New Diamond venture targets African banks

Former Barclays boss Bob Diamond has returned with a $325m investment vehicle, signing up as directors two respected Nigerian businessmen, former Ecobank chairman Arnold Ekpe and Sahara Group founder Tonye Cole. Diamond has teamed up with entrepreneur Ashish Thakkar to set up a London-listed company registered in the British Virgin Islands named Atlas Mara Co-Nvest, based on Diamond’s New York firm Atlas Merchant Capital and Thakkar’s Mara Group businesses in 19 African countries. The cash shell will look for an acquisition in Africa’s financial services sector.