Controversial former Barclays boss Bob Diamond is set to make a dramatic City comeback in his first move since quitting the bank in the wake of the Libor rate-rigging scandal.
Mr Diamond - once described by Lord Mandelson as the “unacceptable face of banking” - is understood to be planning to create a new African-focused banking group listed on the London stock market before the end of the year.
He is teaming up with Africa’s billionaire Ashish Thakkar, chief executive of Mara Group, with aims to raise around 250 million US dollars (£153 million) to buy a stake in a bank in Africa and build a business around it, according to reports.
Mr Diamond left Barclays last year after its £290 million settlement for attempted manipulation of the rates at which banks are prepared to lend to each other in the wholesale money markets. The bank was the first to agree a penalty.