Ex-boss Bob Diamond bids for Barclays’ Africa arm

Bob Diamond today confirmed that he is going in all guns blazing to buy the African business of Barclays, the bank he used to run until he was forced to resign over the Libor-rigging scandal.

After days of speculation, Diamond’s present African banking venture, Atlas Mara, confirmed that it is talking to potential co-investors about a bid for the 62.3% stake in Barclays Africa which Jes Staley, Barclays’ new chief executive, put up for sale earlier this year.

Diamond was always considered a potential bidder for the stake which is currently valued at £3.5 billion because he was so closely associated with building the business during his time at Barclays.

His New York-based but London-listed Atlas Mara is already talking to giant private equity firm Carlyle about the bid but other players are likely to become involved in a consortium making a full bid.

A spokesman for Diamond would not comment today on whether he has already started talking to Barclays. In the formal statement to the stock market, Diamond’s business said: “Atlas Mara acknowledges that it has had discussions with a consortium of investors that is exploring an acquisition of Barclays’ stake in Barclays Africa and a potential combination of Atlas Mara with Barclays Africa.” It said that Diamond’s own Atlas Merchant Capital and his African partner Mara Group — founded by Indian entrepreneur Ashish Thakkar — would also be members of the consortium.

At the same time they said they would exclude themselves from any discussions within the quoted vehicle Atlas Mara if a bid is made.

Atlas Mara also said it swung from a loss of $58 million (£40 million) to a pre-tax profit of $19 million with lending and deposits both up 12% to $1.2 billion and $1.4 billion respectively.