Bob Diamond to Return to U.K. Banking With Panmure Gordon Buy
March 17 2017 - 4:06AM
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% of its shares.
Mr. Diamond built up Barclays's investment bank before becoming
its chief executive in early 2011 until July 2012 when he was
forced to resign following 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, which he helped found in 2013 and
floated on the London Stock Exchange.
Panmure largely serves midcap companies listed in London and for
the year ended Dec. 31, 2015 reported a pretax loss of GBP18.9
million and had a record 152 clients. It has since said it expects
to report to profit this year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
March 17, 2017 03:51 ET (07:51 GMT)
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