Qatar's Al Khaliji Bank, IBQ end merger talks
Doha, June 5, 2011
A proposed merger between Qatar's Al Khaliji Commercial Bank and the International Bank of Qatar (IBQ) will not proceed after both parties failed to agree on terms for the deal, Al Khaliji said in a statement.
"The parties have together decided to end negotiations for the proposed combination of businesses after final terms could not be agreed," the statement issued late on Saturday said.
"As a result, the existing governing, operational and financial structures in place at the Banks will remain unchanged."
Al Khaliji, Qatar's sixth-largest bank by market value, is active in retail and corporate banking, as well as Islamic finance. It said the decision to end merger talks will not affect its performance going forward.
The bank also said its existing governing, operational and financial structures will remain unchanged after the move to end talks.
Both the parties have been in talks for a potential combination for over a year.
IBQ is unlisted and has around 14 branches in Qatar, according to its website. National Bank of Kuwait, Kuwait's largest bank by market value, owns a 30 percent stake in IBQ. - Reuters