Dubai: Qatar’s banking sector has completed the first merger of two of its publicly listed entities. With the legal process done, Masraf Al Rayan is focussing on operational integration with Al Khalij Commercial Bank. The new entity will continue to bear the 'Masraf Al Rayan' name and with the headquarters in Lusail City.
The integration of products and services is expected to be done during 2022. A new board of directors and leadership team is in place and will oversee the process. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.
With over 182 billion Qatari riyals in assets, Masraf Al Rayan will be one of the largest Sharia-compliant banks in the region. The bank is in “prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base,” it said in a statement.
“The merger is a turning point in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering SME development and lending and supporting prosperity for our private clients to manage and grow their wealth and for our retail customers to reach their potential.”
Outside of Qatar, the group has operations in France, the UK and the UAE. Fahad Bin Abdullah Al Khalifa, Group CEO of Masraf Al Rayan, said in a statement: “We look forward to ensuring a smooth transition as we accelerate our integration process. Our increased balance-sheet and capital means we can better support our customers and deliver greater shareholder value.”
