Bank Dhofar gets ‘in-principle approval’ from CBO to acquire Bank of Baroda’s Oman operations

MUSCAT: The acquisition, first announced on October 3, 2024, will see Bank Dhofar take over the Oman Branch operations. In a disclosure to the Muscat Stock Exchange on Tuesday, Bank Dhofar confirmed that the Central Bank of Oman granted “In-Principle Approval” for the transaction, marking a key milestone in the deal. However, both institutions must fulfill specific procedures outlined by the CBO before the final approval is issued.

The acquisition will include all assets and liabilities of the Bank of Baroda Oman Branch subject to final negotiations and agreement on terms and conditions.Saleh Mohammed Al Hadhrami, AGM and Head of the Legal Department at Bank Dhofar, confirmed that further updates on the acquisition will be shared as needed.