Ashurst is advising SKG Financial Holdings (Pte) Limited, a member of the GFG Alliance, on its acquisition of Diamond Bank (UK) Plc from Nigeria’s Diamond Bank plc.

GFG Alliance group, led by British Industrialist Sanjeev Gupta, has grown into one of the UK’s largest privately owned industrial businesses.

The proposed acquisition is part of Mr Gupta’s strategy to expand further the financial services activities of the GFG Alliance, alongside its other business pillars of metals, industrials, power generation, infrastructure and property. Following completion of the acquisition, Diamond Bank UK will be renamed British Commonwealth Trade Bank (BCTB), and will focus on aiding UK’s trade with the Commonwealth markets. The acquisition is subject to approval by the Prudential Regulation Authority and the Financial Conduct Authority.

This is the first transaction upon which Ashurst has advised the GFG Alliance.

The Ashurst team was led by corporate partner Rob Aird, assisted by counsel Matthew Williams, and associate Bader Thabti.

Tax advice was provided by partner Paul Miller assisted by associate Martin Voelker. Associate Liz Ramnasaran provided pensions and incentives advice. Partner Duncan Liddel advised on the competition aspects of the transaction. Regulatory advice was provided by partner James Perry. Counsel Jonathan Hoare advised on the real estate aspects. Employment advice was provided by partner Crowley Woodford, assisted by associate Hannah Martin. Partner Callum McPherson advised on the banking aspects, assisted by senior associate James Riseam and associate Jacob Turner.