#Qatar completes first merger of two publicly listed banking giants; Masraf Al Rayan has QR182b in assets | Banking – Gulf News

Qatar completes first merger of two publicly listed banking giants; Masraf Al Rayan has QR182b in assets | Banking – Gulf News

Qatar’s banking sector has completed the first merger of two of its publicly listed entities. With the legal process done, Masraf Al Rayan is focussing on operational integration with Al Khalij Commercial Bank. The new entity will continue to bear the 'Masraf Al Rayan' name and with the headquarters in Lusail City.

The integration of products and services is expected to be done during 2022. A new board of directors and leadership team is in place and will oversee the process. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.

With over 182 billion Qatari riyals in assets, Masraf Al Rayan will be one of the largest Sharia-compliant banks in the region. The bank is in “prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base,” it said in a statement.