GFG's Wyelands says to repay depositors after Gupta cash injection

LONDON (Reuters) - British supply chain finance lender Wyelands Bank, which forms part of Sanjeev Gupta's metals-to-finance business empire, said on Wednesday it had decided to repay retail depositors after receiving a cash injection from Gupta.

Wyelands' 2019 annual report said it had more than 15,000 savers in Britain and 726 million pounds ($1 billion) in deposits. These represented its main funding source and its lending was largely to businesses, the report said.

GFG's finances have come under scrutiny this week after Greensill Capital, which has been its main financial backer, lost the support of two asset managers who had underpinned large parts of the British-based firm's supply chain financing model.

GFG has previously said Wyelands' growth was partly driven by expanded business with companies with whom it had relationships. Wyelands' regulatory filings show it had debt concentrations in the metals and power industries.

Paul Myners, a former British minister, last year called on the government to investigate links between Greensill and GFG to ensure investors' money was being protected.

($1 = 0.7169 pounds)

(Reporting by Tom Bergin; Editing by Jan Harvey and Alexander Smith)