The Extraordinary General Meeting of Barwa Bank approves the proposed merger with International Bank of Qatar (ibq)
Barwa Bank, Qatar's most progressive Shari’ah compliant financial service provider, convened its Extraordinary General Meeting on 19th December 2018 at the Four Seasons Hotel; chaired by H.E. Sheikh Mohamed Bin Hamad Bin Jassim Al Thani, Chairman of the Board and Managing Director, with attendance of 85% of shareholders.
During the meeting, all subjects on the agenda were discussed and approved including converting the Bank into a Qatari private shareholding company in accordance with Article (207) of Qatari Law No. 11 of 2015. In addition, the evaluation report issued on 13 November 2018 was accepted. The report was prepared by Moore Stephens & Associates, an independent evaluator appointed by the Ministry of Commerce and Industry. Also agreed to amend the Memorandum and the Articles of Association of the Bank. During the EGM, the proposed merger between Barwa Bank and International Bank of Qatar (ibq) was presided under the provisions of Article No. 278 of the Commercial Companies Law and the provisions of Qatar Central Bank Law No. 13 of 2012, taking into consideration the terms and conditions of the merger process and obtaining all necessary regulatory and supervisory approvals, and fulfilling all the conditions stipulated in the merger agreement between the two banks.
In addition, it was approved to increase of the Bank's authorized and paid-up capital from QAR 4,000,000,000 and QAR 3,000,000,000 respectively to QAR 5,234,100,000, taking into consideration the terms and conditions of the merger. The amendment of Article (8) of the Bank's Articles of Association in order to increase the Bank's capital has been agreed. As well as the delegation to the Board of Directors or its appointees to adopt any decisions or take any measures that may be necessary to implement all or any of the resolutions provided and to sign any relevant documents and agreements.