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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
