29thMay 2017
Sanjeev Gupta's GFG Alliance appoints ex PRA regulator as it launches Wyelands Capital, it's financial services arm
Following a period of intensive growth by its industrial, energy and natural resources businesses, Liberty House and SIMEC, Sanjeev Gupta’s GFG Alliance, has now launched a financial services arm, Wyelands Capital, and appointed a former senior UK regulator to help direct the new enterprise.
The creation of Wyelands Capital, followsMr Gupta’s acquisition in December 2016 of Wyelands Bank PLC,which has been launched as an ‘industry-friendly’ deposit-taking institution focused on providing working capital solutions for UK and international companies.
Among those appointed to the advisory board of Wyelands Capital is Paul Sharma, former deputy head of the Prudential Regulation Authority ("PRA") and Executive Director of the Bank of England. Mr Sharma is also the Managing Director for regulatory advice at global practice, Alvarez and Marsal.
During its initial phase, Wyelands Capital willdeliver structured finance and capital markets expertise to the GFG Alliance with a view to serving wider markets later on.
Also joining the Wyelands Capital advisory board areRoland Fisher, former Banco Santander international senior legal counsel andSuresh Advani, who has previously has held senior positions at the ICC Banking Commission, JP Morgan Chase and Dresdner Kleinwort Wasserstein. Mr Sharma will serve in an advisory capacity on regulatory matters, while Mr Fisher becomes general legal counsel on the executive management team, and Mr Advani will lead GFG’s investment activity in the area of financial services.
Jay Hambro, who is chief executive of Wyelands Capital and Chief Investment Officer of the GFG Alliance, said: “Wyelands Bank is already filling a very important gap in the market for working capital solutions. Through Wyelands Capital, the GFG Alliance is determined to engage the best and most experienced figures from the financial services sector, in order to establish a powerful presence in the financial services market and make a real difference to the growth prospects of industry in the UK and globally.”
Further information from Eoghan Mortell 07977 555116 or Anthea Crowe 029 2045 5182
Notes to Editors:
GFG Alliance
The GFG Alliance is an association between PK Gupta and Sanjeev Gupta’s business interests to forge a new agile, sustainable, non-cyclical, integrated, global business model. Its key focus is the creation of a resilient supply chain - from liquid metal produced from recycled scrap and renewable energy, to highly-engineered products manufactured locally on a global basis, funded through a pioneering financial approach. The Group, which has a global footprint spanning 30 countries comprises five distinct businesses: Liberty Commodities Group (LCG) a comprehensive services provider to the global metal industries, Liberty Industries Group (LIG) an integrated metals and engineering group, SIMEC an international resources group focused on sustainable power and infrastructure, Wyelands Capital an innovative financial services enterprise, and GFG Estates a real estate platform that is now the fifth largest property owner in the UK.GFG businesses, have invested more than £500m in the past two years in the UK, making it one of the country’s fastest-growing enterprises. It is now among Britain’s largest steel and engineering employers with nearly 5,000 staff. More recently it has agreed deals to acquire major US steel and iron ore assets and is in the process of securing large-scale Australian steel and mining assets.
Wyelands Bank
Wyelands Bank PLC (“Wyelands Bank”), is an ‘industry-friendly’ deposit-taking institution regulated by the Prudential Regulatory Authority (“PRA”) and Financial Conduct Authority ("FCA") that is designed to support the development of working capital solutions for UK and global industries.
New Appointees
Paul Sharma is amongst the UK’s most experienced financial regulation specialists. At the PRA, and earlier with the Financial Services Authority ("FSA"), he oversaw major regulatory reforms across a wide range of risk management and governance issues. His career also covered reconstruction and renewal in the Lloyds Insurance market in the wake of the 2007-08 banking crisis.
Roland Fisher, is a highly-accomplished international lawyer specialising in commercial finance across multiple jurisdictions. He has been senior legal counsel for Banco Santander in London and Hong Kong. He also served as general counsel for Key Equipment Finance, Europe and as trade finance senior legal counsel for the Falcon Group.
Suresh Advani, has extensive experience in key trade-finance positions including lead portfolio manager for the Federated Project and Trade Finance Fund, and senior positions at JP Morgan Chase and Dresdner Kleinwort Wasserstein. At present, he also serves as Chairman of the ICC Banking Commission task force “Institutional Investors in Trade Finance”, a banking industry effort to improve risk distribution of trade finance to non-bank lenders. He is also a Director at Wyelands Bank PLC.