IBQ confirms merger talks with Al Khaliji
Doha, May 12, 2010
The International Bank of Qatar (IBQ), a leading private bank, confirmed that it is in very preliminary discussions with Al Khaliji regarding a potential merger of operations of the two financial institutions.
Any agreement in this regard is subject to approval from the relevant government and regulatory authorities in Qatar, as well as the shareholders of both banks.
A senior IBQ spokesperson confirmed that the discussions remain at a very preliminary stage and that there is no guarantee that the merger will take place.
IBQ is 30 per cent owned and managed by the National Bank of Kuwait (NBK), the largest bank in Kuwait and the highest rated in the Middle East.
In June 2009, IBQ was recognised as 'the fastest moving bank in the Middle East” in The Banker magazine's Top 1,000 World Bank survey 2009.-TradeArabia News Service