LONDON - Robert E. Diamond Jr., who was ousted as chief executive of Barclays nearly 18 months ago amid a rate-fixing scandal, is planning a banking comeback.
Mr. Diamond, 62, is raising money for a $250 million vehicle that would invest in the banking business in Africa. The corporate shell, known as Atlas Mara, would list in the coming weeks on the London Stock Exchange, according to people briefed on the matter.
The American executive is teaming up with Ashish J. Thakkar, a 32-year-old entrepreneur whose Mara Group conglomerate has technology, manufacturing and real estate operations and interests in 19 African countries. Mr. Thakkar began his career by setting up a technology business in Uganda at age 15. (The name of the cash-shell vehicle reflects the conglomerate and Atlas Merchant Capital, a merchant bank Mr. Diamond has founded.
Citigroup is acting as the sole adviser to Atlas Mara and the capital raising could happen as early as late next week, the people briefed on the matter said.
A spokesman for Mr. Diamond and Citigroup declined to comment on Monday.
The Financial Times reported the deal on Sunday.
In June 2012, Barclays admitted wrongdoing and agreed to pay $450 million to British and American authorities to settle allegations that it manipulated a global interest rate benchmark, the London interbank offered rate, or Libor. Facing pressure from government regulators, Mr. Diamond resigned from the bank in Juiy that year.
It was an stunning fall for the once high-flying Wall Street executive. A former bond trader at Morgan Stanley, he worked at Credit Suisse and BZW, which became the foundation of what became Barclays’ investment business, Barclays Capital. Mr. Diamond built that business into a global giant and became chief executive of the parent company Barclays in January 2011.
