Al Khaliji (QE: KCBK) and IBQ have announced progress in the proposed merger discussions that began earlier this year.
The proposed merger is now entering final stages of negotiations and due diligence, including formal discussions with key regulators.
The merger remains subject to approval from the relevant government and regulatory authorities in Qatar, as well as the Board and shareholders of both banks.
“The proposed merger of Al Khaliji and IBQ presents many benefits to all stakeholders and the wider market including improved depth of product ranges and services for customers, potential to realize higher profitability and value for shareholders, increased personal development opportunities for employees and greater competitiveness in the market place,” said Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of the bank.
“The combined entity of Al Khaliji and IBQ will provide multiple synergies, and be better positioned to capture growth opportunities and compete effectively through increased size and scale. We firmly believe that this new entity will bring benefits to all of our stakeholders,” added George Nasra the Managing Director of IBQ.