Al Khaliji, which expects to merge with Masraf Al Rayan this year, finds a great deal of potential for its customers and value for shareholders as the combined entity will firmly position as a top-tier local financial institution, according to its top official.
"We now look to 2021 with great hope, eager to turn the old page and start anew in the bank’s journey in light of the merger agreement signed between Al Khaliji and Masraf Al Rayan," its chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani Tuesday said in his message to the shareholders at the general assembly.
The Qatar Investment Authority, the country's sovereign wealth fund, holds 40.34% stake in Al Khaliji, whose other major shareholders are Al Faisal International Investment (7.46%) and Pension Fund – General Retirement and Social Insurance Authority (6.57%) at the end of February this year.
Highlighting that the stand of the board has been clear in terms of encouraging the shareholders to approve the merger in accordance with the conditions mentioned in the shareholder circular; he said, "This deal is a testimony of our commitment to create a stronger banking system in Qatar, because the joint merged entity will produce a stronger institution that aims to hold a great deal of potential for our customers and create value for our shareholders."
Early this year, Masraf Al Rayan and Al Khaliji announced that they had entered into a merger agreement following the announcement on June 30 last year of a potential merger.
Following the merger, Al Khaliji's business will be absorbed into Masraf Al Rayan's, and the latter will be the remaining legal entity, which will continue to operate in accordance with Shariah principles.
Al Khaliji group chief executive Fahad al-Khalifa said the merger will "unlock tremendous" value and opportunity for the stakeholders of both banks and will firmly position the new entity as a top-tier local financial institution.
"We look forward with great confidence to 2021 and beyond," he added.
The bank has proven itself to be competent during troubling times and has managed to increase its net profit and achieve selective balance sheet growth in 2020, Sheikh Hamad said at the general assembly, which endorsed the financial statements for 2020 and approved cash dividends.
"Our success is primarily owing to our Qatar-centric strategy, strong financial foundation, team commitment and loyal customer base," he said, adding the bank reported net profit of QR683mn in 2020, up 5.7% year-on-year.
Al-Khalifa said revenue was supported by all business divisions across the group generating substantial operating income of QR1.4bn and particularly healthy loan origination in the Qatar corporate book.
"The bank’s capabilities to finance large-scale infrastructure projects are highly recognised in the corporate space and we were successful in closing many high value deals during the year," he said.
 Fahad al-Khalifa, Al Khaliji group CEO |
The Qatar Investment Authority, the country's sovereign wealth fund, holds 40.34% stake in Al Khaliji, whose other major shareholders are Al Faisal International Investment (7.46%) and Pension Fund – General Retirement and Social Insurance Authority (6.57%) at the end of February this year.
Highlighting that the stand of the board has been clear in terms of encouraging the shareholders to approve the merger in accordance with the conditions mentioned in the shareholder circular; he said, "This deal is a testimony of our commitment to create a stronger banking system in Qatar, because the joint merged entity will produce a stronger institution that aims to hold a great deal of potential for our customers and create value for our shareholders."
Early this year, Masraf Al Rayan and Al Khaliji announced that they had entered into a merger agreement following the announcement on June 30 last year of a potential merger.
Following the merger, Al Khaliji's business will be absorbed into Masraf Al Rayan's, and the latter will be the remaining legal entity, which will continue to operate in accordance with Shariah principles.
Al Khaliji group chief executive Fahad al-Khalifa said the merger will "unlock tremendous" value and opportunity for the stakeholders of both banks and will firmly position the new entity as a top-tier local financial institution.
"We look forward with great confidence to 2021 and beyond," he added.
The bank has proven itself to be competent during troubling times and has managed to increase its net profit and achieve selective balance sheet growth in 2020, Sheikh Hamad said at the general assembly, which endorsed the financial statements for 2020 and approved cash dividends.
"Our success is primarily owing to our Qatar-centric strategy, strong financial foundation, team commitment and loyal customer base," he said, adding the bank reported net profit of QR683mn in 2020, up 5.7% year-on-year.
Al-Khalifa said revenue was supported by all business divisions across the group generating substantial operating income of QR1.4bn and particularly healthy loan origination in the Qatar corporate book.
"The bank’s capabilities to finance large-scale infrastructure projects are highly recognised in the corporate space and we were successful in closing many high value deals during the year," he said.
