Bob Diamond wants to build boutique investment bank in UK
Diamond has shown a growing interest in pursuing bank takeovers in Europe recently, saying there are ‘terrific’ opportunities as the region’s largest firms retrench
London — Bob Diamond is returning to London’s financial centre with a takeover of brokerage Panmure Gordon & Company to build a boutique investment bank. The former Barclays CEO’s Atlas Merchant Capital, and Qatari investment bank QInvest agreed to take the 141-year-old stockbroker private for £15.5m in an all cash deal, according to a statement on Friday. QInvest already is Panmure’s biggest shareholder. Diamond, who stepped down as from Barclays in 2012, has signalled a growing interest in pursuing bank takeovers in Europe in recent years, saying there are "terrific" opportunities as the region’s largest firms retrench. Such purchases mark a shift for Diamond, who focused on acquiring African banks through his Atlas Mara vehicle, which is separate from the Atlas Merchant private equity firm he set up at the end of 2013. The firms aim to "build a larger, successful boutique investment bank," Matthew Hansen, head of UK and Europe for Atlas, said in the statement. "This long-term sta...
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