Qatari banks may see more consolidation
02 Feb 2021 - 9:06
A view of the Grand Hamad Street, in Doha.
The Peninsula
TQatar’s banking system could see more consolidation triggered by pressure on banks’ profitability from the coronavirus pandemic, particularly those with weaker franchises and limited pricing power, said Fitch Ratings yesterday. Common government ownership is also a key driver for consolidation to create better capitalised banks with enhanced competitive advantages to support the Qatar Vision 2030 development plan.
Al Khalij Commercial Bank (AKCB) and Islamic bank Masraf Al Rayan’s (MAR) recently agreed merger will potentially create Qatar’s largest Islamic bank by total assets and diversify MAR’s business model, which is predominantly wholesale focused (85 percent of total financing). This will be the second merger in Qatar between an Islamic bank and a conventional bank after Islamic bank Dukhan and International Bank of Qatar (IBQ) merged in April
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