Wyelands Bank has entered the asset finance lending market as part of its push into SME lending.

A spokesman for the bank said that the bank would cover trade, receivables, and supply chain finance, including invoice financing, invoice discounting and asset finance to small businesses in the UK.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The capital to lend is being driven by retail savings deposits, backed by the Financial Services Compensation Scheme (FSCS).

Fixed rate accounts are being offered to retail savers on 6, 18 and 24 months bases, at annual equivalent rates (AERs) of 0.75%, 1.83% and 2.00% respectively.

Notice accounts, meanwhile, come with either a 35- or 95-day notice period, at AERs of 0.80% and 1.40% respectively.

All retail accounts require a minimum savings amount of £5,000.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Wyelands Bank officially started its business last year, when steel tycoon Sanjeev Gupta bought Tungsten Bank. Wyelands says it has operated independently of GFG Alliance, the group of companies led by Gupta, and that since the start of the year it has lent £200m in business finance.

Sanjeev Gupta said: “I believe strongly in the revival of British industry, and Wyelands Bank will be a champion of those businesses which have vision and ambition. 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, stimulate growth and create jobs.”

Iain Hunter, chief executive officer of Wyelands Bank, said: “We will get to know the businesses we support in person, give them direct access to decision makers and help them plan for growth. We will do business with a human face, using our deep expertise in business finance, not just algorithms and computer code.”