India-born British businessman Sanjeev Gupta who had earlier acquired the London-based Tungsten Bank is in talks to purchase the UK subsidiary of Nigeria’s Diamond Bank. Should the deal go through, this will be the second bank for his finance business. The 46-year-old founder of industrial group Liberty House looks to expand the financial services assets in his global business empire with this deal, according to Reuters.
The acquisition aims to boost UK trade with Commonwealth countries as Britain has departed from the European Union. The bank will also be renamed as the British Commonwealth Trade Bank to suggest the same. The proposed deal is part of a strategy to expand financial services activities within the GFG Alliance, the umbrella group for the Gupta family’s business interests. Under the new ownership, the bank is planned for specializing in trade, commodity and supply-chain finance in developing economies, particularly within the Commonwealth.
Who is Sanjeev Gupta?
According to an article in Forbes magazine, Sanjeev was exposed to the industrialist sectors by both his father and grandfather. The article titled “Why Sanjeev Gupta May Just Be The World’s Most Ambitious Industrialist” further stated that the string of acquisitions had lobbed Gupta into the media spotlight, where he was frequently touted as a savior to the British steel industry.
Sanjeev Gupta is the founder and Executive Chairman of international metals and industrial group Liberty House. Headquartered in London, and with additional global hubs in Dubai, Singapore, and Hong Kong, Liberty House has further bases in over 30 countries.
Sanjeev Gupta was born in India’s Punjab, educated in the UK and graduated with an MA in Economics and Management from the University of Cambridge. He founded Liberty House in 1992. He lives in South Wales with his wife Nicola and their three young children.