International Bank of Qatar Q.S.C. (IBQ), Barwa Bank, and Masraf Al Rayan (Q.P.S.C.) (DSM:MARK) have called off their proposed three-way merger. Announcing that the negotiations on the proposed merger between the three banks have now ended, the banks said they "could not reach an agreement to complete the transaction". The three banks shall continue their business as usual in line with their individual business plans, a communiqué from the Qatar Stock Exchange said. However, it did not specify the reasons. The proposed merger would have created the largest Islamic bank and second largest bank in Qatar, and would have resulted in a more balanced competitive environment in Qatar's banking system, Moody's, an international credit rating agency, had said in a report.