Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Saudi Arabian Shares Drop Most in 10 Months After Oil Tumbles
- Sipchem inks $373m loan deal for key project
- Yen Gains on Slowing U.S. Growth Amid Europe Crisis Safety Bets
- Canada Dollar Drops for Fifth Week as Jobs Data Adds to Gloom
- Ringgit seen remaining weak
- Gulf Bank's Alsamerai named 'HR Professional of the Year'
- Middle East Media wins 6-year exclusive advertising contract
- PDO extends Galfar contract
- OIB-HSBC Oman merger 'almost complete'
- Bahrain, India sign tax dealto boost ties
06/06/2011 00:00 AST
Qatar's Al-Khaliji Commercial Bank and International Bank of Qatar (IBQ) have called off a planned merger after failing to agree terms, causing a drop in their share prices on Sunday.
Both the banks have been in talks for a potential combination for over a year. The tiny Gulf Arab state is heavily banked with a host of regional and international players and analysts have long called for a consolidation in the sector.
"The parties have together decided to end negotiations for the proposed combination of businesses after final terms could not be agreed," a statement issued late on Saturday by Al-Khaliji said.
Al-Khaliji, Qatar's sixth-largest bank by market value, is active in retail and corporate banking, as well as Islamic finance. It said the decision to end merger talks will not affect its performance going forward.
The bank also said its existing governing, operational and financial structures will remain unchanged.
Al-Khaliji declined to comment further.
"It's a bit of a surprise. I thought it was a done deal, as they've been working on it for quite a while," said one Doha-based analyst who declined to be named.
IBQ is unlisted and has around 14 branches in Qatar, according to its website. National Bank of Kuwait (NBK), Kuwait's largest bank by market value, owns a 30 percent stake in IBQ.
Al-Khaliji shares dropped 67 percent to their lowest levels since Dec. 21 on the Qatar bourse. Shares in NBK dropped 1.7 percent in Kuwait.
Reuters
25/01/2018
Qatar-based Al Khalij Commercial Bank (al khaliji) has posted a net profit of QR551 million ($150.4 million) for 2017, as against QR427 million in the previous year, marking an increase of 29 per cen
Trade Arabia
30/11/2017
Al Khalij Commercial Bank (Al Khaliji) held its deferred ordinary and extraordinary general assembly meetings at the Marriot Marquis yesterday.
At the ordinary general assembly meeting, the
Gulf Times
26/10/2017
Driven by "strong growth" of 7% in operating income, "effective cost management" leading to lower operating expenses and "continued prudent provisioning" on the credit and investment portfolios, Al K
Gulf Times
| Ticker | Price | Change |
|---|---|---|
| BURGERIZZR | 12.50 | -0.50 (-3.85 |
| ALMUTAHED | 0.00 | 0.00 (0.00 |
| ALMAL | 0.00 | 0.00 (0.00 |
| ALAMAN | 0.00 | 0.00 (0.00 |
| MASSALEH | 0.00 | 0.00 (0.00 |
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia