Qinvest, ex-Barclays CEO to buy oldest UK stock broker
LONDON, 5 days ago
Qinvest, the leading investment group from Qatar, has joined hands with Atlas Merchant Capital, a private equity firm co-founded by former Barclays chief executive Bob Diamond to buy Panmure Gordon, one of Britain’s oldest stockbrokers, said a report.
Qinvest, one of the world's most prominent Islamic financial institutions, already owns a 43 per cent stake in Panmure Gordon.
The deal will be regarded as a return to the City by Diamond, who resigned from Barclays in the wake of the Libor rigging scandal in 2012, according to BBC.
The offer, which values the the loss-making stockbroker and investment bank at £15.5 million, has been recommended by the board.
QInvest CEO Tamim Al Kawari said it was excited about this opportunity to work with Atlas to develop the business, alongside its management team and employees, and to assist it in fulfilling its potential.
Shares in Panmure Gordon soared 76 per cent to 105p in morning trading - 5p above the offer price, stated the BBC report.
The Boston-born banker was a controversial figure. Before being elevated to run the bank in September 2010, he was head of Barclays Capital, its investment banking division, it added.