Barclays ' (BARC) former chief executive, Bob Diamond, returned to the news this week with a new banking venture. Mr Diamond has partnered with Ashish Thakkar, chief executive of African conglomerate Mara Group, to launch an African-focused banking investment vehicle - called Atlas Mara Co-Nvest. The new vehicle is to raise $325m (£199m) through a London initial public offering, with its shares set to begin trading on 20 December. The pair have invested $20m of their own funds into the scheme.
The company reckons it has identified a lucrative banking niche in Africa, significantly driven by "the need for capital created by European financial institutions retreating to their home territories due to the sovereign debt crisis and the Basel III regulatory framework". The company says that it doesn't yet have any specific acquisitions under consideration. But Mr Diamond is reported to have met with senior officials in Nigeria - prompting rumours that the first target could be a Nigerian bank.
