Sunday 17, January 2010 by
Barwa Bank announces acquisition of The First Investor (TFI)
Following a TFI EGM held on 13 December 2009, the approved transaction will proceed through Barwa Bank acquiring the share capital of TFI in exchange for shares in Barwa Bank. Both companies are currently in the process of finalising all necessary filings in order for TFI shareholders to be issued shares in Barwa Bank.
Barwa Bank will offer a range of Shari’ah compliant products and financial services. Barwa Bank was incorporated in 2008 with an authorised capital of QAR 1 billion ($275 million) and paid up capital of QAR 500 million ($137 million). A fully owned subsidiary of Barwa Real Estate Company (BREC), a listed real estate company in Qatar, BREC currently owns 100% of Barwa Bank and 45% of BREC is owned by the State of Qatar through Qatari Diar Real Estate Investment Company while the remaining 55% is held by investors on the Qatar Exchange.