Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar - Masraf Al Rayan raises IBB's Tier 1 capital to a£100m  Join our daily free Newsletter

MENAFN - The Peninsula - 04/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Masraf Al Rayan announces its acquisition of the Islamic Bank of Britain Plc (IBB) by its wholly owned subsidiary "Al Rayan (UK) Limited". The announcement came after the approval of IBB shareholders to the offer made by Masraf Al Rayan on November 28, 2013 and the change in control approval from the Prudential Regulatory Authority in the UK



Yesterday, Al Rayan (UK) Limited announced the offer has been completed. Masraf Al Rayan also announced the raising of IBB's Tier 1 capital to 100m through issuing of new shares totaling 7,575,400,000 shares, at 75.75m. As a result, Al Rayan (UK) Limited equity holding in the IBB will reach 11,921,189,979 shares equivalent to 98.34 percent of the issued shares



On the occasion, Adel Mustafawi, the Group Chief Executive Officer at Masraf Al Rayan, said "We are delighted to announce the completion of the acquisition of theIslamic Bank of Britain, as it becomes a member of Masraf Al Rayan group, and now, we start a phase of hard work towards achieving our planned goals and objectives. We promise our customers in IBB and Masraf Al Rayan positive future prospects that will be available to them to benefit from our products and services which are compatible fully with the Islamic Shariah. Our customers will also benefit from the open channels of communication and cooperation between the two banks which will provide them with opportunities both in Qatar as well as in the United Kingdom without any complexities"




Masraf Al Rayan announced its financial results for the fiscal year ended December 31, 2013 posting a net profit of QR1.7bn, an increase of 13.2 percent compared to the fiscal year 2012. MAR currently operates 11 branches in Qatar, supported by a network of ATMs distributed strategically throughout the country

 


The Peninsula




  MENA News Headlines
 Feb 6 2016 - Saudi Arabia sees one IPO in Q4 raising USD 101mnMENAFN
(MENAFN) The last quarter (Q4) of last year viewed the sluggish main public offering (IPO) performance in Q3 proving that 2015 was an unstable year for IPOs in the GCC.Moreover, the kingdom viewed ...

 Feb 6 2016 - Industries Qatar net profit drops at 1.21bnMENAFN
(MENAFN) Industries Qatar, one of the area's industrial giants with interests in the production of a wide range of petrochemical, proclaimed its financial results for its net income.Additionally, net ...

 Feb 6 2016 - KSA health sector cuts spending by 50 percentMENAFN
(MENAFN) Saudi Ministry of Health asked its different departments to review recent inventories to ensure the availability of medicine and medical devices.Moreover, the reduction of health sector was ...

 Feb 5 2016 - Julius Baer signs final deal with the USThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Swiss bank Julius Baer has signed a deal with the United States authorities bringing an end to an investigation into how it helped US clients evade taxes. A ...

 Feb 5 2016 - Turkey- Merkel to travel Ankara to discuss Syria refugee crisisThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) German Chancellor Angela Merkel will travel to Ankara on Monday for talks on Syria andthe refugee crisis her spokesman announced Friday. “The visit ...

 Feb 5 2016 - NATO: Russian airstrikes undermining non military efforts in SyriaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) NATO chief Jens Stoltenberg says Russia's airstrikes in Syria are undermining efforts to find a non-military solution to the conflict. Stoltenberg made the ...

 Feb 5 2016 - Syrian woman starves to death in besieged MadayaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) A Syrian woman starved to death on Thursday in the Syrian town of Madaya taking the death toll in the besieged town to 18 a local medical center said. ...

 Feb 5 2016 - Major players pin high hopes on Syria political solution skepticism remainsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Despite frustration over a suspension of the third round ofSyriapeace talks major global players still believe that a political solution though difficult to ...

 Feb 5 2016 - Jordan's Joramco to spend USD10m on expansionMENAFN
(MENAFN) In response to expanding demand and an arising Iranian aviation market, Joramco, a Jordan-based aircraft heavy maintenance company, is planning to invest nearly USD10 million to expand its ...

 Feb 5 2016 - UAE's Career Fair 2016 kick-start with huge potentialMENAFN
(MENAFN) The Abu Dhabi City Municipality is participating in the Career Fair 2016, under the umbrella of the Department of Municipal Affairs, which launched in in Abu Dhabi National Exhibition ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help