(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 the Islamic 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