International Bank of Qatar's Rich History and Success

The International Bank of Qatar has a rich history that spans over four decades, starting in 1982 as a private Qatari bank. It was established by a group of prominent Qatari businessmen.

The bank's early years were marked by steady growth and expansion, with a strong focus on corporate and commercial banking. This laid the foundation for its future success.

One of the key factors behind the bank's success is its commitment to innovation and technology. This is evident in its adoption of cutting-edge banking systems and online platforms.

The bank's strategic partnerships and collaborations have also played a significant role in its growth.

The International Bank of Qatar, or IBQ, has a fascinating history that spans several decades. IBQ started its journey as the Ottoman Bank on November 1, 1956.

Over the years, the bank underwent several ownership changes. In 1969, the Ottoman Bank sold its branches to the National and Grindlays Bank, which later became known as Grindlays.

In 1989, the bank changed its name again to ANZ Grindlays after being acquired by the Australia & New Zealand Banking Group. This marked a significant shift in the bank's ownership and identity.

The bank continued to change hands, with Standard Chartered acquiring ANZ Grindlays in 2000. However, this ownership didn't last long.

In August 2004, the bank was renamed International Bank of Qatar (ibq) after National Bank of Kuwait (NBK) acquired a 20% stake in the bank and assumed management responsibilities. This marked a new chapter in the bank's history.

NBK's involvement with the bank led to further changes, with the bank increasing its share to 30% in July 2007. The bank's fortunes continued to improve, with IBQ receiving investment-grade credit ratings of “A2” and “A+” assigned by Moody’s and Fitch Ratings, respectively, in July 2015.

International Bank of Qatar has received numerous awards and recognitions for its outstanding performance in the banking sector.

The bank was awarded "Best Private Bank" by Global Banking & Finance Review in London.

This prestigious award is a testament to IBQ's excellence in private banking, as stated by General Manager and head of Private Banking Chaouki Daher.

IBQ has also won the "Private Bank of the Year Qatar" award from International Banker earlier this year.

The bank's success is a reflection of Qatar's banking sector growth, which picked up speed in 2018 as companies borrowed and invested to overcome economic impacts imposed by the ongoing embargo.

International Bank of Qatar's achievements are a notable example of the country's resilience in the face of challenges.

International Bank of Qatar has merged with Barwa Bank to create a leading Sharia compliant financial institution.

This merger aims to support Qatar’s economic growth and finance development initiatives in line with Qatar National Vision 2030.

The combined entity will have total assets of QR80 billion and a shareholder equity base of over QR12 billion.

The merger will create a strategic partner for the Government and the public sector, while assisting the growth of the private sector.

Credit Suisse was previously appointed as financial advisor to Barwa Bank, Qinvest advisor to the Board, and Perella Weinberg as financial advisor to International Bank of Qatar.

The two banks have agreed to appoint a top tier management consultant to develop an integrated plan and identify the strategy for the combined entity.