Barwa Bank CEO Says Merging with International Bank of Qatar Expected to Be Completed by April

Doha, March 13 (QNA) - Barwa Bank's Chief Executive Officer, Khalid Al Subaie, said that Barwa Bank's legal merging with International Bank of Qatar (IBQ) is expected to take place in April, following the approval of Qatar Central Bank, followed by the operational merger which is expected to be by the end of this year. Al Subaie said in a statement about the merging procedure, on the sidelines of the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), that there will be a new strategy for the bank as it will double its assets to nearly QR 80 billion, and there will be a strategy for the new joint entity Legal integration under the name of "Barwa Bank". He that the procedure will double the number of branches and in terms of opening the new branches, the decision will be made in a timely manner, but for existing customers, the number of branches will double. On the performance of the bank in 2018, the group's chief executive said that despite the challenges in the market, Barwa Bank Group achieved a record performance in terms of financial performance with a profit of QR 765 million, and this is a record for the group, considered as the highest in its history, in addition to a cash dividend of QR 1.5 which is also the highest value in the history of dividends at Barwa Bank. He pointed out that Barwa Bank Group is focusing on the local economy due to its belief in its promising future, noting that the Group's focus will also be on meeting the requirements of customers at the governmental, corporate, private or individual levels. About the services that the Bank can offer in 2019, AlSubaie said that Barwa Bank has always had new products, the latest of which is the implementation of the new mobile app, which is the most advanced application among banks in Qatar. The Annual General Meeting approved the Board’s recommendation to distribute cash dividends amounting to 15 percent of the nominal value of the shares at the rate of QR 1.5 per share. HE Barwa Banks Chairman and Managing Director Sheikh Mohammed bin Hamad bin Jassim Al-Thani, presented a detailed report on the banks activities and financial results, highlighting the most important results achieved by the bank in 2018. The Group recorded strong growth in each of the financial position and profits, as the net profit for 2018 rose to QR 765 million and earnings per share reached QR 2.58. HE stressed that these results were actualized despite the challenges faced banking sector in particular, and the overall market, and such perseverance came at a time during which the economy faced a liquidity freeze, along with an increase funding costs and the challenging decline in oil prices, during which Barwa Bank Group was able to maintain its profitability. Regarding future plans, HE Sheikh Mohamed bin Hamad bin Jassim Al-Thani, Barwa Banks Chairman and Managing Director, mentioned that due to the national economys provision of promising opportunities and an investment climate that is comparable to the major economies, the Group will spare no effort to gain the largest possible share of financing infrastructure projects and providing all possible support to contribute to the growth of the country's economy. The Group will also continue, by all means, working to increase shareholders returns through an expansion in activity in the State of Qatar. As such, the decision to merge with Qatar International Bank was taken as one of the strategic mechanisms to expand and grow, moving towards a promising future and taking Barwa Bank's positioning to the next level as the fastest growing banks in the region. (QNA)