Bank Dhofar secures 'in-principle approval' for BOB Oman acquisition
Deal News | Dec 17, 2024 | Zawya
Bank Dhofar has received 'in-principle approval' from the Central Bank of Oman for the acquisition of the Bank of Baroda's Oman branch operations. The approval outlines procedural steps that require completion for final confirmation of the transaction. Bank Dhofar's decision to acquire BOB's banking business includes all its assets and liabilities. The bank had informed relevant financial authorities in Oman about its board's approval. This transaction marks a strategic move for Bank Dhofar, as BOB, with a global presence in 17 countries, is rationalizing its international operations.
Sectors
- Banking
- Regulatory Compliance
Geography
- Oman – The transaction is occurring in the Sultanate of Oman, involving local banking operations and regulatory approvals.
- India – The parent company, Bank of Baroda, is based in India and has a significant international presence.
Industry
- Banking – The acquisition involves two banking institutions, which operate as financial service providers in Oman and internationally.
- Regulatory Compliance – The approval and regulatory procedures required for such acquisitions fall under the industry of regulatory compliance in finance.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank Dhofar | Bidding Company | Company | A leading bank in Oman looking to acquire the Oman operations of Bank of Baroda. |
| Bank of Baroda (BOB) | Target Company | Company | An international banking and financial services company headquartered in India with operations in Oman. |
| Central Bank of Oman (CBO) | Regulatory Authority | Government | The central regulatory authority in Oman granting approvals for banking operations and acquisitions. |