BoB Sells Oman Operation to Bank Dhofar - Rationalizing Foreign Operations
Oct 03, 2024 17:38
State-owned Bank of Baroda (BoB) has announced plans to sell its Oman operations to Bank Dhofar. This move is part of BoB's strategy to rationalize its foreign operations. The transaction is subject to regulatory approvals.
New Delhi, Oct 3 (PTI) State-owned Bank of Baroda (BoB) on Thursday said it proposes to sell its Oman operation to Bank Dhofar as part of rationalisation of foreign operation.
The bank has accorded approval for accepting the offer for acquisition of the banking business of Bank's Oman territory operations by Bank Dhofar on a going concern basis, BoB said in a regulatory filing.
This is subject to approval from concerned regulatory authorities, it said.
The total business of BoB operation in the country was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial.
It is to be noted that the bank has been rationalising its foreign operations based on a comprehensive evaluation framework.
As part of this exercise, the wholesale branch in China was closed during 2020-21, and the entire stake in the wholly-owned overseas subsidiary at Trinidad and Tobago viz. Bank of Baroda (Trinidad and Tobago) Ltd was divested by way of sale to Ansa Merchant Bank Ltd.
As of March 31, 2024, the BoB's total business (net) from international branches was Rs 3,83,409 crore and constituted 16.02 per cent of the global business.
Total deposits were Rs 1,98,444 crore while net advances were Rs 1,84,965 crore.
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