Atlas Mara, the African investment vehicle of former Barclays boss Bob Diamond, said on Tuesday it had held discussions with investors with a view to making a bid for Barclays African business.

Atlas said its board supported exploration of a possible acquisition, "given the expected positive impact on accelerating the company's strategy to build sub-Saharan Africa's premier financial institution," it said in a statement, in response to media speculation about its interest in the business.

Atlas said that there was no certainty that a transaction would be completed but if its discussions with fellow investors resulted in more substantive negotiations with Barclays, Diamond and co-founder Ashish J. Thakkar will recuse themselves from such discussions.

Earlier this year, Barclays said it would sell down its 62 per cent stake in Barclays Africa Group to focus on other divisions.