27 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Tungsten agrees sale of banking business

16 November 2016  |  3311 views  |  0 Man hands on paper2

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".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Regulatory costs force loss-making Tungsten out of banking

Regulatory costs force loss-making Tungsten out of banking

17 December 2015  |  5891 views  |  1 comments | 3 tweets | 1 linkedin
Tungsten completes bank buy-out to move into invoice discounting

Tungsten completes bank buy-out to move into invoice discounting

16 June 2014  |  5276 views  |  0 comments | 3 tweets | 1 linkedin
McKeever quits Tungsten; Bryant appointed as 'rainmaker'

McKeever quits Tungsten; Bryant appointed as 'rainmaker'

29 April 2014  |  4235 views  |  1 comments
Tungsten seeks approval for bank buy-out

Tungsten seeks approval for bank buy-out

25 March 2014  |  4308 views  |  0 comments | 1 tweets
Tungsten ready to shake up supply chain financing

Tungsten ready to shake up supply chain financing

16 October 2013  |  4496 views  |  0 comments | 3 tweets
Supply chain finance industry set for disruption as Tungsten lines up takeover targets

Supply chain finance industry set for disruption as Tungsten lines up takeover targets

04 September 2013  |  10513 views  |  2 comments | 4 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit www.finastra.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
10897 views comments | 4 tweets | 5 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8651 views comments | 19 tweets | 33 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
7998 views 0 | 4 tweets | 2 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
7805 views comments | 9 tweets | 6 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job