Doha: Masraf Al Rayan QSC (MAR) and Islamic Bank of Britain (IBB) announced that they have reached an agreement on the terms of a recommended cash offer by Al Rayan (UK) Limited, a wholly owned subsidiary of MAR for the entire issued and to be issued share capital of IBB.
This acquisition would give MAR the opportunity to introduce its already developed financial products into the UK and continental European markets and provide MAR’s existing customers with additional services as they expand in the UK and Europe. IBB offers MAR the opportunity to invest in a financial institution with an established platform and with an existing client base of over 50,000 customers, a press release issued by MAR said yesteray.
Adel Mustafawi, Group CEO of MAR, said: “As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market. We believe together we can build a stronger bank that is more capable of exploiting the enormous business opportunities available in the UK market for the benefit of our customers, shareholders, employees and the economies we operate in. IBB will now be part of a fast growing group and will be a partner to an organisation with a clear focus on developing the business.”
Masraf Al Rayan (MAR) is one of the high ranking banks in Qatar and the region. MAR has maintained strong growth rates over the past years. MAR declared a net profit of QAR1.250bn, an increase of 15.4 percent during the first nine months of 2013 compared to similar period in 2012. It currently operates 11 branches in Qatar, supported by a wide network of ATMs scattered strategically throughout the country. The bank offers a wide range of sophisticated banking services to better facilitate customer services, like Al Rayan Mobile (mobile banking service), in addition to Al Rayan Net, Al Rayan Phone and Al Rayan SMS, which provides the customers with greater convenience and security.
The Peninsula
