21/06/2018 08:01 AST

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.


The Peninsula

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