Bob Diamond Poaches Barclays Executive for Africa

LONDON-- Bob Diamond, the former chief executive of Barclays PLC, has poached a senior executive at the lender to be CEO of his African banking venture.

Atlas Mara Co-Nvest Ltd., an investment vehicle that Mr. Diamond co-founded late last year to buy up African banking assets, said Tuesday it had appointed John Vitalo as chief executive. Mr. Vitalo has held a number of senior managerial positions at Barclays, and most recently served as CEO of Middle East and North Africa, a position he has held since May 2009.

At Atlas Mara, Mr. Vitalo will be responsible for directing and executing the company's strategy to become Africa's leading financial services group by providing capital, liquidity and funding to the banking industry in sub-Saharan Africa.

Mr. Vitalo is also a former CEO of Absa Capital, the Pan-African investment bank.

Atlas also confirmed Tuesday that it has signed a memorandum of understanding with the Government of Rwanda to pursue the privatization of BRD, the commercial arm of the Development Bank of Rwanda.

The deal comes just a week after Atlas Mara agreed to buy sub-Saharan African bank ABC Holdings Ltd. and ADC African Development Corporation AG for up to $265 million.

Mr. Diamond formed Atlas Mara in partnership with Ashish Thakkar and floated it on the London Stock Exchange in December raising $325 million. Its shares are currently suspended.

Mr. Diamond resigned as chief executive of Barclays in July 2012 after the bank paid U.S. and U.K. regulators $455 million to settle allegations that it had manipulated Libor, the London interbank offered rate.

Write to Ian Walker at [e-mail]

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