Daily news and analysis from Qatar and Middle East – Arabian Gulf
Merger of three Qatar banks to take six months.
Masraf Al Rayan chairman Hussain Ali al-Abdulla and CEO Adel Mustafawi along with other directors at the bank’s ordinary general assembly meeting in Doha yesterday. The three-way merger of Qatari banks, Masraf Al Rayan, International Bank of Qatar and Barwa Bank, will take six months to complete, al-Abdulla said yesterday, according to Reuters. Masraf Al Rayan has appointed KPMG and PricewaterhouseCoopers as merger advisers, along with law firm Allen & Overy as legal adviser, he said. Meanwhile, the shareholders of Masraf Al Rayan yesterday approved the issuance of sukuk worth up to $2bn to meet the bank’s liquidity needs.