Bob Diamond poaches Barclays banker for African venture
Tuesday 08 April 2014
Former Barclays executive Bob Diamond has poached a former senior colleague to become chief executive of his new African banking venture, Atlas Mara.
John Vitalo, currently chief executive of Barclays Middle East and North Africa, will join Atlas Mara once his departure terms have been agreed. At present he works from Barclays’ offices in the United Arab Emirates.
Vitalo, a former US marine, joined Barclays’ investment banking arm, Barclays Capital, in 2002 when it was run by Diamond, pictured. The two worked closely together on setting up the equivalent business, Absa Capital, at Barclays’ South African bank subsidiary.
Diamond said: “I am delighted that John has agreed to become Atlas Mara’s chief executive.
“I have worked with him over many years. He is a business builder, deeply knowledgeable in the critical areas of technology and risk and he is trusted by his colleagues and clients. I couldn’t imagine a better leader for this group.”
Barclays declined to comment on Vitalo’s poaching.
It came just a day after the bank settled a long-standing court case based on the Libor scandal which could have seen Diamond and other former senior executives called to give evidence.
Barclays reached an out-of-court settlement, restructuring a £70 million interest-rate swap it had arranged for Guardian Care Homes, which claimed that it had known about Libor rigging at the time.
Atlas also said that it had signed a deal to take over the commercial arm of the Development Bank of Rwanda on the 20th anniversary of the genocide there. Diamond’s co-founder, Ashish Thakkar, was a refugee from the genocide.
Diamond and Thakkar put $20 million (£11.9 million) into Atlas and raised a further $305 million through a placing on the London stock market in December.
The shares have since risen from 10p to 11.4p.
- 1 The black and blue dress: Makers considering a white and gold version
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Madonna claims jokes about her age tantamount to racism: 'No one would dare to say a degrading remark about being black'
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Madonna claims jokes about her age tantamount to racism: 'No one would dare to say a degrading remark about being black'
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...