Mas­raf Al Rayan, Barwa Bank and In­ter­na­tional Bank of Qatar an­nounced that they are in ini­tial talks about a pos­si­ble merger that will cre­ate a sin­gle Shariah-com­pli­ant lender with more than QR160 bil­lion ($44 bil­lion) in as­sets.

Qatar Today - - BUSINESS > BANK NOTES -

Khaleeji in­sti­tu­tions in a cash crunch are in­creas­ingly tak­ing the merger route – in 2016 sev­er­als sov­er­eign funds, banks, na­tional oil com­pa­nies in the re­gion have con­sol­i­dated their as­sets – and this makes per­fect sense for Qatar where more than 18 banks are serv­ing a small pop­u­la­tion of 2.8 mil­lion. If this merger comes through, the re­sult­ing en­tity will be the coun­try’s largest Sharia-com­pli­ant lender and its sec­ond­largest over­all, it’s com­bined as­sets plac­ing it ahead of Qatar Is­lamic Bank (QR153 bil­lion) but still way be­hind Qatar Na­tional Bank (QR713 bil­lion). The news buoyed up Mas­raf Al Rayan’s share by more than 7.5%.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.