Dubai: Bank Dhofar announces plans to acquire the banking operations of Bank of Baroda’s Oman branch, with its board of directors granting approval for the deal.
In a statement to the Muscat Stock Exchange, Bank Dhofar informed the Financial Services Authority and the investor community that during a meeting on October 3, 2024, the board approved the acquisition of the Oman branch's banking business.
This proposed acquisition encompasses all assets and liabilities of Bank of Baroda's Oman operations, according to Bank Dhofar's disclosure.
However, the deal is contingent upon final negotiations, the execution of binding legal agreements, including a business transfer agreement, and obtaining all necessary approvals from the Central Bank of Oman and other regulatory bodies, according to Omani news outlet Muscat Daily.
Bank of Baroda, one of India’s public sector banks, confirmed the acceptance of Bank Dhofar's acquisition offer in a regulatory announcement to Indian exchanges on Thursday. They noted that the acceptance is on a going concern basis, pending approval from relevant regulatory authorities.
