The listing of the new vehicle, named Atlas Mara, is expected to take place sometime before Christmas on the London Stock Exchange, overseen by Citigroup, according to published reports.
One report, citing unidentified sources, said the prospectus may be filed as early as tomorrow with the London Stock Exchange, with the shares trading "in the next 15 days".
Diamond is said to be in partnership in his new venture with Ashish Thakkar, who heads up Dubai-based Mara Group, described as a $1bn conglomerate with business in 19 African countries.
According to Mara Group’s website, Thakkar set himself up in business at the age of 15 in 1996 by borrowing $5,000 to set up an IT company in Uganda, which he grew “by identifying opportunities to build businesses in under-served markets and by selectively partnering with international firms focused on expanding in Africa”.
The Financial Times, quoting “people familiar with the situation”, said Diamond and Thakkar had approached an undisclosed number of international investors, “hoping to raise about $250m” for their venture, which it said they had “found support for”. Its sources did not disclose the names of the investors, the FT said.
Buying a Nigerian bank was, the FT noted, among of Diamond’s rumoured plans for his new vehicle.
The news of Diamond’s return to the London financial services scene was greeted with general approval by some finance industry executives quoted in the mainstream news and business publications in which it was reported today, although some of the anonymous comments of readers of these publications’ websites, posted beneath the stories, were derisory.
Diamond and Thakkar are declining to be interviewed on the matter.
Diamond and other former bank executives are due to appear in court in connection with the Libor scandal next year.
