al khaliji

Doha, 1 June 2010: The Board of Directors of Al Khalij Commercial Bank Q.S.C.(al khaliji) approved the initiation of merger talks with International Bank of Qatar (IBQ). The decision was made during al khaliji's Board of Directors meeting held in the Bank's headquarters in the Qatari capital, Doha.

During the meeting, Directors showed their support to the idea of merger and approved the appointment of financial, business, and legal consultants to advise on the requirements to proceed with the merger.

Robin McCall, al khaliji's acting Chief Executive Officer said:
"The adviser's role is twofold: To provide sound assistance and advice in the negotiation, valuation, structuring and execution of the proposed merger and to ensure that appropriate legal and financial due diligence is conducted."

McCall added:
"We should keep in mind that the discussions are still at a preliminary stage and that no decisions have been made so far."

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, al khaliji's Chairman and Managing Director, said:
"al khaliji/IBQ merger, if it takes place, has many benefits across stakeholders: customers benefit from a larger distribution network and greater variety of products and business lines, shareholders benefit from the accelerated expansion inside and outside Qatar and from higher profitability and value perspectives, and employees benefit from greater opportunities for personal development."

His Excellency added:
"The merger, if it takes place, will also boost market competiveness and consolidation."