Two Major Qatari Banks Complete Legal Merger

The merger, which brings two of Qatar’s leading and most dynamic financial players under one roof, will establish a powerhouse Shariah-compliant financial institution in both local and regional markets, backed by robust liquidity and solvency levels.

Under the first banks merger in Qatar’s history, this solid financial position will enable Barwa Bank Group to significantly contribute to the local economy and hold both clout and capital in scaling and project financing developmental initiatives aligning with the Qatar National Vision 2030.

The combined entity’s total assets are valued at more than QR80 billion and its shareholders and customers equity base, a robust baseline, will enable both operational scale and the modernisation of its products and services development in keeping pace with customers’ and shareholders’ growing expectations.

The merger will reshape the financial sector in Qatar by capitalizing on both banks’ complementary strengths and offerings in servicing wholesale, private and retail clients, as well as on their diversified capital markets activities – that is in addition to wealth and asset management portfolios.

Barwa Bank will provide both banks customers with a diversified suite of products and services for all clientele needs, abiding by strict quality control and assurance, and powered by the latest in banking technologies and innovations. The combined entity will operate across both bank’s current network of existing branches where staff will be providing Shariah-compliant services to customers.

The merger announcement follows the initial agreement signing between both banks in the mid -2018, which culminated a rigorous series of approvals by the Qatar Central Bank and other regulatory authorities, as well as by shareholders.

Commenting on the merger Chairman and Managing Director of Barwa Bank Sheikh Mohammad bin Hamad bin Jassim al Thani said, “This merger and the solid partnership we have found in ibq is a momentous milestone for the local banking sector, regional mergers and acquisitions landscape, and Shariah- compliant banking industry.”

Khalid al Subeai, Barwa Bank’s Chief Executive Officer, said, “We are aiming for an accomplished integration before year- end. It is not merely the sheer operational scale and robust financial standing of this consolidated venture, but rather, the combined power of both banks’ competitive edge and capabilities, that will fuel our next stage of growth. We are confident that this merger will multiply our efforts and push our innovative capabilities in growing our suite of products and services, and our customers and shareholders’ base”.