Barwa Bank, International Bank of Qatar to merge
Barwa Bank and International Bank of Qatar have reached a final merger agreement. The merger will see the creation of a Shariah-compliant financial institution with total assets of QR80 billion. The 2 banks said their merger would create a leading Shariahcompliant financial institution with a solid financial position and robust liquidity to support Qatar’s economic growth and finance development initiatives in line with Qatar National Vision 2030. They also said they will operate as one bank subsequent to their respective general assemblies and the adoption of their final financial results for the fiscal year ending in December 2018. The two banks have agreed to appoint a top tier management consultant in order to develop an integrated plan, identify the strategy and achieve the desired objectives of the combined entity, the most important of which is increase revenue and reduce costs, which will provide added value to shareholders and customers of the two banks and the national economy.