Bob Diamond's Atlas Mara Holds Barclays Africa Talks -- Update

By Ian Walker 

LONDON--Bob Diamond's Atlas Mara Ltd. on Tuesday said it had held talks with a consortium of investors exploring a bid for Barclays PLC's stake in Barclays Africa about a potential combination of the two businesses.

Atlas Mara said the consortium includes Atlas Merchant Capital, an investment vehicle founded by Mr. Diamond, Barclays's former chief executive, and the Mara Group, founded by Ashish J. Thakkar.

Messrs Diamond and Thakkar both serve on the Atlas Mara board and won't be part of any potential talks at Atlas Mara about a possible merger.

Given the significant complexity and early stage of the discussions with the consortium, there can be no assurance a deal will be done, Atlas Mara said.

Atlas Mara's announcement comes just days after it emerged that Mr. Diamond's Atlas Merchant Capital has teamed up with U.S. buyout firm Carlyle Group to put together a bid for Barclays Africa.

Barclays owns 62.3% of Barclays Africa and last month announced it would seek to sell down most of that for regulatory reasons.

Barclays Africa owns 12 banks across Africa, the biggest of which by far is South Africa-based Absa, one of the country's largest lenders.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

April 26, 2016 03:46 ET (07:46 GMT)

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