State-owned Bank of Baroda (BoB) announced on Thursday its plan to sell its operations in Oman to Bank Dhofar as part of a strategy to streamline its international presence. BoB has approved the offer for the acquisition of its Oman operations by Bank Dhofar on a going-concern basis, pending regulatory approvals, according to a regulatory filing. Click here to read more news related to BOB.
BoB’s Oman operations have a total business of 113.35 million Omani Rial (Rs. 24,72,22,91,092.47) and a net worth of 25.54 million Omani Rial (Rs. 5,57,04,71,582.55). The bank has been rationalizing its foreign operations based on a comprehensive evaluation framework.
As part of this initiative, BoB closed its wholesale branch in China during 2020-21 and sold its entire stake in its wholly-owned subsidiary, Bank of Baroda (Trinidad and Tobago) Ltd, to Ansa Merchant Bank Ltd. As of March 31, 2024, BoB’s total international business stood at ₹3,83,409 crore, comprising 16.02% of its global operations. Total deposits from international branches amounted to ₹1,98,444 crore, while net advances were ₹1,84,965 crore.
Earlier, Bank of Baroda had also announced to close its operations in South Africa. Previous year, Bank of Baroda also announced to sell off its 100% stake in New Zealand subsidiary. Bank of Baroda is known as India’s International Bank but has been closing its international operations for quite a some time. Click here to read Bank Wise news.
The Bank began its international journey with the opening of its first branch at Mombasa, Kenya way back in December 1953. The Bank has completed more than 70 years of international presence and has emerged as India’s International Bank, having presence in 17 countries through Branches and Subsidiaries. At present, the Bank has -91- overseas branches/ offices. It also has an Associate in Zambia, which has 32 branches and a Joint Venture in Malaysia which has one branch. The Bank is present in world’s all major financial centres viz. NewYork, London, Dubai , Singapore, Australia and Gift City(SEZ) Gandhinagar.
With a strong presence in different geographies and markets around the world and in line with the tagline. “India’s International Bank” to its logo, Bank’s International Operations have been contributing substantial share in Bank’s top-line and bottom-line. The International Operations contribute around 15.91 % to the Total Business of the Bank as of Dec 2023.
