After the disruption caused by both Brexit and COVID-19, Wyelands shareholder has recently capitalised the business with a cash injection of c.£75 million. The result of this action is that Wyelands Bank is able it to pay back its retail depositors in full as part of a plan it is agreeing with regulators. Following conversations with regulators, the shareholder will submit a new strategy focused on its core business lending activities.
Sanjeev Gupta, a shareholder of Wyelands Bank, said “After the turmoil created by both Brexit and the pandemic, the shareholders of Wyelands have recapitalised the business to ensure retail depositors are repaid in full.” Wyelands Bank is in a process of returning the retail deposits it holds on behalf of personal savers and the shareholder will recommend plans to focus solely on business advisory and connected finance, its shareholder said today.
