Tungsten Bank gains regulatory approval to be sold to Wyelands

16th Nov 2016 08:19

(ShareCast News) - Tungsten Corporation, an e-invoicing network, has received UK regulatory approval to sell its bank to Liberty house billionaire Sanjeev Gupta's Wyelands Holdings for £30m, which is expected to complete on 21 December.The sale of Tungsten Bank has gained regulatory approvals from the Prudential Regulation Authority and the Financial Conduct Authority, and there are no further conditions to be made.Tungsten has agreed to a staged completion with Wyelands Holdings, on behalf of industrial entrepreneur Sanjeev Gupta and his family, whose interests include Liberty House Group, which is part of the Gupta Family Alliance.The bank will be relaunched as Wyelands Bank to provide financial solutions to the commodities, steel and engineering industries.The £30m represents net assets of about £25m plus a premium and the AIM-listed company has so far received £3.95m in part payment of the premium, with the outstanding consideration to be paid in cash.Under the terms of the deal Wyelands Holdings will cover all ongoing expenses of the bank during the period to final completion.Shares in Tungsten Corporation were up 1.41% to 54p at 0946 GMT.