Jim Armitage: Why not have Bob Diamond buy up Barclays Africa?

There seems to be a consensus that it would be deeply embarrassing for Barclays if Bob Diamond buys a big chunk of its up-for-sale African business.

I don’t see why.

The auction will not be greeted by fat-walleted buyers stampeding like wildebeest to Jes Staley’s corner office. If Diamond Bob can come up with the dough and provide some competition to what will be a handful of Chinese or local bidders, good luck to him. Barclays needs all the interested parties it can get to achieve a decent price.

I guess a Diamond deal could be seen as a blunder for Staley if the old buccaneer turns it from a £1.5 billion business to £3 billion, but that would be to forget the current Barclays boss has no option but to sell. What’s the point regretting something in which you had no choice?