LONDON (Alliance News) - Atlas Mara Ltd late Friday declined to comment on recent media speculation that the company could be about to place a bid for Barclays Africa, a South African subsidiary of Barclays Bank PLC.
Atlas Mara has an aim to "create sub-Saharan Africa's premier financial institution," and has former Barclays Chief Executive Robert Diamond on its board as a non-executive director. Diamond was also one of the founders of Atlas Mara.
Diamond was ousted from Barclays in 2012 in the wake of a GBP290 million fine over the bank's role in the Libor benchmark manipulation scandal and criticism over his remuneration.
Earlier this week, current Barclays Chief Executive Jes Staley set out plans to sell down the bank's African operations, in a restructuring designed to focus the lender on its main activities in the UK and US.
Media speculation started earlier this week that Diamond, through Atlas Mara, was planning to make a bid for the operation, adding to the company;s current operations within five of Africa's economic development blocks.
The Guardian, on Friday, said if Diamond were to make an offer for the Barclays operations through Atlas Mara he would need to raise hundreds of millions of pounds and also find a way to unravel the complex Barclays operations in Africa, which could prove to be extremely difficult.
http://www.theguardian.com/business/2016/mar/04/bob-diamond-barclays-african-assets-atlas-mara
Atlas Mara Friday said: "As an acquisitive African financial services group, the company is often linked to various opportunities across the continent. It is the company's policy not to comment on media speculation."
Atlas Mara shares closed flat at 4.75 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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