Masraf Al Rayan to Fully Absorb Al Khaliji Commercial Bank Following Merger Agreement

Masraf Al Rayan (Al Rayan) and Al Khaliji Commercial Bank (Al Khaliji) have entered into a merger agreement, as announced on the 7th of January 2021. Effected by a statutory merger, the proposed deal will see Al Khaliji’s assets and liabilities being fully absorbed into Al Rayan, with Al Rayan standing as the remaining legal entity. The newly merged business will continue in operations under Shariah guidelines. The merger agreement is conditional upon obtaining the necessary regulatory approvals, as well as the passing of requisite resolutions by shareholders of the two banks. Both banks will continue in operations independently until the effective date of the merger.

Al Khaliji shareholders will receive 0.50 Al Rayan shares in exchange for each of its shares, with a tota...