Former Barclays CEO Bob Diamond raised $325 million to invest in Africa.
Bob Diamond has raised $325 million to invest in African lending institutions. It's quite a comeback for Diamond, who resigned in disgrace following Barclays ( involvement in a scandal involving global interest rate manipulation. )
The American-born Diamond resigned in July 2012 after the bank admitted that its employees conspired to manipulate the London interbank offered rate, or Libor, which is used to determine the interest paid on trillions of dollars worth of loans worldwide.
Barclays paid fines totaling about $453 million in settlements with U.S. and U.K. regulators. No individuals were named in the settlement.
Diamond's resignation came immediately after then-head of the Bank of England, Sir Mervyn King, told Barclays that regulators had lost confidence in Diamond's ability to run the bank.
Diamond and his partners raised money through Atlas Mara, a new company that plans to invest in financial services in Africa over the next year, according to investment documents released Tuesday.
The documents reveal that the investors believe there are "significant gaps" in financing for growing African companies.
Diamond's public reputation took a big hit after he stepped down from Barclays, in part because he was awarded millions in compensation, which many considered to be excessive.
|Albertsons to merge with Safeway|
|Everything must go: There's a flood of store closings|
|Jobs report: Hiring picked up in February|
|Alleged Bitcoin creator denies he's the one|
|The real reasons to export U.S. gas|