Barwa Bank EGM approves proposed merger with IBQ

Barwa Bank’s extraordinary general meeting has approved the proposed merger with International Bank of Qatar (IBQ).The extraordinary meeting held at the Four Seasons Hotel was chaired by Barwa Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani. The EGM was attended by 85% of shareholders, the bank said in a release.During the meeting, all subjects on the agenda were discussed and approved including converting the bank into a Qatari private shareholding company in accordance with Article (207) of Qatari Law No 11 of 2015. In addition, the evaluation report issued on 13 November 2018 was accepted. The report was prepared by Moore Stephens & Associates, an independent evaluator appointed by the Ministry of Commerce and Industry. Also agreed was to amend the Memorandum and the Articles of Association of the Bank. “During the EGM, the proposed merger between Barwa Bank and International Bank of Qatar (IBQ) was presided under the provisions of Article No 278 of the Commercial Companies Law and the provisions of Qatar Central Bank Law No 13 of 2012, taking into consideration the terms and conditions of the merger process and obtaining all necessary regulatory and supervisory approvals, and fulfilling all the conditions stipulated in the merger agreement between the two banks,” the release said.In addition, it was approved to increase the bank’s authorised and paid-up capital from QR4,000,000,000 and QR3,000,000,000 respectively to QR5,234,100,000, taking into consideration the terms and conditions of the merger. The amendment of Article (8) of the bank’s Articles of Association in order to increase the bank’s capital has been agreed as well as the delegation to the board of directors or its appointees to adopt any decisions or take any measures that may be necessary to implement all or any of the resolutions provided and to sign any relevant documents and agreements.