Sanjeev Gupta-backed Wyelands Bank launches new accounts for retail savers

William Turvill
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Sanjeev Gupta bought the bank, formerly known as Tungsten, for £30m (Source: Getty)

A new business bank backed by industrialist Sanjeev Gupta opened its doors to retail savers today.

Wyelands Bank launched at the beginning of this year and has provided nearly £200m in business finance. Formerly known as Tungsten, it was bought by Gupta for £30m late last year.

Announcing its new savings account today, Wyelands said deposits would help the bank provide industrial, trading and manufacturing businesses with better access to capital.

“I believe strongly in the revival of British industry, and Wyelands Bank will be a champion of those businesses which have vision and ambition,” Gupta said.

“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.”

Chief executive Iain Hunter 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.”

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