The investment company Atlas Mara Co-Nvest, backed by Bob Diamond, the former Barclays chief executive, said on Friday that it had increased its stake in Union Bank of Nigeria in its latest bet on the African financial sector.
Following the transaction, Atlas Mara will own 29.9% of the Nigerian bank. The company had previously owned shares through its subsidiary, ADC African Development Corporation.
Founded in 1917, Union Bank offers financial services to retail and business customers, primarily in Nigeria. As of June 30, it had about $6.3bn in assets and about 340 branches throughout Nigeria.
“This is a very significant acquisition for Atlas Mara,” Mr. Diamond said in a news release. He added that the deal would give Atlas Mara exposure to what it considered strategic markets in southern Africa, East Africa and West Africa.
The transaction is subject to regulatory approval.
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