Barwa Bank’s Chief Executive Officer, Khalid Al Subaie, said that Barwa Bank’s legal merging with International Bank of Qatar (ibq) is expected to take place in April, following the approval of Qatar Central Bank, followed by the operational merger which is expected to be by the end of this year.
Al Subaie said in a statement about the merging procedure, on the sidelines of the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), that there will be a new strategy for the bank as it will double its assets to nearly QR 80 billion, and there will be a strategy for the new joint entity Legal integration under the name of “Barwa Bank”.
He that the procedure will double the number of branches and in terms of opening the new branches, the decision will be made in a timely manner, but for existing customers, the number of branches will double.
On the performance of the bank in 2018, the group’s chief executive said that despite the challenges in the market, Barwa Bank Group achieved a record performance in terms of financial performance with a profit of QR765m, and this is a record for the group, considered as the highest in its history, in addition to a cash dividend of QR 1.5 which is also the highest value in the history of dividends at Barwa Bank.
He pointed out that Barwa Bank Group is focusing on the local economy due to its belief in its promising future, noting that the Group’s focus will also be on meeting the requirements of customers at the governmental, corporate, private or individual levels.
