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Tuesday, 20 December 2016

MIDEAST STOCKS-Qatar supported by $44 bln bank merger plan; other markets dip | Reuters

MIDEAST STOCKS-Qatar supported by $44 bln bank merger plan; other markets dip | Reuters:
"Banking shares in Qatar made strong gains on Tuesday morning after three Qatari banks said they were in talks on a potential $44 billion merger, but other markets in the Gulf retreated on profit-taking.

Masraf Al Rayan jumped 4.4 percent after the Islamic lender announced it was in initial talks with Barwa Bank IPO-BABK.QA and privately listed International Bank of Qatar to merge, in a deal that would create the second largest bank in Doha.

The possible consolidation spurred interest in other lenders, with the largest bank by assets, Qatar National Bank , adding 1.8 percent. The main Qatar equities index was up 0.4 percent."

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