Ex-Barclays boss to make banking entry via Africa

Bob Diamond,the former boss of Barclays,is set to return to banking by listing a shell company in London in the next few weeks to invest in the African financial sector,a source familiar with the matter said.

Diamond,who was ousted from Barclays last year after the Libor rate-rigging scandal,is finalising plans to list Atlas Mara,a cash vehicle set up with billionaire entrepreneur Ashish Thakkar,chief executive of Mara Group,the source said.

Advertisement

The vehicle will be managed by Atlas Merchant Capital,the merchant bank Diamond has set up in New York with a view to expand into sub-Sahara African banks and financial services.

It is being advised by Citigroup,the source said. Diamond,via a spokesman in London,declined to comment on Sunday. Citigroup also declined to comment. Reuters