Mega merger of three Qatari banks will take six months to complete
The merger of Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar will take six months to complete, according to Masraf Al Rayan chairman Hussain Ali Al Abdulla.
Last December, news had broken that the three banks were trying to merge that if successful, would create Qatar’s second-largest bank. The combined worth of the new entity was estimated at $44bn.
“I think the merger will finish within six months. There will be a lot of synergy between the three banks,” The Peninsula reported Al Abdulla as saying, during Masraf’s annual general meeting.
Gulf-based banks have traditionally been cold to the idea of mergers, but they have been forced to change their outlook following consistent dips in oil and gas prices.
The new bank, which will be run in compliance with Islamic banking principles, will have assets worth more than QR160bn.
“Masraf Al Rayan has appointed KPMG and PricewaterhouseCoopers as merger advisers, along with law firm Allen & Overy as legal advisers. Similarly, Barwa Bank and International Bank of Qatar have also chosen their sets of advisors,” said Al Abdulla.
leaving Doha for good
Good Move - All criminals in one ship
One thing is certain - more expat layoffs.
I wonder what the new bank will be named and if will become Qatar's most progressive Shari’ah compliant service provider ?