Barwa eyeing launch of its bank

After successfully testing its systems, Barwa Bank is waiting for the formal launch, board member Khalid bin Ibrahim al-Sulaiti has said.

After successfully testing its systems, Barwa Bank is waiting for the formal launch, board member Khalid bin Ibrahim al-Sulaiti has said. “We have implemented and tested all systems and they are running perfect,” al-Sulaiti told Gulf Times on April 26, 2009. Al-Sulaiti said he expected the bank’s formal start up in 2009.  “The decision has to be taken by our board of directors. They will identify the right time to launch the bank. I cannot give a specific date now,” al-Sulaiti said. Barwa Bank’s authorised capital is QR1bn with a paid up capital of QR500mn. Barwa Bank would be a full-fledged bank, he said. Currently, it is wholly owned by Barwa Real Estate Company. The government approval for the bank has already been obtained. Al-Sulaiti said while real estate financing would be among the bank portfolios, it is not the only area of business being looked at. “Our focus will be on nation building activities and we will support all activities that aim to achieve these. The bank plans to finance real estate projects, receive deposits and issue credit cards. We are looking at both corporate and retail banking,” al-Sulaiti said. Asked whether there were plans to list the bank on the DSM he said, “It has to be decided by our board of directors.”  Besides leasing out a building on Grand Hamad Street, Barwa Bank has also recruited some employees and automated its systems. The establishment of bank is expected to boost its parent company- Barwa, which is fast growing as one of the largest real estate companies in the region. Barwa has projects throughout Qatar. They include Barwa Al Baraha, which will house about 50,000 workers; the luxury residential and commercial compound Barwa Al Sadd; Urjuan development; Barwa Housing Programme and Barwa Village projects; Hasad Barwa project to protect Qatar’s natural environment; Barwa Doha; Barwa City, Barwa Commercial Avenue and Barwa Financial District. Barwa also has many international projects in Europe, Africa and Asia. The developer has established specialised subsidiary companies, including Barwa Technologies, Barwa Hotels and Resorts, Barwa Media, Qatar Project Management, Amlak Qatar, Barwa Building Materials, and Barwa Knowledge in addition to Barwa Bank. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3128&Cat=4&RetId=171