(1 May 2020 – United Kingdom) Commonwealth Trade Bank (CTB) owner Sanjeev Gupta has decided to wind down the bank’s operations after failing to recover from the economic impact of COVID-19.
Gupta has a strong history in establishing successful businesses mostly within the commodities industry, but also in energy, infrastructure and finance. His privately held conglomerate commonly known as GFG Alliance turns over more than USD$20 billion in revenue. He purchased CTB last year with the hope of establishing the bank as a key trade finance provider within the Commonwealth group countries closely linked to the UK such as Australia, New Zealand and Canada.
“In an environment of considerable economic and financial uncertainty, Commonwealth Trade Bank’s board and management team decided to undertake a solvent wind-down of the bank” stated a GFG alliance spokesman.
“Business was difficult, the bank was unable to raise finance to continue its activities amid the COVID-19 pandemic” Mr Gupta stated.