Mubasher: Barwa Bank and International Bank of Qatar (IBQ) are expected to officially complete the merger process in April after obtaining the approval of Qatar Central Bank (QCB), the CEO of Barwa Bank said.
The operational consolidation is projected to be complete by the end of 2019, Qatar News Agency (QNA) reported, citing Khalid Al Subeai as saying.
Barwa Bank reported a record high profit of QAR 765 million and approved distributing cash dividends of QAR 1.5 billion for the full-year 2018, Al Subeai noted.
In August 2018, the two Qatari banks signed a final merger agreement for forming a leading sharia-compliant lender called Barwa Bank with total assets valued at QAR 80 billion ($21.97 billion).
