Masraf Al Rayan inches closer to acquiring IBB in a cash offer settlement - IFN

Masraf Al Rayan inches closer to acquiring IBB in a cash offer settlement

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GLOBAL: Following a confirmation statement regarding a cash offer earlier in September, Masraf Al Rayan (MAR) and the Islamic Bank of Britain (IBB) have jointly agreed on the terms and conditions of the proposed cash settlement. As recommended by Al Rayan (UK), a wholly owned subsidiary of MAR, the acquisition will be made through a cash offer for the entire issued and to-be-issued share capital of IBB. Adel Mustafawi, the group CEO of MAR, is confident that the acquisition will create a stronger bank that is more capable of exploiting the enormous business opportunities available in the UK market. “We look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market,” says Adel. MAR, Qatar’s largest Islamic bank by market value, sees the acquisition as an opportunity to penetrate the UK and continental European markets by introducing its developed financial products. The takeover will also provide MAR with the opportunity to leverage the benefits of investment in a financial institution with an established platform and access to a clientele of over 50,000 customers. For the period ended 30th September 2013, MAR reported a 15.4% year-on-year accretion in net profits to reach QAR1.25 billion (US$343.14 million). The bank’s total assets stood at QAR66.9 billion (US$18.36 billion), a 7.88% increase from the QAR61.62 billion (US$16.9 billion) it recorded in December 2012.