Both the Financial Conduct Authority and Prudential Regulation Authority have approved the sale of Tungsten Bank to Wyelands Holdings Limited on behalf of Sanjeev Gupta, executive chairman of Liberty House Group, and his family for £30m.
The bank will now be relaunched as Wyelands Bank and serve as a specialist provider of financial solutions to commodities, steel and engineering enterprises.
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Tungsten Corporation originally announced the sale in December 2015 after its board concluded that operating a regulated deposit-taking banking licence was incompatible with the pursuit of profitable growth.
The consideration of £30m will include net assets of approximately £25m plus a premium.
Tungsten has already received a cash consideration from Wyelands of £3.95m as part payment of the premium.
Wyelands will also cover all ongoing expenses of the bank until completion on 21st December 2016.
The Tungsten Network currently processes invoices for 70% of the FTSE 100.
New owner Liberty House Group specialises in steel, engineering and commodities across several countries, including Dubai, Hong Kong and Singapore.
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