Bob Diamond to Return to U.K. Banking With Panmure Gordon Buy -- Update
March 17 2017 - 4:39AM
Dow Jones News
By Ian Walker
LONDON -- Former Barclays PLC Chief Executive Bob Diamond is to
return to U.K. banking by joining forces with a Qatari investment
group to buy 140-year-old stockbroker Panmure Gordon & Co.
PLC.
Panmure on Friday said it had accepted a GBP15.5 million ($19.2
million) cash offer from Ellsworthy Ltd., an investment vehicle
formed by Mr. Diamond and Qatar investment bank QInvest LLC. The
pair will pay 100 pence a share for Panmure, of which QInvest
already owns more than 43%.
Mr. Diamond gained global recognition for building up Barclays's
investment bank, including the lender's bold purchase of parts of
Lehman Brothers at the height of the financial crisis. He became
the U.K. bank's chief executive at the start of 2011 but was forced
to resign in July 2012 amid controversy over manipulation of Libor
interest rates by traders employed by the bank.
Since then, the American investment banker has focused on
African financial group Atlas Mara Ltd., which he helped found in
2013 and floated on the London Stock Exchange, raising money to buy
banks in several African countries. However, that venture has
recently soured, with a share price decline and the departure of
its chief executive.
Panmure largely serves midcap companies listed in London, a
highly competitive market that has consolidated in recent years.
For the year ended Dec. 31, 2015 it reported a pretax loss of
GBP18.9 million and had a record 152 clients. It has since said it
expects to report a profit this year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
March 17, 2017 04:24 ET (08:24 GMT)
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