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BANKING

Wyelands Bank launches market-leading savings account to support trade, industrial growth and job creation

A new bank, set up to help small and medium businesses, has launched a market-leading savings account.  It is available from www.wyelandsbank.co.uk/savings from Thursday 31 August.

New saving deposits will help the bank provide industrial, trading and manufacturing businesses with greater access to working capital, to help them trade, grow and create jobs.  Since opening its doors at the start of the year it has already provided approaching £200m in business finance.

Wyelands Bank will fill a vital gap to meet demand from business to fund expansion.  Its initial services include receivable, inventory, supply-chain and trade finance.

Iain Hunter, CEO, said: “Wyelands Bank will be great for growing businesses, job creation and for the UK economy.  By offering savings customers strong rates of return, we will be able to support more growing businesses.

“We will get to know the businesses we support in person, give them direct access to decision makers and help them plan for growth.  We will do business with a human face, using our deep expertise in business finance, not just algorithms and computer code.”

Wyelands Bank was established by British and international industrialist Sanjeev Gupta, and is part of his wider vision to promote the revival and growth of industrial businesses in the UK.  The bank, as an entity regulated by the FCA and PRA, is owned, governed and operated independently of Mr Gupta’s industrial businesses.  These comprise the informal GFG Alliance which consists of the Liberty House Group, and the Gupta family’s energy-related operations in the SIMEC Group.

Sanjeev Gupta said: “I believe strongly in the revival of British industry, and Wyelands Bank will be a champion of those businesses which have vision and ambition.  In my view, Britain needs a bank specialising in the industrial SME sector that will be a friendly source of finance to oil the wheels of industry, stimulate growth and create jobs.”

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