'Proposed merger may be completed later this year or next year' - acting CEO.
Al Khaliji bank, the second best performer on the Qatar Exchange Banking Sector Index this year, may complete the valuation of a planned merger with International Bank of Qatar within four weeks, Robin McCall, acting chief executive officer, said.
The bank appointed advisors, including Barclays Bank and Simmons & Simmons, on the proposed merger, which may be completed later this year or next year, McCall told reporters today in Doha.
Qatar, a country of 1.6 million people with a gross domestic product of $28.3 million as of March, is home to 11 domestic banks and seven foreign bank branches, according to a 2009 US Department of Commerce report.
McCall said: “We see that this market is extremely over banked."
International Bank of Qatar, a closely held Qatari lender, said in May it was in preliminary discussions with Al Khaliji on a merger.
Al Khaliji’s profit for the first half of the year rose to $30.7 million from $29.6 million a year earlier, the bank said earlier this month.
The bank’s shares, up 13 percent this year, gained 1.3 percent to 15.9 riyals a share on the Qatar Exchange today.For all the latest Qatar news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.