Qatari banks Masraf Al Rayan, Barwa Bank, and International Bank of Qatar have begun initial negotiations for a potential merger, in a deal that would create the Gulf state's second-largest bank, the banks said in a joint statement.
The lenders have started discussions to “to create a larger and stronger financial institution with a solid financial position and liquidity to support Qatar’s economic growth,” they added.
If the deal goes through, the new bank, which would be run in compliance with Islamic banking principles, would have assets worth more than $44 billion.
Gulf banks are facing challenging conditions because of lower public spending due to lower oil prices.
Masraf Al Rayan is the second-largest bank in Qatar by market capitalization and the largest Qatari constituent in the MSCI Emerging Markets index. It had assets worth QAR 87 billion as of Sept. 30, according to its financial statements.
Qatar has 18 local and international commercial banks serving a population of 2.6 million.
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