U.K.-based GFG Alliance, which has industrial, energy, natural resources and financial services businesses, plans to expand its banking and insurance arms into Australia, Bloomberg News reported May 16.

British tycoon Sanjeev Gupta, executive chairman of GFG Alliance, told Bloomberg during a conference in Sydney that the financial services arm is the fastest growing among his business groups, and he sees opportunities in the middle market segment, as they are the least served, he said.

Gupta said he will consider expanding into retail banking in Australia, especially around opportunities to use new technology, but the company's main target will remain midsize companies.

In April, GFG Alliance agreed to buy the U.K. unit of Nigeria's Diamond Bank Plc, while unit Wyelands Capital announced in March the acquisition of insurer TransWorld Credit Corp. Ltd. It has also taken a stake in U.K. fintech company Demica Ltd, Bloomberg reported.