The possible takeover of Birmingham-based Islamic Bank of Britain has moved a step further with the board confirming it is in direct negotiations with its would-be purchaser. The bank said it was now holding talks with Masraf Al Rayan (MAR) regarding a possible offer for the whole of the issued share capital of IBB.
IBB said before Christmas that while it had not received a direct approach from MAR, its main shareholder Qatar International Islamic Bank (QIIB) was progressing talks with MAR regarding the sale of its IBB shares, which represent 88.41% of the Birmingham bank’s issued share capital of IBB………………………………………..Full Article: Source