The African banking group set up by former Barclays boss Bob Diamond has named four new directors to its board  and announced that Diamond's co-founder will step down.

Atlas Mara, which Diamond established in 2013 to invest in African banks, struck a deal in June to partner with Fairfax Africa, a firm listed by Canadian billionaire Prem Watsa's Fairfax Financial. The agreement saw Atlas Mara commit to issuing Fairfax a $100m bond that would convert into Atlas Mara shares, at the same time as raising $100m from an equity sale to secure $200m in new funding.