Bob is back: Investor's Atlas Mara makes Nigeria bank move
ATLAS MARA, the banking venture founded by ousted Barclays boss Bob Diamond, has increased its stake in Union Bank of Nigeria.
His investment vehicle yesterday exercised an option to increase its 9 per cent stake in the company to just below 30 per cent for $270million (£165million).
Diamond, a director of Atlas Mara, said: "This is a very significant acquisition. With it we will have a major stake in a key Nigerian bank and we will also have established strategic market positions in three of Africa's leading economic communities: the Southern Africa Development Community, the East Africa Community and Economic Community of West African States."
We will also have established strategic market positions in three of Africa's leading economic communities
Diamond co-founded Atlas Mara with African entrepreneur Ashish Thakkar with a focus on acquiring African financial services businesses.
Thakkar said: "We are well on the way to becoming a leading African financial institution that will benefit from, and contribute to, the continued growth of rapidly expanding sub-Saharan Africa."
Diamond left Barclays at the height of the Libor rigging scandal. The share purchase is subject to regulatory approval.