Doha - Decypha: Qatari banks merger - Masraf Al Rayan, Barwa Bank, and International Bank of Qatar – will take six months to complete, Hussain Ali al-Abdulla, Chairperson of Masraf Al Rayan's told reported Reuters.
The new bank will run in compliance with Islamic banking principles and will have assets worth more thanQARA160 billion ($44 billion).
KPMG and PricewaterhouseCoopers were appointed as merger advisors, law firm Allen & Overy appointed as legal advisor, said Abdulla.
A $2 billion sukuk was was approved by Masraf Al Rayan’s shareholders to meet the bank’s liquidity needs.
According to Abudulla, liquidity has improved compared to 2016 with the U.S. Federal Reserve’s higher interest rates will improve the Qatari banks profits.
By Decypha Editorial Team
