Approval Granted for Qatar’s Masraf al Rayan and Al Khalij Commercial Bank Merger

At the Extraordinary General Meeting held on the 5th of October 2021, shareholders of Masraf al Rayan (Al Rayan) approved its merger with Al Khalij Commercial Bank (Al Khaliji).

Why it Matters?

The merger will be carried out by the issue of new shares in Al Rayan on the basis of shareholders of Al Khaliji receiving 0.5 Al Rayan shares for every share in Al Khaliji subject to regulatory approvals and adhering to the conditions precedent set out in the merger agreement. It was re-confirmed that the two entities would continue to carry on its businesses independently until the effective date of the merger. HE Ali bin Ahmed al-Kuwari, Chairman and Managing Director of Al Rayan said that with the proposed merger, the combined strengths of the two entities w...