Atlas Mara still on hunt for acquisitions

Atlas Mara, the African investment vehicle of former Barclays boss Bob Diamond, said it remains on the lookout for acquisitions as part of its plan to build sub-Saharan Africa’s leading bank.

The company, which was formed a year ago and has made a trio of sizeable deals, said on Tuesday it plans to improve efficiencies, controls and governance and “address shortcomings in the credit processes” of its businesses to drive growth.

“Atlas Mara will continue to execute its plans for safeguarding, integrating and growing its operating businesses while also continuing to evaluate acquisition opportunities in its existing, as well as other, attractive Sub-Saharan African markets,” it said in a trading statement.

It said it had hired Richard Muller as chief integration officer, who will be responsible for making sure synergies from acquired businesses are delivered. Muller used to work for Barclays Plc and Absa Group Ltd.

Atlas Mara, which is also backed by Africa-based entrepreneur Ashish Thakkar, in September increased its stake in Union Bank of Nigeria to almost 30 percent, adding to previous deals that have given it a platform in several countries including Botswana, Mozambique and Tanzania.

Reuters