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Bob Diamond venture fails to secure $400m

 Bob Diamond venture fails to secure $400m

Ex-Barclays chief executive Bob Diamond (pictured) has failed to raise the full $400 million he was targeting for his African venture.

Diamond's Atlas Mara, a vehicle targeting acquisitions in the African banking sector, is set to raise just over $300 million for its second round, falling below the $400 million it was targeting, according to the Financial Times. Atlas Mara raised $325 million in its initial public offering. The money raised will be used to fund other acquisitions.

The vehicle did its first deal in March, with the announcement that it will buy BancABC, which has a presence across Africa, for $265 million in cash and shares. Atlas also signed a deal to buy a majority stake in the Development Bank of Rwanda through its privatisation.

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