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.
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