(Ecofin Agency) - Arnold Ekpe announced in a statement he will be quitting Atlas Mara in December 2016. Former chief executive of Barclays plc, Bob Diamond, whom he helped establish the Africa-focused investment vehicle will take his seat as interim when he leaves. The statement which revealed the news did not indicate why the former chief executive of Ecobank was standing down.

“It has been a privilege to serve as chairman of Atlas Mara. What the team has achieved in establishing and building Atlas Mara over such a short time is remarkable. I believe the foundation has been laid for the future growth and success of the group. I wish the board and all the talented people who work at Atlas Mara every success in the future,” Ekpe said.

He leaves the group amid serious challenges. Indeed, Atlas Mara has acquired many banks in countries that are presently suffering a foreign exchange crisis and slowdown of financial intermediation activities. Besides, some assets, those acquired in Zimbabwe and Nigeria especially, show a high risk profile, as both economies struggle.

After it recently failed to buy a significant stake in Barclays Africa, Atlas Mara was unable to increase its revenue base. Since 2013 when it was listed on the London Stock Exchange, Atlas Mara’s share plunged 63%. As a result, the group now wants to cut jobs to improve its operating margins.

Idriss Linge