Posted on June 06, 2011

Al Khalij Commercial Bank (al khaliji) issued a joint statement with International Bank of Qatar (IBQ) that the proposed merger of the two banks will not proceed As a result, the existing governing, operational and financial structures in place at the Banks will remain unchanged.

Al Khaliji Chairman and Managing Director, His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani said: “Our Board and Management are committed to delivering on our shareholders’ expectations and sustaining growth in profitability which we have delivered through a focus on a wholesale-led strategy.  We are confident that today’s announcement will not affect the bank’s performance going forward.”

In April al khaliji announced a significant 105 percent uplift in net profit for the first quarter of 2011, with net operating income increasing 40 percent year on year to QR 231 million.

Robin McCall, acting Chief Executive Officer, said: “al khaliji has experienced outstanding growth, in particular over the past 12 months.  We recently announced strong first quarter results in which we more than doubled net profit and earnings per share year on year.  Such results reaffirm that as an organisation we have the right strategy in place to deliver the returns our investors expect. Central to this strategy is our commitment to supporting corporate, SME and government entities.

“Our customers will also continue to benefit from al khaliji’s proven ability to bring strong, compelling products and services to market, as well as the Bank’s continued commitment to unparalleled customer service.

“I would like to reassure shareholders that we are fully focused on the consistent implementation of our successful strategy which will ensure continued growth and a prosperous future.  We will remain committed to providing the same level of excellence in our operations and delivery that we have come to be associated with.