Tungsten completes £30m sale of its bank to Wyelands

22nd Dec 2016 07:32

(ShareCast News) - Tungsten Corporation, an e-invoicing network, completed the sale of its bank to Liberty house tycoon Sanjeev Gupta's Wyelands Holdings for close to £30m.After completion on Wednesday, the AIM-listed company received the final £25m cash for the sale of Tungsten Bank, now renamed Wyelands Bank, which is added to £4.6m in cash already received.Wyelands said it bought the bank to provide financial solutions to the commodities, steel and engineering industries.Tungsten initially agreed to a staged completion with Wyelands Holdings, on behalf of industrial entrepreneur Gupta and his family, whose interests include Liberty House Group, which is part of the Gupta Family Alliance.In November the sale gained regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority.Shares in Tungsten Corporation were up 0.96% to 52.50p at 0810 GMT.