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Bob Diamond's interest in Barclays Africa confirmed Bob Diamond's interest in Barclays Africa confirmed
(about 11 hours later)
Former Barclays chief executive Bob Diamond is part of a consortium that is preparing to bid for the bank’s African operations, it has been confirmed.Former Barclays chief executive Bob Diamond is part of a consortium that is preparing to bid for the bank’s African operations, it has been confirmed.
Diamond’s involvement in the consortium, which is thought to include the private equity firm Carlyle, was revealed in a stock market announcement by the London-listed African based bank, Atlas Mara, which he formed after being forced out of Barclays in the wake of the Libor-rigging crisis in 2012. “The consortium has committed long-term strategic investors. The funding is in place. There is support for this potential transaction,” Diamond told investors in the London-listed African based bank, Atlas Mara, which he formed after being forced out of Barclays in the wake of the Libor-rigging crisis in 2012.
Barclays said last month that it wanted to sell its South African arm, in which it has a 62.3% stake, to help reduce the complexity of the group and to save capital. Diamond’s involvement in the consortium, which includes the private equity firm Carlyle, was revealed in a stock market announcement by Atlas Mara after days of speculation about his interest in trying to buy shares in Barclays’ African business.
There was no detail about the size of any deal for Barclays Africanoperations, which are currently valued at about $3.6bn (£2.4bn). Barclays announced last month it wanted to sell to reduce the complexity of its operations and to save capital. Barclays will face questions about its plans to reduce its 62.3% stake in Barclays Africa - which is listed on the Johannesburg stock exchange and has interests in banks across the African continent - when it publishes its first quarter results on Wednesday.
Diamond did not provide details about the size of any offer for the Barclays African operations, but he is expected to need to raise around $5bn (£3.5bn).
Barclays’ new boss Jes Staley announced last month he wanted to cut the 62.3% stake in the African business to reduce the complexity of its operations and to save capital.
Atlas Mara, which has operations in seven African countries, also indicated that it expects to be taken over by the the consortium if a deal is struck. Atlas Mara, which has operations in seven African countries, indicated that it expected to be taken over by the the consortium if a deal was struck.
“In the event that the consortium reaches a definitive agreement with Barclays in relation to Barclays Africa, it is expected that Atlas Mara will enter into substantive discussions about the potential combination with the consortium,” Atlas Mara said.“In the event that the consortium reaches a definitive agreement with Barclays in relation to Barclays Africa, it is expected that Atlas Mara will enter into substantive discussions about the potential combination with the consortium,” Atlas Mara said.
“Given the significant complexity and early stage of the discussions with the consortium, there can be no assurance that the transactions discussed above, including the potential combination, will be completed.”“Given the significant complexity and early stage of the discussions with the consortium, there can be no assurance that the transactions discussed above, including the potential combination, will be completed.”
Diamond is working on the consortium with Ashish Thakkar, whose Mara conglomerate also backed the creation of Atlas Mara.Diamond is working on the consortium with Ashish Thakkar, whose Mara conglomerate also backed the creation of Atlas Mara.
Atlas Mara is worth a third of what it was when it was floated in December 2013.