June 21, 2017 / 6:52 AM / 2 months ago

Bob Diamond's Africa bank ups stake in Union Bank of Nigeria

LONDON (Reuters) - Atlas Mara Ltd, the African investment vehicle of former Barclays boss Bob Diamond, said on Wednesday 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 percent stake in the Union Bank of Nigeria from Clermont Group, taking its total holding to 44.5 percent.

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.

Reporting By Andrew MacAskill; Editing by Rachel Armstrong

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