The Commonwealth Trade Bank was established in 2019 when it was acquired by British industrial entrepreneur Sanjeev Gupta through an irrevocable family trust. The Commonwealth Trade Bank focused on supporting the international trade, payments and associated foreign exchange needs of clients. The Commonwealth Trade Bank was previously known as Diamond Bank (UK) Plc. Its former parent, Diamond Bank Plc, took the strategic decision to divest itself of its international businesses in order to focus on its own domestic market in Nigeria. Diamond Bank (UK) was a wholesale bank providing corporate and correspondent banking products and services.
The Commonwealth Trade Bank PLC is the 154th largest bank in the United Kingdom in terms of total assets. In 2017 its total assets were 255,53 mln GBP, providing the bank with the market share of 0.00%. In 2017 the bank's annual profit was -900 496,00 GBP.
The Commonwealth Trade Bank PLC participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. The Commonwealth Trade Bank PLC is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
The Commonwealth Trade Bank PLC is headquartered in London.
The Commonwealth Trade Bank PLC is authorized and supervised by the Financial Conduct Authority (reference number 472903).