Atlas Mara, a new shell company backed by the former boss of Barclays Bob Diamond, said it had raised $325m by listing on the London Stock Exchange and now planned to build a new financial services business in Africa.
Reuters reports that the company said on Tuesday it saw significant gaps within the African financial services sector, partly because European lenders quit the region after the financial crisis to focus instead on building capital to meet tougher regulations.
Atlas Mara said that presented an opportunity for it to make an acquisition that would enable it to develop a financial institution 'to support economic growth and strengthen financial systems in Africa'.
Diamond set up Atlas Mara after he was ousted from Barclays last year when the bank was fined $450m for alleged manipulation of the Libor interbank lending rate.
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