Qatar's Barwa Bank, International Bank of Qatar agree to merge | Reuters

Qatar's Barwa Bank, International Bank of Qatar agree to merge | Reuters:

Qatari lenders Barwa Bank and the International Bank of Qatar (IQB) have reached a final merger agreement, creating a combined group with total assets of 80 billion riyals ($22 billion), the banks said on Tuesday.

The unlisted banks will work to complete the necessary steps for the merger, including obtaining regulatory approval, before the end of the year, according to the statement carried on Barwa’s website.

The deal creates a sharia-compliant financial institution, with a shareholder equity base of over 12 billion riyals ($3.30 billion), the statement said.