Atlas Mara plans major fundraising

13th May 2014 15:25

Atlas Mara, the Africa-focused banking investor founded by Bob Diamond, has begun working on a new capital raising to continue its acquisitive spree. Co-founded by ex-Barclays chief Diamond and Ugandan financier Ashish Thakkar, Atlas Mara acquired Botswana-based BancABC for $265m in cash and shares in late March, along with a 9.1% stake in Union Bank of Nigeria and a preliminary deal to buy a majority stake in the Development Bank of Rwanda. Diamond is poised to announce a private fundraising soon, according to people familiar with the situation quoted in the Financial Times. It is thought this new placing will eclipse its initial public offer last December.At IPO the vehicle drummed up gross proceeds of $325m, including the founders' investment of $20m.Diamond has claimed to be "one of the very few global bankers that really understood Africa and banking in Africa", having gained experience through Barclays' presence in 15 African countries.Shares in Atlas Mara were unmoved on Tuesday.OH