Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Masraf Al Rayan To Raise Ibb's Tier 1 Capital To Gbp100 Million  Join our daily free Newsletter

MENAFN - Qatar News Agency - 05/02/2014
No. of Ratings : 0
Add to Mixx!



(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) Limite



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 U



The acquisition was completed Monday morning, Al Rayan (UK) Limited sai



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 Millio



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 share



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 objective



"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 Shari



"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, 201



This represents an increase of 13.2% compared to the fiscal year 201



MAR currently operates 11 branches in Qatar.

 


Qatar News Agency




  MENA News Headlines
 May 24 2015 - MSM30 index weighed down by weak activityMuscat Daily
(MENAFN - Muscat Daily) The general index of the Muscat Securities Market (MSM) inched down 0.12 per cent to close at 6375.43. With a total of 49 stocks traded on the bourse on Sunday the market ...

 May 24 2015 - Oman Fisheries posts 3rd straight annual lossMuscat Daily
(MENAFN - Muscat Daily) Oman Fisheries Co posted its third consecutive year of losses with its deficit widening to RO1.75mn for the financial year ended March 31 2015.  The company has ...

 May 24 2015 - The company has registered a loss of RO711,021 in the previous fiscal.Muscat Daily
(MENAFN - Muscat Daily) Bank Sohar has mandated Arab Banking Corporation as the sole book-runner and initial mandated lead arranger to arrange on its behalf a debut US$250mn syndicated term loan ...

 May 24 2015 - OPWP to sign deals today to develop Salalah power plantMuscat Daily
(MENAFN - Muscat Daily) Oman Power and Water Procurement Co (OPWP) the sole procurer of all new power generation and water desalination capacity in Oman will sign a number of agreements for phase two ...

 May 24 2015 - Team of researchers set to explore how UAE brands are perceived globallyKhaleej Times
(MENAFN - Khaleej Times) The University of Wollongong in Dubai (UOWD) is set to lead a global team of researchers into unchartered territory as they explore how brands from the UAE are perceived ...

 May 24 2015 - Cozmo Travel increases presence in UAEKhaleej Times
(MENAFN - Khaleej Times) The Ras Al Khaimah branch was inaugurated by Engineer Shaikh Salem bin Sultan bin Saqr Al Qasimi chairman of Department of Civil Aviation RAK. Dubai - Cozmo ...

 May 24 2015 - Sahara Centre revs up with performance car bike displayKhaleej Times
(MENAFN - Khaleej Times) Sahara Centre is currently hosting a nine-day sports car and motorcycle display from May 21 to 29 giving the regions petrol-heads the opportunity to encounter the very best. ...

 May 24 2015 - Candle lighting at RAKCONKhaleej Times
(MENAFN - Khaleej Times) 15 Emirati local nursing students and 11 international students lit their candle from the dean and the senior faculty of RAKCON. The Vice-Chancellor Dr S.G.M. Rao ...

 May 24 2015 - Cosmos launches new Sharp smart LED TVKhaleej Times
(MENAFN - Khaleej Times) Sharp Middle East conducted a Facebook competition to educate consumers about unique Cocoro Eye feature. Khushbu Gandhi receives an award at a ceremony at the Cosmos ...

 May 24 2015 - Dh246m water reservoir completedKhaleej Times
(MENAFN - Khaleej Times) The Dewa works according to its strategy which is a key component of Dubai Plan 2021." Dubai — The Dubai Electricity and Water Authority or Dewa has completed ...

more...


 






Google

 
 

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