Doha – Mubasher: Masraf Al Rayan, Barwa Bank and International Bank of Qatar (IBQ) announced on Tuesday that they have entered into initial negotiations for a potential merger to establish a larger and stronger financial entity.

The potential merger will lead to the creation of the largest Sharia compliant bank in the Qatar and the third largest of its kind in the Middle East with assets worth more than QAR 160 billion and a share capital of more than QAR 22 billion.

The move aims to support Qatar’s economic growth and to finance development initiatives in line with Qatar Vision 2030, the three banks said in a joint statement.

The trio expected the merger to help in the economic development in Qatar by supporting business and small and medium sized entities, as well as creating a strategic partner for the government and the public sector.

The proposed merger is subject to the approval of regulators and shareholders of the three banks.