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MarketScreener Homepage  >  Equities  >  KUWAIT STOCK EXCHANGE  >  Kuwait Finance House KSC    KFH   KW0EQ0100085

KUWAIT FINANCE HOUSE KSC

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Kuwait Finance House KSC : Merging Qatar banks to cut more than 150 jobs, Barwa boss to be CEO - sources

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02/13/2019 | 03:39am EDT
FILE PHOTO: A general view of Qatar International Bank in Doha

DUBAI (Reuters) - Qatar's Barwa Bank and the International Bank of Qatar (IBQ), which last year agreed to merge, plan to cut more than 150 jobs and to appoint Barwa's boss as chief executive of the combined lender, two sources familiar with the matter said.

The banks reached a final merger agreement late last year to create a lender with total assets of 80 billion riyals (17 billion pounds).

The combined lender will be rebranded as Lusail Bank, the sources said, adding the integration would begin towards the end of the first quarter.

Barwa Bank did not respond to a request for immediate comment.

A shake-up has been long mooted in Qatar's banking system, where 18 local and international commercial banks serve a population of around 2.6 million.

Barwa Bank said last month its shareholders had approved the proposed merger.

Two of the United Arab Emirates' biggest banks linked up to create First Abu Dhabi Bank in 2017.

Since then, two major bank mergers have been announced in Saudi Arabia, Kuwait Finance House is buying Bahrain's Ahli United, and Abu Dhabi Commercial Bank is leading a three-way merger in the United Arab Emirates.

"Slow growth and subdued credit demand in the region is one of the biggest drivers of consolidation," Ashraf Madani, a senior analyst at Moody's said in a recent report.

"This has intensified competition for depositors and borrowers, dampening profits at GCC (Gulf Cooperation Council) banks."

Credit Suisse advised Barwa on the transaction while IQB was advised by Perella Weinberg.

(Additional reporting by Davide Barbuscia; editing by Jason Neely)

By Hadeel Al Sayegh

Stocks mentioned in the article
ChangeLast1st jan.
COMMERCIAL BANK 0.21% 4.78 End-of-day quote.23.83%
KUWAIT FINANCE HOUSE KSC End-of-day quote.
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Managers
NameTitle
Mazen Saad Ali Saad El-Nahedh Group Chief Executive Officer
Hamad Abdulmohsen Al-Marzouq Chairman
Abdullah Mohammed Abdullah Al-Haous Group Chief Operations Officer
Shadi Ahmed Yacoub Zahran Group Chief Financial Officer
Srood A. Sherif Group Chief Information Officer
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