Barwa Bank merger plans in final phase
30 Aug 2017 - 0:51
By Satish Kanady / The Peninsula
The merger plans of Barwa Bank are fast progressing. Once the bank completes the legal and financial studies, the report will be submitted before the board of directors and the shareholders, Barwa Bank Group Chief Executive Officer Khalid Al Subeai told yesterday to The Peninsula.
Speaking on the sidelines of the launch of Barwa Bank’s special edition of ‘Al Mjd’ credit/debit cards’, Al Subeai said the bank is in the final stages of completing its studies. After completing the legal and regulatory procedures, the three banks (Barwa Bank, Masraf Al Rayan and International Bank of Qatar ) will jointly announce the three-way merger, he said.
In December 2016, all the three banks had jointly announced that they had entered into initial negotiations regarding a potential merger of the three banks to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar’s economic growth and to finance development initiatives in line with Qatar Vision 2030.
The potential merger will lead to the creation of the largest Shariah compliant bank in the State of Qatar and the third largest Shariah-compliant bank in the Middle East with assets worth more than QR160bn and a share capital of more than QR22bn.
Earlier, addressing the launch event of Barwa Bank’s special edition of ‘Al Mjd’ debit and credit cards, Al Subeai said: “It is our utmost pride and honor to launch this unique initiative, which comes as part of Barwa Bank’s national initiatives supporting the Qatari society in all of its segments, citizens and residents alike. Today, we present our new and existing clients the opportunity to take advantage of the valuable banking services and privileges that we have carefully crafted, as a means of giving back to each and every one who put their trust in our Group, in line with our social responsibilities and our unwavering commitment to every current and future client.”