Asset Management

Bob Diamond’s Atlas Mara posts $6.7m loss

African banking group’s first-quarter results hit by high operating costs and bad loans in Zimbabwe

Atlas Mara, the listed Africa banking group co-founded by Bob Diamond, on May 26 said high operating costs and bad loans in Zimbabwe dragged it to a $6.7 million net loss in the first quarter.

Weak currencies in the countries Atlas Mara operates in, including Nigeria and Zambia, wiped $1.1 million from first-quarter results. Costs to acquire Finance Bank of Zambia and make other potential purchases were $6 million. Revenue in the three months was $51.9 million, up 30% on the same 2015 quarter.

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Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is ReachedExternal link

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached