The Central Bank of Oman (CBO) has granted Bank Dhofar ‘in-principle approval’ to acquire the banking business of Bank of Baroda (BOB) in Oman, the Oman Daily Observer reported on Monday. The approval was disclosed in a filing to the Muscat Stock Exchange (MSX).
The approval outlines specific procedures that both Bank Dhofar and BOB Oman must complete. Once these requirements are fulfilled, the CBO will issue its final approval for the acquisition.
In October, Bank Dhofar announced that its Board of Directors had given preliminary approval to acquire BOB Oman’s banking business. The deal will include all assets and liabilities of the Bank of Baroda Oman branch, pending final negotiations, execution of binding legal agreements—including a business transfer agreement—and necessary approvals from the CBO and other regulators.
The parent Bank of Baroda, headquartered in India, has an international presence with 94 overseas offices across 17 countries. Reports indicate that BOB has been rationalizing its global operations as part of a broader strategy based on a comprehensive evaluation framework.
