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Barclays’ Ex-CEO May Buy the Bank’s Africa Operations

Nairobi Calm As Political Manoeuvering IntensifiesNairobi Calm As Political Manoeuvering Intensifies
Barclays united its 13 banks across Africa into one holding in 2013.Photograph by Peter Macdiarmid—Getty Images

Former Barclays Chief Executive Bob Diamond is teaming up with private equity group Carlyle to prepare a bid to buy the bank’s African operations, a source familiar with the matter told Reuters on Monday.

Diamond is looking to structure a deal to acquire Barclays’ 62% stake in Barclays Africa Group Limited via his investment vehicle Atlas Merchant Capital, set up to invest in financial services after he left the U.K.-based bank.

Carlyle and Atlas Merchant declined to comment.

Barclays on March 1 said it would sell down its stake in the business, to focus instead on a new ‘transatlantic’ strategy.

Sky News first reported the proposed deal on Sunday.