Masraf Al Rayan and Al Khaliji have announced the appointment of Fahad al-Khalifa as the group chief executive of the merged bank.
Al-Khalifa, who holds a BSc in Finance from Seattle University in the US, is a senior banker with more than 25 years of experience.
He started his career in 1994 with the Qatar Central Bank from where he moved to QNB Treasury group, where he consistently moved up the ranks to become the group treasurer and general manager (Group Corporate and Institution Banking), before joining Al Khaliji as the group chief executive in September 2014.
“The appointment would be effective from the date the shareholders of both banks approve the merger and obtaining the Qatar Central Bank final approval on the merger, subject to all necessary approvals on the appointment,” the lenders said in a joint release.
In June 2021, the Qatar Financial Market Authority had approved the proposed merger between Masraf Al Rayan and Al Khaliji, which will create the second largest lender in the country.
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.
The merger is expected to contribute positively to the economic development in Qatar by supporting corporate businesses and small and medium sized entities, and will also create a strategic partner for the public sector.
The merger will combine the key strengths of the two banks in the areas of retail and private banking services, corporate and government entities, capital markets, and wealth and asset management, giving the combined business both an excellent proposition for customers and stability through diversification for shareholders.
He started his career in 1994 with the Qatar Central Bank from where he moved to QNB Treasury group, where he consistently moved up the ranks to become the group treasurer and general manager (Group Corporate and Institution Banking), before joining Al Khaliji as the group chief executive in September 2014.
“The appointment would be effective from the date the shareholders of both banks approve the merger and obtaining the Qatar Central Bank final approval on the merger, subject to all necessary approvals on the appointment,” the lenders said in a joint release.
In June 2021, the Qatar Financial Market Authority had approved the proposed merger between Masraf Al Rayan and Al Khaliji, which will create the second largest lender in the country.
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.
The merger is expected to contribute positively to the economic development in Qatar by supporting corporate businesses and small and medium sized entities, and will also create a strategic partner for the public sector.
The merger will combine the key strengths of the two banks in the areas of retail and private banking services, corporate and government entities, capital markets, and wealth and asset management, giving the combined business both an excellent proposition for customers and stability through diversification for shareholders.