Atlas
Mara, the African investment vehicle of former Barclays boss, Bob Diamond is in
talks to buy a $275 million stake in Union Bank of Nigeria (UBN), a source
familiar with the matter said yesterday. Lagos-based UBN was established as
Colonial Bank in 1917, and from 1925 until the 1970s was owned by Barclays, the
British bank that Diamond led before he was ousted two years ago. UBN's market
capitalisation is about $850 million. Atlas Mara has to make a decision on
whether to buy the minority stake in UBN by Sunday.
According
to Reuters, Atlas Mara and UBN declined to comment. Atlas Mara said in a
prospectus published last month for the relisting of its shares in London that
