(MENAFN - Qatar News Agency) Qatari lender Masraf Al Rayan (MAR) has announced the raising of Islamic Bank of Britain's Tier 1 capital to GBP100 Million by issuing 7,575,400,000 new shares, at GBP75.75 Million, according to a Qatar Exchange notification Tuesday.
MAR has acquired IBB Plc through its wholly owned subsidiary Al Rayan (UK) Limited
The announcement follows the approval of IBB shareholders to accept 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
The acquisition was completed Monday morning, Al Rayan (UK) Limited said
MAR has also announced the raising of IBB's Tier 1 capital to GBP100 Million through issuing of 7,575,400,000 new shares, at GBP75.75 Million
As a result, Al Rayan (UK) Limited equity holding in the IBB will reach 11, 921,189,979 shares equivalent to 98.34% of the issued shares
MAR Group CEO 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 Sharia
"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." MAR posted a net profit of QR 1.7 Billion for the fiscal year ended December 31, 2013
This represents an increase of 13.2% compared to the fiscal year 2012
MAR currently operates 11 branches in Qatar.