Bank Dhofar Completes Acquisition of Bank of Baroda's Oman Operations

BankDhofar has completed the acquisition of Bank of Baroda's Oman operations, with the transfer of all assets and liabilities effective from 1 April 2025.

The transaction strengthens BankDhofar's branch network, customer base, and balance sheet, consolidating its position as one of Oman's leading commercial banks. Bank of Baroda, an Indian state-owned bank, had operated a branch in Oman serving both retail and corporate customers, particularly within the Indian expatriate community.

The acquisition was executed following receipt of all required regulatory approvals from the Central Bank of Oman. BankDhofar said the integration was designed to ensure continuity of service for Bank of Baroda's existing customers, who will transition to BankDhofar's banking platform and product range.

The deal reflects a broader trend of consolidation in Oman's banking sector, where regulators have been encouraging mergers and acquisitions to create stronger, more resilient institutions. The Central Bank of Oman has signalled that a more consolidated banking sector would be better positioned to invest in technology, manage risk, and compete regionally.

For BankDhofar, the acquisition adds customers and deposits at a lower cost than organic growth, while also eliminating a competitor from the market. The bank has been investing in digital capabilities, including its Dhofar Pay mobile payment service and Entrust digital card partnership, to serve its expanding customer base.

The completion of the Bank of Baroda acquisition positions BankDhofar for continued growth in Oman's evolving banking market.