Barwa Bank, In­ter­na­tional Bank of Qatar to merge

Banking Frontiers - - Banking In The Gulf -

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.

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