit of profitable growth".