The merger of three prominent banks of Qatar – Masraf Al Rayan, Barwa Bank and International Bank of Qatar – will take six months to complete, according to Masraf Al Rayan’s chairman Hussain Ali al-Abdulla. The merger process had started in December 2016. The merged entity would be the Gulf state’s second-largest bank. The new bank, which would be run in compliance with Islamic banking principles, would have assets worth more than 160 billion riyals. Masraf Al Rayan, an Islamic lender, has appointed KPMG and PricewaterhouseCoopers as merger advisers, along with law firm Allen & Overy as legal adviser. Barwa Bank and International Bank of Qatar had also chosen their respective advisors.
