Muscat – Bank Dhofar has announced its intention to acquire the banking business of Bank of Baroda’s Oman branch, and the bank’s Board of Directors has given in-principle approval for this proposed acquisition of the Indian bank’s Oman operations.

‘Bank Dhofar advises the Financial Services Authority, the Muscat Stock Exchange, and the investor community that its Board of Directors, at a meeting held on October 3, 2024, approved in-principle the acquisition of the banking business of Bank of Baroda – Oman branch,’ Bank Dhofar said in a disclosure submitted to the Muscat Stock Exchange.

The proposed acquisition, as Bank Dhofar’s disclosure added, includes the acquisition of all assets and liabilities of Bank of Baroda’s Oman branch.

Bank Dhofar mentioned that the acquisition is subject to final negotiations and agreement on terms and conditions, execution of binding legal agreements between the parties, including, but not limited to, the business transfer agreement, and securing all necessary approvals from the Central Bank of Oman and other regulatory authorities.

‘Further information regarding the business acquisition shall be provided in due course,’ Bank Dhofar added.

Bank of Baroda, one of the leading public sector banks in India, announced the acceptance of the offer for the acquisition of its Oman operations by Bank Dhofar in a regulatory disclosure to the Indian exchanges on Thursday.

‘This is to inform that the bank has granted approval for accepting the offer for the acquisition of its banking business in Oman by Bank Dhofar on a going concern basis, subject to approval from the concerned regulatory authorities,’ Bank of Baroda said in the regulatory disclosure.

According to the disclosure, Bank of Baroda’s Oman branch’s total business stood at RO113.35mn as of March 31, 2024, and its net worth was RO25.54mn as of the same date.

According to Indian media reports, Bank of Baroda has been rationalising its foreign operations based on a comprehensive evaluation framework, and the proposed sale of its Oman branch is part of this rationalisation of foreign operations.

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