Newspaper article International New York Times

Investors Explore Bid for Barclays' Africa Business

Newspaper article International New York Times

Investors Explore Bid for Barclays' Africa Business

Article excerpt

A venture backed by Robert E. Diamond Jr., the former Barclays chief executive, is trying to put together an offer with a group of investors.

The investment company Atlas Mara Limited, backed by the former Barclays chief Robert E. Diamond Jr., confirmed on Tuesday that it was in discussions with a group of investors exploring a bid for Barclays' business in Africa.

In March, Barclays said that it planned to sell down its 62.3 percent interest in Barclays Africa Group over the next two to three years, in a strategy shift by James E. Staley, its new chief.

On Tuesday, Atlas Mara said that the consortium of investors was exploring an acquisition of Barclays' stake in the African business to combine it with Atlas Mara, which was formed in 2013 to invest in financial services companies in Africa.

The consortium includes Atlas Merchant Capital, a financial services investment company Mr. …

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