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Masraf Al Rayan's UK, Libya acquisitions in 'final stages'
- Qatar: Wednesday, April 24 - 2013 at 03:59
Qatari bank Masraf Al Rayan has posted a 13.3% year-on-year rise in its first-quarter net profits to QR400m, the Peninsula has reported. The bank's total assets increased to QR62.5bn from QR57.87bn recorded in the first quarter of 2012, an increase of 8%. The Doha-headquartered lender also said significant progress has been made regarding fulfilling the requirements of acquiring a stake in Islamic Bank of Britain. "We are at an advanced stage regarding fulfilling the requirements of the concerned authorities in the UK," said the bank's CEO, Adel Mustafawi, "Regarding the acquisition of a stake in a bank in Libya, we are in the final stages of preparing the required studies," he added.
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