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

Bank Dhofar SAOG has successfully completed the integration of Bank of Baroda's Oman Branch into its operations, according to a disclosure released on the Muscat Stock Exchange.

The announcement follows an earlier disclosure from January 27, 2025, regarding the execution of a Business Transfer Agreement between Bank Dhofar SAOG and Bank of Baroda India, representing Bank of Baroda (Oman Branch).

In their statement, Bank Dhofar expressed gratitude to three key regulatory bodies: the Central Bank of Oman, the Financial Services Authority, and the Ministry of Commerce, Industry and Investment Promotion. The bank acknowledged their "support in the smooth completion of the transfer process."

The acquisition represents a significant expansion of Bank Dhofar's operations and customer base in Oman's banking sector, with the transfer of all assets and liabilities effective April 1, 2025. The completed transaction strengthens Bank Dhofar's branch network, customer base, and balance sheet, consolidating its position as one of Oman's leading commercial banks.