Deals
Barclays Ex-Chief Diamond Replaced in Atlas Mara Shakeup
- African banking venture is assessing options with Citigroup
- Atlas Mara looking to trim costs by eliminating duplication
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Bob Diamond, the financier who once ran Barclays Plc, is stepping down as executive chairman of his African banking venture as it reviews assets and seeks to exit some countries.
He will be replaced by Michael Wilkerson, the chairman of Fairfax Africa Holdings Corp., which owns 49 percent of the firm, but will stay on as a non-executive director, Atlas Mara said in a statement on Wednesday. Diamond wants to “increase his focus” on other executive roles, including that as chief executive officer of New York-based Atlas Merchant Capital LLC, which has investments in Britain’s Panmure Gordon & Co., Greece’s Praxia Bank SA, France’s Kepler Cheuvreux SA, and U.S. insurer Talcott Resolution Life Inc.