Thursday, March 17, 2011

Merger of Al-Khaliji, Qatari bank

The proposed merger of Al-Khaliji Bank and the International Bank of Qatar is expected to be announced within two to three months, as reported in Qatar's English-language daily, The Peninsula (8 March 2011).

Al-Khaliji chairman and managing director Sheikh Hamad Faisal Thani al Thani told reporters after the bank's annual general meeting (AGM), “A merger is not easy and will take time but hopefully in two to three months we should be able to make an announcement on the merger.”

He said he believes the proposal would yield long-term benefits to shareholders by creating a more competitive, financially stronger and significantly larger organisation.

As soon as all required regulatory approvals are obtained, the proposal will be submitted for approval by shareholders.