The merger of Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar will take six months to complete, Masraf Al Rayan's chairman Hussain Ali al-Abdulla said on Sunday. In December Reuters reported that the trio had begun merger talks which, if successful, would create the Gulf state's second-largest bank.
Banks in the Gulf have previously been reluctant to link up but are facing challenging conditions due to the impact of lower oil prices on the region's economies. The new bank, which would be run in compliance with Islamic banking principles, would have assets worth more than 160 billion riyals ($44 billion).
"I think the merger will finish within six months. There will be a lot of synergy between the three banks," Abdulla told reporters at Masraf's annual general meeting on Sunday.