Sanjeev Gupta launches Commonwealth Trade Bank with one eye on Brexit

British industrialist Sanjeev Gupta is set to launch a new bank to support trade with Commonwealth countries as Britain nears its exit from the European Union.

The businessman will set up the Commonwealth Trade Bank from the framework of Diamond Bank UK, which he bought today from Diamond Bank PLC of Nigeria.

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The new entity will offer a series of services for UK firms looking to do business in emerging markets and will focus on Commonwealth members.

Gupta’s GFG Alliance already runs another bank, Wyelands, which will remain independent from the CTB, he said.

“GFG companies have a long history of trade within the Commonwealth and we hope to use that experience to design a British bank focused on helping UK companies to access exciting new opportunities in a post-Brexit world,” the businessman said.

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He added: “This is an exciting time for British businesses, with many new opportunities opening up in emerging and Commonwealth markets.

“By helping businesses to capitalise on these opportunities and expand their global footprint, I believe the Commonwealth Trade Bank will play a significant role in expanding trade worldwide.”