Masraf Al Rayan (Al Rayan) and Al Khalij Commercial Bank (Al Khaliji) announced that they have entered into initial negotiations regarding a potential merger to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar's economic growth and to finance development initiatives in line with Qatar Vision 2030.
In a joint press release issued today and posted on Qatar Stock Exchange website, the two banks said the potential merger will lead to the creation of one of the largest Sharia-compliant banks in the State of Qatar and in the Middle East with total assets exceeding QR 164 Billion (US$ 45 billion) and a shareholders equity of more than QR 19 Billion (US$ 5.2 billion).
The statement added that the proposed merger is subject to the approval of the Qatar Central Bank, the Qatar Financial Markets Authority, the Ministry of Commerce and Industry, and other relevant official bodies and the approval of the shareholders in each of Al Rayan and Al Khaliji after the completion of a detailed legal and financial due diligence. The new entity will maintain all its dealings in compliance with Sharia principles, it added.
The merger is also expected to contribute positively to the economic development in the State of Qatar by supporting corporate businesses and small and medium-sized entities, and would also create a strategic partner for the public sector. The merger is also expected to create value to all stakeholders, including the shareholders, the bank's customers and to the economies, the banks currently operate in.
The potential merger would aggregate in the combined entity the key strengths of the two banks, in the areas of corporate, retail and wealth management & private banking.
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