The Commonwealth Trade Bank has hired Stefan Butler as its new head of trade finance.

He moves from BACB, where he spent 14 years in the bank’s trade finance team, most recently as a senior relationship manager.

The Commonwealth Trade Bank is a new trade finance bank providing finance and services, including receivables, inventory and supply chain finance and letter of credit discounting, to help facilitate business between UK firms and Commonwealth countries such as Australia and India.

The bank was created earlier this year following GFG Alliance’s acquisition of Diamond Bank UK, the UK subsidiary of Diamond Bank of Nigeria.

GFG Alliance, which is led by British businessman Sanjeev Gupta, also includes metals and industrial business Liberty House, energy and resources company SIMEC and Wyelands Bank, a bank created following the group’s acquisition of Tungsten Bank in 2016.