Qataris circling Islamic Bank of Britain

THE Birmingham-based Islamic Bank of Britain has received an approach from a major shareholder which is keen to instigate a full takeover with a view to then selling IBB on to a third party.

Qatar International Islamic Bank, a 88.41 per cent shareholder of IBB, has requested the opening of discussions with the UK bank’s board with a view to making an offer for the shares it doesn’t currently own.

It has also indicated that it is considering the strategic future of IBB and that, if a takeover bid  is successful, the future of IBB may include the sale by QIIB of its IBB shares to a third party purchaser.

QIIB has has begun initial, non-binding discussions with potential third party purchasers, which include Qatari Islamic bank Masraf Al Rayan.

Press speculation has suggested that Masraf had been in touch with IBB directly and that it is keen to acquire 70% of IBB, with the Government of the State of Qatar acquiring the other 30%, but IBB says there has been no direct contact.

Under UK takeover rules, QIIB must declare whether it intends to make an offer for IBB by 5pm on July 5.

Birmingham-based adviser Charles Cattaneo is advising the IBB board on these developments.