GulfBase Live Support
Qatari lenders Barwa Bank and International Bank of Qatar are in advanced talks to merge after discussions for a three-way merger with another bank collapsed last week, sources told Reuters on Wednesday.
The proposed merger between the two banks could be announced as early as next week, one of the three sources close to the deal said.
The value of the transaction was not immediately available. The two banks had total assets of 81.7 billion riyals ($22.45 billion) at the end of last year, according to their financial reports.
Barwa Bank and International Bank of Qatar were not immediately available to comment. Last week Islamic lender Masraf Al Rayan and conventional lenders Barwa Bank and International Bank of Qatar (IBQ) had announced that they had ended talks for a three-way merger. The talks had begun in December 2016, but sources said the talks stalled over the valuation.
Banking consolidation has accelerated in the region in recent years.
Barwa Bank and International Bank of Qatar (ibq) have signed an agreement for the merger of the two banks to create a leading Sharia compliant financial institution with a solid financial position an
Barwa Bank has been recognised with the ‘Excellence in Diversified Islamic Services and Products in Qatar’ award at ‘The Arab Banks Awards & Commendations of Excellence 2018’, organised recently by t
Barwa Bank Group’s net profit jumped 15% to reach QR208.7mn in the first quarter of this year compared with the same period in 2017. Barwa Bank Group chairman and managing director Sheikh Mohamed bin
Emaar Development, the global developer, has partnered with Noor Bank, a leading Shari’a-compliant bank in the UAE, to offer an exclusive, fast-track home financing programme for UAE residents and in
The Gulf Today
Dana Gas said on Wednesday its nine months net profit fell to Dh149 million from Dh458 million in the same period last year. However, revenues in the same period rose 6 per cent at Dh351 million. Th
Gains from the acquisition of another district cooling entity helped Tabreed record a 10 per cent net profit growth to Dh319.3 million for the period from January to end of September.
The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced an Dhs5.1 billion ($1.4 billion) investment to upgrade and expand its Bu Hasa field that will increase crude oil production capacity
The Gulf Today
Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, said that its portfolio company, Middle East Glass (MEG), successfully sold a 74 per cent stake in its