May 1, 2020 / 8:42 AM / a month ago

Metals tycoon Gupta to close loss-making Commonwealth Trade Bank

LONDON, May 1 (Reuters) - British commodities tycoon Sanjeev Gupta’s family business has decided to close its loss-making Commonwealth Trade Bank Ltd after failing to revive the business, it said on Friday.

“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,” a statement from Gupta’s privately-held GFG Alliance said.

Reporting by Eric Onstad; editing by David Evans

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