Qatari investment group Masraf Al Rayan has announced the successful completion of its merger with Al 

Khalij Commercial Bank (al khaliji) effective today (November 30).

 

With this announcement, the two banks will be considered one legal entity bearing the Masraf Al Rayan name (MARK).

 

While the legal merger is complete in Qatar, the combined entity is focusing on operational integration of the two banks into one seamless platform.  Integration activities will consolidate the best of both institutions to provide an enhanced product and service proposition. 

 

With over QR182 billion ($50 billion) in total assets, Masraf Al Rayan will be one of the largest shari’ah-compliant banks in the region. With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base. 

 

The group also has international operations in France, the United Kingdom and the UAE. 

 

Masraf Al Rayan said the merger was 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. 

 

On the merger, Chairman Sheikh Mohammed bin Hamad bin Qassim AlAbdulla Al Thani said: "The completion of this landmark transaction signals a new era in banking excellence in Qatar, and we would like to thank all those who contributed to this milestone, including our regulators, shareholders and employees."

 

As one of the largest Shari’ah compliant banks in Qatar and the region, we are committed to supporting  Qatar’s economic growth and ambitions. Our bank will help drive the growth of the domestic banking sector and economy in line with Qatar National Vision 2030, as well as becoming a strategic partner for the public sector.”

 

Sheikh Hamad bin Faisal bin Thani Al Thani, Vice-Chairman of Al Rayan, said: "With the successful completion of the merger, we are proceeding with integration in order to maximize benefits and increase capacity and improve efficiency. We will leverage the bank’s strength and capital base to provide our customers with competitive services and a superior banking experience under the new Masraf Al Rayan brand."

 

Masraf Al Rayan’s capital increases from QR7.5 billion to QR9.3 billion, and al khaliji shareholders receive 0.5 ordinary shares in Masraf Al Rayan as consideration for every ordinary share held. 

 

Trading in Masraf Al Rayan shares continues with the increased capital. al khaliji shares have been de-listed from the Qatar Stock Exchange (QSE).-TradeArabia News Service