April 5, 2017 / 5:38 AM / 4 months ago

Qatar's Masraf Al Rayan says committee formed to oversee three-way merger

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DUBAI, April 5 (Reuters) - Qatar's Masraf Al Rayan said on Wednesday that a committee had been formed to manage the merger of the bank with Barwa Bank IPO-BABK.QA and International Bank of Qatar.

The committee of the three banks' administrations would oversee the merger process according to a preliminary timetable approved by the board of directors, it said in a statement.

Masraf Al Rayan's chairman Hussain Ali al-Abdulla said on Monday that the merger would take six months to complete and that the Islamic lender had appointed KPMG and PricewaterhouseCoopers as merger advisers, along with law firm Allen & Overy as legal adviser. (Reporting by Hadeel Al Sayegh; Writing by Tom Arnold)

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