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Mon 2 Jan 2017 12:51 PM

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Qatar's Masraf Al Rayan to halt brokerage business

After obtaining the necessary approvals from regulatory authorities, the bank said the last date of trading for the company would be Jan. 12

Qatar's Masraf Al Rayan to halt brokerage business
After obtaining the necessary approvals from regulatory authorities, Masraf Al Rayan said the last date of trading for the company would be Jan. 12

Masraf Al Rayan, Qatar's second-largest bank by market capitalisation, said on Monday that it had decided to suspend the activities and licence of its brokerage business, Al Rayan Financial Brokerage Company.

After obtaining the necessary approvals from regulatory authorities, the bank said the last date of trading for the company would be Jan. 12. All remaining stocks held by clients will be then transferred to their accounts at the Qatar Central Securities Depository before the termination of activities on Feb. 23.

Al Rayan Financial Brokerage Company has a paid up capital of 50 million riyals ($13.7 million), representing 0.06 percent of the total assets of the bank as of Sept. 30, 2016, it said.

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