Shareholders agreed to buy a minimum of 75% of both Islamic financial services companies.
Barwa Bank, a unit of Qatari developer Barwa Real Estate, said its shareholders approved the acquisition of First Finance and First Leasing under a plan to create an international Islamic lender in Qatar.
Shareholders agreed to acquire a minimum of 75 percent of both First Finance and First Leasing, the bank said in an emailed statement today. The acquisition is expected to be concluded by Aug 1.
In the statement, Mohammed Bin Hamad Al Thani, vice chairman, Barwa Bank, said: "The transaction is consistent with our strategy of growing our consumer finance, retail, commercial, asset management and private client banking platforms.”
First Finance, an Islamic financial services company based in Doha, said in February that Barwa agreed to buy 75 percent to 100 percent of its shares in exchange for Barwa Bank shares.
Barwa Real Estate and First Finance Co. became founding shareholders of First Leasing in March 2008.