Sunday, Jun 05, 2011
DUBAI (Zawya Dow Jones)--Qatar's Al Khaliji Commercial Bank and the International Bank of Qatar said Sunday that the proposed merger between the two lenders will not proceed following the collapse of discussions.
"The proposed merger of the two banks will not proceed," the banks said in a joint statement on the Qatar Exchange website.
"As a result, the existing governing, operational and financial structures in place at the banks will remain unchanged."
Al Khaliji, Qatar's sixth-largest bank by market value, said the decision to end merger talks "will not affect its performance going forward".
The bank's 2011 first quarter net profit rose 105% and net operating income grew by 40% year on year to QAR231 million, the statement said.
Both lenders have been in talks for a potential merger for over a year.
-By Mirna Sleiman, Dow Jones Newswires; +9714 446-1698; mirna.sleiman@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
05-06-11 0649GMT
