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Johannesburg - Atlas Mara, the African finance company co-founded by former Barclays chief executive officer Bob Diamond, posted a profit for the year and said it’s in discussions with investors looking to combine the firm with the British lender’s African operations.
Pretax profit was $19.2m in the year ended December 31, compared with a loss of $58m in 2014, the company, incorporated in the British Virgin Islands and traded in London, said in a statement on Tuesday. Lending increased 15% to $1.2bn, while deposits rose 12% to $1.4bn.
Diamond is using his New York-based Atlas Merchant Capita private equity vehicle and working with Carlyle Group on a potential approach for Barclays' African operations, people with knowledge of the matter said on Monday. Atlas Mara said it's in talks with Atlas Merchant Capital and other investors.
“Atlas Mara’s board of directors supports the exploration of the potential combination" of the company with Barclays’ African operations, the company said in the statement.
Started in 2013 by Diamond and Ugandan entrepreneur Ashish Thakkar to consolidate African financial services firms, the company has made four acquisitions in seven sub-Saharan countries from Botswana to Nigeria. Diamond has said he wants the company to increase that to 10 to 15 markets over the next few years through further deals.
