Cash from Diamond’s sale of Atlas Mara stake to buy portion of Nigerian bank
Bob Diamond’s ambitions of building a top-tier Nigerian bank are taking shape after the sale of a stake in Atlas Mara gave him enough cash to make acquisitions in Africa’s most populous nation. Atlas Mara completed the sale of 42% to Fairfax Africa through issuing new shares and a convertible bond, the lender said in a statement on Friday. The proceeds, which the company estimated in June would amount to $200m, will be used to boost Atlas Mara’s holdings in Union Bank of Nigeria and expand its markets, treasury and financial technology businesses, it said. "This transaction puts Atlas Mara in a very strong position to deliver on our strategic goals," Diamond, Atlas Mara’s chairperson, said in a separate statement. A spokesperson for the company could not immediately respond to e-mailed questions. Atlas Mara plans to increase its interest in UBN, its largest investment, to about 45% from 31%, of which only 22% is held directly. Once done, it will approach development finance institut...
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