Muscat: The Central Bank of Oman (CBO) has granted Bank Dhofar the 'in-principle approval' for the acquisition of the banking Business of Bank of Baroda (BOB) in the Sultanate of Oman, which was revealed during a filing to the MSX.

This 'in-principle approval' outlines specific procedures that both Bank Dhofar and Oman must complete and confirm. Once these procedures are fulfilled, the CBO will issue its final approval for the transaction.

In October this year, Bank Dhofar informed the Financial Services Authority (FSA), the Muscat Stock Exchange (MSX), and the investors' community that its Board of Directors ("Board") approved in principle, the acquisition of the banking business of Bank of Baroda — Oman Branch.

The acquisition will include all assets and liabilities of the Bank of Baroda — Oman Branch subject to final negotiations and agreement on terms and conditions, execution of binding legal agreements between the parties including and without limitation, the business transfer agreement, and securing all necessary approvals from Central Bank of Oman and other regulatory authorities.

The parent Bank of Baroda has an International presence in 94 overseas offices spanning 17 countries.

According to reports, BOB has been rationalizing its foreign operations based on a comprehensive evaluation framework.

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