Masraf Al Rayan confirms the establishment of a committee to manage tripartite merger
In an announcement to the Qatar Stoock Exchange, Dr. Hussain Al Abdulla, Chairman and Managing Director of Masraf Al Rayan has confirmed his statement made at the Ordinary General Assembly Meeting, on 2 April 2017, about the upcoming merger between Masraf Al Rayan, Barwa Bank, and the International Bank of Qatar.
To address and correct any inaccurate information which may be circulating in some media, Masraf Al Rayan stated 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 utilises 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 practises.
Masraf Al Rayan also confirmed 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.