Bank of Baroda opens fourth branch in Oman

Muscat: Bank of Baroda has opened a new branch at Sohar, the Indian bank’s fourth in Oman. The bank is now eyeing two more branches — one in Nizwa and another in Duqum.

The bank’s chairman and managing director M.D. Mallya, who addressed the Indian business community on Sunday, said: “We are very sure that the branch will achieve business of 20 million Omani riyals in the very first year of operation in Sohar.” “In the coming three years, the branch will easily surpass business of 60 million riyals.”

The bank anticipates tapping the current accounts of various corporate houses based in Sohar and sizeable saving bank deposits from employees of these corporates. Vis-a-vis advances, there is ample scope of getting accounts in the form of corporate loans. With the introduction of a free economic zone at Sohar, many Indian companies have set up offices and new companies are eyeing to set up base as well, either directly or through joint ventures.