Posted on June 03, 2011

Al khaliji Board of Directors discussed here on Thursday the latest developments with regard to the possible merger with IBQ and various matters.

The Board has been updated by its advisors on the latest developments with regard to the possible merger with IBQ. Additionally, the Board reviewed other business, strategic and governance items on the agenda. Al Khalij Commercial Bank (al khaliji) Q.S.C was incorporated on 9 January 2007 as a Qatari Shareholding Company under Commercial Registration No. 34548, with its registered head office in Doha. The shares of al khaliji are listed on the Qatar Exchange in August , the same year. Al khaliji and its subsidiary (the "Group") are engaged in commercial and Islamic banking activities (note 7).

The Group operates from its head office and three branches in Qatar, one branch in France and four branches in the United Arab Emirates. During 2010 the Board of Directors of al khaliji approved the initiation of merger talks with International Bank of Qatar (IBQ). As at the reporting date the negotiations are ongoing. Kuwait national bank (KNB) undertakes the management of IBQ and possesses 30% of its capital.

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