IBS Journal January 2017
19
Wyelands Bank joins challengers fray
completed his purchase of Tungsten Bank and relaunched it as Wyelands Bank. The £30 million deal was agreed in November, after approval from the Prudential Regulation Authority and the Financial Conduct Authority. It is now able to accept deposits under the protection of the Financial Services Compensation Scheme.
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“Today marks an important milestone for my family’s aspirations as we believe strongly in the revival of British industry and have now introduced a new champion to underpin those industrial businesses which have vision and ambition,” says Gupta. “In my view Britain needs a bank specialising in the industrial SME sector that will be a friendly source of finance to oil the wheels of industry; stimulating growth and the creation of quality jobs. Such businesses need better working capital funding solutions and, with a first class management team at the helm, Wyelands Bank will provide those solutions.”
John Howland Jackson, formerly a Managing Director at ING Bank, and presently Chairman of Nikko Asset Management Europe, will be formally appointed Chairman of Wyelands Bank in the New Year. Iain Hunter, who served
iberty House founder Sanjeev Gupta has
as CEO of Tungsten Bank, has become Chief Executive. Previously, he was CEO of CIT Bank. Tech wise, the FI looks set to replace Misys’ Equation platform with Olympic, supplied by Switzerland-based vendor ERI.
Scott Thompson Tide moves into public Beta mode
a secret trial (involving those who signed up for priority access) to a public Beta. “With the website and iPhone app available to everyone, we would love you to tell your friends about Tide on Twitter, Facebook and LinkedIn,” it says in an email to users. “We’re also looking for early testers for our Android app. Moving into 2017, we will have more updates and product enhancements to announce.”
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App-based Tide, which offers a ‘nimble current account’ pitched at small businesses, is backed by the likes of LocalGlobe, the VC firm set up by the Klein brothers, whilst UK Government advisor and Partner at Passion
Capital, Eileen Burbidge, is Chairman and George Bevis, pictured, previously of Zopa and Barclaycard, is Founder and CEO.
Scott Thompson K challenger bank, Tide, is moving beyond
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