Bob Diamond-led investment company increases stake in Nigerian bank

Bob Diamond At Davos

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.

The New York Times reports that the company said that it had exercised an option to acquire 20.9% of Union Bank from Asset Management Corporation of Nigeria for about $270m.

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.

To access the complete New York Times article hit the link below:

Company Backed by Robert Diamond Increases Stake in Nigerian Bank

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