Deals
Diamond’s Atlas Mara Snared in Nigerian Banking Rout
- Shares fall to record as concerns over Nigerian banks spread
- Atlas Mara has lost 66% of its value since listing in 2013
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Atlas Mara Ltd., the company co-founded by former Barclays Plc Chief Executive Officer Bob Diamond to buy lenders in Africa, fell to a record low as concern over the health of Nigeria’s banking industry spread.
Atlas Mara, which owns at least 21 percent of Lagos-based Union Bank Nigeria Plc, dropped for the fourth time in seven days in London trading on Wednesday. That mirrors declines among most Nigerian lenders after the central bank replaced the management of Skye Bank Plc on July 4 because of liquidity concerns. Since the intervention, Skye has plummeted 30 percent, while Union has decreased almost 10 percent.