On 21 April 2019, Barwa Bank has announced the official completion of its legal merger with International Bank of Qatar (ibq). The merger, which brings two of Qatar’s leading and most dynamic financial players under one roof, will establish a powerhouse Shariah compliant financial institution in both local and regional markets, backed by robust liquidity and solvency levels.
Under the first banks merger in Qatar’s history, this solid financial position will enable Barwa Bank Group to significantly contribute to the local economy, and hold both clout and capital in scaling and project financing developmental initiatives aligning with the Qatar National Vision 2030.
The combined entity’s total assets are valued at more than QAR 80 billion, and its shareholders and customers equity base, a robust baseline, will enable both operational scale and the modernization of its products and services development in keeping pace with customers’ and shareholders’ growing expectations.
The merger will reshape the financial sector in Qatar by capitalizing on both banks’ complementary strengths and offerings in servicing wholesale, private and retail clients, as well as on their diversified capital markets activities – that is in addition to wealth and asset management portfolios.
Barwa Bank will provide a diversified suite of products and services for all clientele needs, abiding by strict quality control and assurance, and powered by the latest in banking technologies and innovations. The combined entity will operate across both bank’s current network of existing branches where staff will be providing Shariah compliant services to customers.