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Qatari lenders form committee to oversee 3-way merger

A committee of the administrations of Masraf Al Rayan QPSC, Barwa Bank QSC and International Bank of Qatar QSC has been formed to oversee the merger process of the three Qatari lenders, Masraf Al Rayan said April 4.

Hussain Ali Al Abdulla, chairman of Masraf Al Rayan, said April 2 that the proposed three-way merger could take six months to complete. The bank said April 4 that the time taken to complete the process would be subject to "the progress of work by the committee," as well as approval by all three banks' boards, by their investors and by regulatory and supervisory authorities.

The bank has appointed KPMG and PricewaterhouseCoopers as merger advisers, along with law firm Allen & Overy LLP as legal adviser, Reuters noted April 5.