Barwa Bank’s Extraordinary General Meeting (EGM) has approved the bank’s proposed merger with the International Bank of Qatar (IBQ).

The merger will take place per legal processes in the country, including Article No. 278 of the Commercial Companies Law and the Qatar Central Bank Law No. 13 of 2012.

It was also approved to increase the two banks’ authorised and paid-up capital from QR4bn and QR3bn respectively to QR5.234bn, taking into consideration the terms and conditions of the merger, reported The Peninsula.

The amendment of Article (8) of the Bank’s Articles of Association to increase the Bank’s capital has been agreed.

Chairman of the Board and Managing Director HE Sheikh Mohamed bin Hamad bin Jassim Al Thani chaired the meeting, with attendance of 85% of shareholders, reported Gulf Times. 

The meeting further agreed to amend the Memorandum and the Articles of Association of the Bank.