Finance
Atlas Mara plans to up stake in Union Bank
Atlas Mara Ltd, the African investment vehicle of former Barclays boss Bob Diamond, said that it plans to raise $200 million to increase its stake in Union Bank of Nigeria and to scale up other businesses.
Atlas Mara said it was buying a 13.4 per cent stake in the Union Bank of Nigeria from Clermont Group, taking its total holding to 44.5 per cent.
The bank said it is in discussions with potential investors regarding a possible raising of new equity capital, comprising of $100 million equity offering and a $100 million mandatory convertible bond.
Diamond teamed up with Africa-based entrepreneur Ashish Thakkar to set up Atlas Mara, a vehicle through which they planned to buy up assets to help build it into a powerful force in African banking.
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