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.