The latest merger will create Qatar’s second-largest Islamic bank.
Qatar Central Bank (QCB) approved on Tuesday a $50 billion merger between Masraf Al Rayan QPSC and Al Khalij Commercial Bank (al khaliji) PQSC.
QCB issued its final approval on the merger between both banks after Al Khalij shareholders approved the bank’s dissolution for merging it with Al Rayan last month.
The merged entity is considered the second largest Islamic banking entity in Qatar, CNBC Arabia reported.
The merger is being finalised, while all other legal formalities are to be completed soon.
According to a Qatar Stock Exchange (QSE) website statement, announcements regarding full completion will be released in due course.
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The aim of the merger was “to create a large unified financial institution with a robust capital base that will be a boon to our investors, customers, and the State of Qatar,” Fahad al Khalifa, Group CEO of al khaliji, said previously.
On his part, Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director of al khaliji, said earlier that this agreement “will bolster Qatar’s economic growth and financial development initiatives in line with the Qatar Vision 2030.”
Trading in Al Khaleeji shares has been suspended since Thursday, 7/10/2021, after the announcement of the Extraordinary General Meeting of Al Khaleej on the merger with Al Rayan. QSE said trading would resume after the completion of the merger process.