Qatar's Al Khaliji bank will open brokerage - CEO

Qatari lender abandoned plans to merge with IBQ earlier this year
Qatar's Al Khaliji bank will open brokerage - CEO
Qatari investor stock exchange
By Reuters
Mon 25 Jul 2011 04:50 PM

Al Khaliji, a Qatari-based bank, plans to open a brokerage
company after abandoning plans to merge with International Bank of Qatar
earlier this year, Chief Executive Officer Robin McCall said.

The bank has obtained a license and plans to hire people to
manage the brokerage, he said at a press conference at the company’s
headquarters in the Qatari capital Doha.

Qatar said last year that local banks would be allowed to
open brokerage firms, and Al Ahli Bank’s broking unit will begin operating this
week, Chief Executive Officer Salah Murad said yesterday.

Al Khaliji shares plunged the most in almost two years on
June 5, a day after the bank canceled its planned merger with IBQ. The
combination would have created Qatar’s fourth-largest bank by assets.

The bank hopes to hire an adviser to help it obtain a credit
rating within six weeks and has held preliminary discussions with rating firms
including Fitch Group Inc. and Moody’s Corp., McCall said. The lender hasn’t
decided when to tap debt markets, he said.

For all the latest banking and finance 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.