Wyelands Bank has appointed Kelvin Thomas and Henry Wheeler to its working capital solutions team.
They both join as regional directors, working capital solutions; Thomas is responsible for originating deals in South Wales and the South West, based in Cardiff. Wheeler, based in Leeds, is focused on Yorkshire and the North East.
Thomas has over 20 years of experience in the financial services industry with asset-based lending experience. He joins Wyelands Bank from ABN Amro Commercial Finance where was the sales director for Wales and the South West. Before joining ABN Amro, Kelvin held a senior role at Eurofactor.
Wheeler joins from Aldermore Bank where he was responsible for business development in Yorkshire, and is experienced in helping small and medium business to access asset-based lending solutions.
In June 2018, Wyelands Bank appointed Ian Flaxman as managing director to its working capital solutions division with a focus on expanding the team.
Ian Flaxman, managing director, working capital solutions, said: “With a strong track record in asset-based lending and a significant regional presence, Kelvin and Henry demonstrate our commitment to our customers.
“Together they will help us continue to deliver innovative and high-quality financial solutions to small and medium businesses across the manufacturing supply chain.”
In 2016 Indian steel tycoon Sanjeev Gupta acquired Tungsten Bank, which was renamed Wyelands Bank in 2017.
Since opening its doors on 21 December 2016, Wyelands Bank total assets rose in its first 12 months from £24m to over £600m. Over that time, the bank’s interest-earning asset book grew on average by around £30m per month since April 2017.
Wyelands Bank was established to address market gaps in funding for trade and working capital solutions to support UK industrial companies wanting to trade with developed economies worldwide.
Wyelands Bank entered the UK asset finance market in 2017.
In 2018, Gupta acquired Nigerian Diamond Bank’s UK-regulated banking subsidiary, Diamond Bank (UK).
Diamond Bank UK was renamed British Commonwealth Trade Bank (BCTB) and is focused on supplying business lending in developing economies, particularly within the Commonwealth.