LONDON: The Bank of England said on Wednesday it has been "engaging closely" with Wyelands Bank, the British supply chain finance lender that is part of Sanjeev Gupta's empire, which earlier said it planned to repay its retail depositors.

"The firm has the resources... to repay all depositors in full and we have required it to operationalise an orderly repayment of its deposits," the BoE said in a statement.