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.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers recruited by the Shia Houthi rebels who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...