State-owned Bank of Baroda (BoB) said on October 3 it has approved the sale of its Oman operations to Bank Dhofar as part of rationalisation of foreign operations.
"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 an exchange filing. The consideration for the sale is yet to be decided.
This is subject to approval from concerned regulatory authorities, it said.
The total business of BoB's operation in the country was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial.
BoB 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.
(With PTI inputs)
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