Bob Diamond's firm on the march

Bob Diamond’s Atlas Mara agreed buy ABC Holdings and ADC African Development Corp. for as much as $265m in the first acquisition by the investment firm of the former Barclays head.

Bloomberg reports that BancABC offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe, Atlas Mara, which trades in London, said in a statement late Monday. ADC, which trades in Frankfurt, owns 47.1% of BancABC and 9.1% of Union Bank of Nigeria, the company said.

'Our objective is to build Africa’s premier financial services group leveraging the access to capital, liquidity and funding that we at Atlas Mara can provide', Diamond said in the statement. 'I am delighted that we will be merging with such high quality organizations as BancABC and ADC'.

Diamond, who quit as Barclays chief executive officer in July 2012 after the British bank was fined for manipulating benchmark interest rates, and Ugandan entrepreneur Ashish Thakkar raised $325m in an initial public offering for Atlas Mara in December.

To access the complete Bloomberg article hit the link below:

Bob Diamond's Atlas Mara to Buy BancABC in First Africa Purchase

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