Barclays' former CEO Bob Diamond reportedly wants to buy the bank's African assets

Bob Diamond, CEO of Atlas Mara and former CEO of Barclays. Credit:

Bob Diamond, the American executive who was forced out as Barclays’ CEO in 2012, is reportedly interested in buying the British bank’s African operations. According to the Financial Times, Diamond has started preliminary discussions with investors about raising the necessary capital.

Barclays announced on March 1 that it plans to sell its 62% stake in Barclays Africa Group Limited (BAGL) as part of a restructuring effort—and to focus on what Barclays CEO Jes Staley described as the company’s core business in the UK and US. The African operation, which is listed at the Johannesburg Stock Exchange (JSE), has been generating decent returns—healthier, at least, than that of Barclays’ investment bank—but stark losses for the company overall have forced Barclays to regroup, and volatility in Africa’s political and economic climate perhaps helped make the choice to exit the continent an easier decision to make.

Read more: Barclays’ former CEO reportedly wants to buy the bank’s African assets – Quartz