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3 Qatari banks plan merger

Three Qatari banks – Masraf Al Rayan, Barwa Bank and International Bank of Qatar – have started preliminary talks for a potential merger. If the talks are successful, it will see the creation of Qatar’s second largest bank. Besides, it will also mark a consolidation in the banking sector in the Gulf. The three banks said in a joint statement that initial discussions are being held to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar’s economic growth. The new bank, which would be run in compliance with Islamic banking principles, would have assets worth more than 160 billion riyals, it added. Masraf Al Rayan is already the second largest bank in Qatar by market capitalization. Both Rayan and Barwa Bank are Islamic institutions.

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