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GFG's Wyelands Bank looking at sale or wind-up as Gupta halts funding

By Reuters

LONDON (Reuters) -Wyelands Bank owner Sanjeev Gupta will not provide further funds to finance a new strategy for the British bank, it said on Thursday.

It is therefore considering options to sell or wind up operations with almost all its depositors now repaid, the bank said.

The lender is seeking new investors, it said, but if none can be found it will be wound up on a solvent basis.

Wyelands formed part of Gupta’s GFG Alliance business empire, the largest client of Greensill Capital, which collapsed in March.

It said it will file accounts showing a group loss for the year ended April 2020 of 63 million pounds, after booking loan impairments of 61 million.

(Reporting by Lawrence White, editing by Iain Withers and Jason Neely)