Masraf Al Rayan
Issues Explanatory Statement on Rayan-Barwa-IBQ Merger
April 05, 2017
Dr. Hussain Al
Abdulla, Chairman and Managing Director of Masraf Al Rayan
confirmed his statement made at the Ordinary General Assembly
Meeting, which was held on April 2nd, 2017, about the upcoming
merger between Masraf Al Rayan, Barwa Bank, and the
International Bank ofQatar.
To address and correct any inaccurate information which may be
circulating in some media, it is important to note that a
Committee has been established composed from the Management of
the Three Banks in order to manage the merger according to an
initial timeline which has been approved by the Boards of
Directors. This committee utilizes the support of both Financial
and Legal consultants with the objective of conducting the
necessary studies and evaluations for the merger process
incompliance with the Qatar’s laws and regulatory requirements
as well as best international practices.
Masraf Al Rayan would also like to confirm that the time taken to
complete the merger process is subject to the progress of work
by the Committee, and as per regulatory requirements; and that
the structure of the merger is subject to the final approvals
from the Boards of Directors of the Three Banks and the
Investors, upon obtaining the necessary approvals from the
respective regulatory and supervisory authorities.
The Three Banks shall issue combined press releases, as needed, related
to the merger in due course.
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