Doha, 21 December 2010: Al Khaliji (QE: KCBK) and IBQ have today announced progress in the proposed merger discussions that began earlier this year. The proposed merger is now entering final stages of negotiations and due diligence, including formal discussions with key regulators.

The merger remains subject to approval from the relevant government and regulatory authorities in Qatar, as well as the Board and shareholders of both banks.

An Integration Steering Committee (ISC) which brings together the combined expertise of both institutions has been formed to complete the process required for the proposed merger. The committee which is made up of senior executives from both banks will guide and manage the proposed integration, and take decisions around the proposed combined entity in terms of strategy, integration approach and organizational structure.

Commenting on the proposed merger Al Khaliji Chairman and Managing Director, His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani said, "The proposed merger of Al Khaliji and IBQ presents many benefits to all stakeholders and the wider market including improved depth of product ranges and services for customers, potential to realize higher profitability and value for shareholders, increased personal development opportunities for employees and greater competitiveness in the market place."

George Nasra the Managing Director of IBQ said, "The combined entity of Al Khaliji and IBQ will provide multiple synergies, and be better positioned to capture growth opportunities and compete effectively through increased size and scale. We firmly believe that this new entity will bring benefits to all of our stakeholders."

Further information in this regard will be provided as and when it becomes available.

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About Al Khaliji Commercial Bank:
al khaliji is Qatar's pioneer 'next generation bank' offering a full range of conventional and Islamic banking products and services to retail, business, corporate and institutional customers in Qatar, the U.A.E and France. 

Headquartered in Doha, al khalijial khaliji is one of Qatar leading banks and a member of the Qatar Exchange 20 Index, with QR 20.58 billion in total assets and QR 8.3 billion in customer deposits as of 30 September 2010.

At al khalijial khaliji we believe that success lies in the financial security and development of people to enable them to sustain a prosperous life. Our products and level of service reflect our belief that to be successful, we must meet the needs of both this generation and future generations of employees, customers, investors and business partners.

al khalijial khaliji 's strategy does not simply focus on profitability and increasing market share: it also strives to contribute to the financial sector's sustainability in the markets where the Bank operates.

al khalijial khaliji al islami is the Islamic Banking branch of al khalijial khaliji offering retail and corporate customers a full range of Shari'a compliant financial products and services, including Islamic Current Account, General Investment Account, Domestic and International Fund Transfers in major foreign currencies and Commodity Murabaha financing products.

Al Khaliji France is our subsidiary in Paris, France with a network of branches in the UAE covering Dubai, Sharjah, Ras Al Khaima, and Abu Dhabi. This branch network offers customers and businesses the opportunity to expand and grow across the region and throughout Europe.

About The International Bank of Qatar (IBQ):
The International Bank of Qatar (IBQ) is a well established and rapidly growing commercial institution, offering a full range of retail, private and corporate banking solutions. IBQ has a strong commitment to build long-lasting relationships with its customers and provide them with excellent customer service with a focus on making banking simple, convenient and tailored to their needs. IBQ is one of the oldest existing banks in Qatar and celebrated its 50th anniversary in 2006. It has a growing network of 12 branches and 34 ATMs in strategic locations throughout Qatar.

In June 2009, IBQ was recognised as "the fastest moving bank" in the Middle East and North Africa region and the 26th fastest mover globally in The Banker magazine's Top 1,000 World Bank survey 2009. This commitment to customer relationships and best practice is reflected in the numerous awards won by the bank, including "Best Customer Service" award in 2008, 2009 and 2010 from Banker Middle East Magazine.

IBQ is 30% owned and managed by the National Bank of Kuwait (NBK), the largest bank in Kuwait and the highest rated in the Middle East. IBQ is a growing bank that benefits from an international network as a result of its affiliation with NBK which gives its customers access to greater resources and a wide range of international services.  

Media Contact:
Abeer Al Kalla
Head of Public Relations & Communications
Telephone: + 974 44 94 0646
Email: aalkalla@alkhaliji.com

For further information, please contact:
Muna Khogali
Corporate Communications
International Bank of Qatar
Dir: +974 4 447 3017
Fax: +974 4 447 3710
Email: khogalim@ibq.com.qa
 

© Press Release 2010