Metals tycoon Sanjeev Gupta family to close ailing Commonwealth Trade Bank

Gupta bought the British-based bank about a year ago, hoping to use it for trade finance within the Commonwealth group of countrie

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.

Gupta's privately-held GFG Alliance, with revenues of over $20 billion, has a wide range of businesses, largely in commodities such as steel and aluminium, but also spanning energy, infrastructure and finance.

Gupta bought the British-based bank, previously named Diamond Bank, about a year ago, hoping to use it for trade finance within the Commonwealth group of countries with close links to Britain, a GFG spokesman said.

But business was difficult and it was