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Mon 19 Dec 2016 08:22 PM

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Qatari banking trio in talks for potential merger

Masraf Al Rayan, Barwa Bank and International Bank of Qatar could merge into $44bn Islamic banking giant

Qatari banking trio in talks for potential merger
Masraf Al Rayan is one of three Qatari banks in talks on a possible merger.

Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar have entered into initial talks for a potential merger, a statement said on Monday, in a deal that would create the Gulf state's second-largest bank.

The trio have begun initial discussions "to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar's economic growth", according to a joint statement sent to Reuters.

The new bank, which will be run in compliance with Islamic banking principles, would have assets worth more than 160 billion riyals ($44 billion), it added.

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