The deal between Masraf Al Rayan and Al Khalij Business Financial institution is valued at 8.2 billion riyals ($ 2.2 billion), in keeping with Bloomberg knowledge.
Qatar’s Masraf Al Rayan and Al Khalij Business Financial institution have agreed to hitch forces in a deal that can create Qatar’s second-largest lender after Qatar Nationwide Financial institution.
The deal will see Al Rayan problem 0.50 of its shares for each Al Khaliji share, which is a 21% premium over Al Khaliji’s closing worth as of Jan.5, the lenders mentioned on Thursday. in a press launch.
Knowledge compiled by Bloomberg Information places the deal at 8.2 billion Qatari riyals ($ 2.2 billion).
The share swap will go away Al Rayan because the remaining authorized entity and create one of many largest Islamic law-compliant banks within the state of Qatar and the Center East, with mixed property of round $ 47 billion , in keeping with lenders.
Ali Bin Ahmed Al Kuwari will grow to be chairman of the merged entity and Sheikh Hamad Bin Faisal Bin Thani Al-Thani will grow to be its vice chairman.
Sheikh Hamad Bin Faisal Bin Thani Al-Thani will chair the manager committee of the council.
The information comes the identical week that Saudi Arabia and its three Arab allies agreed to revive diplomatic and commerce ties with Doha at a Gulf Cooperation Council (GCC) summit within the kingdom on Tuesday.
Saudi Arabia introduced restoring relations with Qatar after the three-and-a-half-year dispute noticed the dominion, the United Arab Emirates (UAE), Bahrain and Egypt sever diplomatic and commerce ties and impose a blockade land, sea and air. over the Gulf State.
Restoring commerce with its neighbors is predicted to spice up Qatar’s financial system, which has additionally strengthened its commerce ties with Turkey, Iran and Pakistan considerably for the reason that imposition of the 2017 blockade.