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3 Qatari banks discuss merger

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3 Qatari banks discuss merger

Masraf Al Rayan (Q.S.C.), Barwa Bank Q.S.C. and International Bank of Qatar (Q.S.C.) are in initial discussions regarding a three-way merger that would result in a combined entity with assets of more than 160 billion Qatari rials and a share capital of more than 22 billion rials, the banks said in a joint statement Dec. 20.

The potential merger, subject to regulatory and shareholders' approvals following legal and financial due diligence, will create the largest Shariah-compliant bank in Qatar and the third-largest such lender in the Middle East.

As of Dec. 19, US$1 was equivalent to 3.64 Qatari rials.