KPMG in Qatar held its latest seminar with industry leaders to discuss one of the single largest change events for the global financial markets, the transition away from London Interbank Offered Rate (LIBOR), which is due to take effect on January 1, 2022. The transition from LIBOR is expected to impact not only the banking sector but many other sectors in Qatar.
The seminar held on November 12, was convened by Omar Mahmood (pictured), KPMG’s Head of Financial Services for the Middle East and South Asia, who said: “LIBOR reform is a very relevant issue not only for banks but for all entities with exposure to this global reference rate, namely insurance companies, asset managers, corporates, and so forth. Furthermore, this is not an issue restricted to the finance department, rather a matter which is relevant for all departments including risk, IT, operations, treasury and the business.”
Subject matter experts from KPMG’s London office facilitated the discussion: Peter Rothwell, Partner and LIBOR reform leader and James Lewis, Director, who shared their insights and experience on the impacts of LIBOR transition.
Peter Rothwell commented: “We are seeing more and more western banks taking a proactive approach to assessing the expected impact of the move away from LIBOR. While there is still a lack of clarity around the wider subject, there is a lot that banks can do early on to help ensure a smooth transition”.
The breakfast meeting was well attended by CFOs, CROs and Heads of Treasury from different banks in Qatar who were personally invited by KPMG to this exclusive event.
