Former Barclays CEO Bob Diamond preparing bid for Africa arm of Barclays

Bob Diamond ran the bank until four years ago. Sky News reports that his bid to buy the Africa operations is in the early stages and no formal approach has been made to Barclays yet.

Bob Diamond has teamed up with a major private equity firm as he attempts to develop plans to mount a bid for the African operations of Barclays, the bank he ran until four years ago.

In linking with US-based Carlyle, Diamond will be hoping to start to amass the financial fire power needed to bid for the business in Africa that Barclays is selling.

Diamond – who left Barclays in the wake of the 2012 Libor rigging scandal – was cited as being interested in Barclays African operations last month, just days after the bank had announced it intended to scale back on the continent.

Until now his interest had been associated with Atlas Mara, an operation listed on the London Stock Exchange and worth just £250m – a fraction of what would be needed to buy all the Barclays’ operations.

Read more: Bob Diamond preparing bid for Africa arm of Barclays, claim reports | Business | The Guardian