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Sun 17 Jan 2010 12:18 PM

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Barwa Bank gets green light on acquisition

Qatar Central Bank gives nod to deal for investment firm, The First Investor.

Barwa Bank gets green light on acquisition
RIYAL DEAL: Barwa Bank has won approval to acquire Qatars The First Investor.

Barwa Bank on Sunday announced the acquisition of Qatar-based investment shareholding company, The First Investor (TFI).

According to Barwa Bank, a Shariah-compliant financial services provider, the deal has received full approval from the Qatar Central Bank, and filings with the Ministry of Business and Trade are in progress.

In a statement the bank said it would acquire the share capital of TFI, in exchange for shares in Barwa Bank. Both firms are currently in the process of finalising all necessary filings in order for TFI shareholders to be issued shares in Barwa Bank.

“We are delighted that The First Investor and their management team are joining Barwa Bank,” said Mohammed Al Saad, Acting CEO of Barwa Bank. “The acquisition of TFI creates a very compelling value proposition for all parties; Barwa Bank, The First Investor and our customers.

“I am excited that The First Investor will become part of a group that allows us to benefit from a stronger capital and asset base, which will allow us to compete more effectively against longstanding and established banks and other financial institutions.”

Barwa Bank was incorporated in 2008 with an authorised capital of $275m and paid up capital of $137m.

A fully owned subsidiary of Barwa Real Estate Company (BREC), a listed real estate company in Qatar, BREC currently owns 100 percent of Barwa Bank. 45 percent of BREC is owned by the State of Qatar through Qatari Diar Real Estate Investment Company, while the remaining 55 percent is held by investors on the Qatar Exchange.

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