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KPMG Qatar seminar discusses transition from LIBOR

KPMG Qatar seminar discusses transition from LIBOR

KPMG in Qatar held its latest ‘Freshly Brewed’ breakfast seminar with industry leaders to discuss one of the single largest change of 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.

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KPMG in Qatar held its latest ‘Freshly Brewed’ breakfast seminar with industry leaders to discuss one of the single largest change of 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 seminar took place recently at the W Doha and was convened by Omar Mahmood, KPMG’s Head of Financial Services for the Middle East and South Asia. Mahmood 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, shared their insights and experience on the impacts of LIBOR transition. Rothwell said, “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.

© 2020 KPMG LLC, a limited liability company registered with Qatar Financial Centre Authority (QFCA), State of Qatar and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


© 2020 KPMG Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance

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