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BancABC Plans to Sell $150 Million Bond to Fund African Business

BancABC, which Robert Diamond’s Atlas Mara Co-Nvest Ltd. agreed to purchase earlier this week, plans to sell a $150 million bond to fund its operations across southern Africa.

“BancABC was ready to do the bond, but we knew there was going to be a change of shareholder,” Chief Executive Officer Douglas Munatsi said in an interview today from Johannesburg. “Our Zimbabwe subsidiary is one of the businesses where the proceeds of the bond will be used.”

Diamond, who quit as Barclays Plc CEO in July 2012 after the British bank was fined for manipulating benchmark interest rates, this week agreed to buy ABC Holdings Ltd. and ADC African Development Corp. for as much as $265 million. Diamond, 62, has said he will use BancABC, which offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe, as a springboard for further acquisitions.

Zimbabwe Finance Minister Patrick Chinamasa said earlier today in Harare that the bond was being sold on behalf of the country.

Munatsi said the BancABC bond would be well supported.

“We are good to go,” Munatsi said. “The appetite for that bond is very strong.”

Diamond raised $325 million in an initial public offering for Atlas Mara in December, when both he and Ugandan entrepreneur Ashish Thakkar committed $20 million of their own money.

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