Bob Diamond steps up at Atlas as going gets tough in Africa

Bob Diamond’s plans to conquer Africa might be proving harder than he expected.

Today he stepped up to be chairman of Atlas Mara, the acquisition vehicle he founded to snap up banking assets in the continent.

He will replace Arnold Ekpe, who is stepping down after three years.

Diamond, a controversial, some would say divisive, figure in the world of banking, said he would take the job on an “interim” basis until someone more permanent can be found.

He quit Barclays in the wake of the Libor-fixing scandal. He famously said in 2011 that banks should stop apologising for the financial crisis, noting: “There was a period of remorse and apology for banks. That period needs to be over.”

Atlas Mara raised $325 million from City investors in 2013 with a plan to “create sub-Saharan Africa’s premier financial institution”.

The shares have not done well since. They were steady at $3.40 today, down from a high of more than $13. A consortium including Diamond's Atlas Merchant Capital has been in talks about buying Barclays’ Africa arm for some months.

In the statement to the City today, Diamond said: “All of us on the board want to thank Arnold for the leadership he has provided over an extraordinary period of growth at Atlas Mara.”

Diamond was known as the “Bobtimist” at Barclays.