CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The state-owned Bank of Baroda (BoB) has announced that it will sell its operations in Oman to Bank Dhofar as part of a larger drive to simplify its global business portfolio. This transaction will take place as a going concern, pending regulatory approval. BoB's Oman activities generate a total of 113.35 million Omani Rials in revenue, with a net worth of 25.54 million Omani Rials.
Background And Rationalisation Strategy
BoB's decision comes as part of a broad review of its overseas operations. The bank previously shut down its wholesale branch in China in 2020-21 and sold its stake in Bank of Baroda (Trinidad & Tobago) Ltd to Ansa Merchant Bank Ltd. This strategy represents BoB's continued attempts to streamline its operations across multiple worldwide marketplaces.
Current Financial Position
As of March 31, 2024, BoB's total business from abroad branches was Rs 3,83,409 crore, or 16.02% of its global business. The bank's total deposits were Rs 1,98,444 crore, with net advances of Rs 1,84,965 crore. This strategic disposal accords with BoB's goal of increasing operational efficiency and focusing on its core markets.
Bank Dhofar Key Points
Foundation- Bank Dhofar, founded in 1990, is one of Oman's largest commercial banks.
Headquarters are in Muscat, Oman.
Ownership- A publicly traded corporation listed on the Muscat Stock Exchange with a varied shareholder base.
Services- Provides personal banking, corporate banking, investment services, treasury operations, and Islamic banking products.
Network- Operates a network of branches and ATMs throughout Oman, allowing consumers to easily access financial services.
Financial Performance- Bank Dhofar has consistently grown in assets and profitability, establishing itself as a dominant participant in the Omani banking sector.
Recent Developments- Engaged in strategic acquisitions, including the anticipated acquisition of Bank of Baroda's Oman assets, to increase market presence.
Commitment to Innovation- Our focus is on digital banking initiatives that improve the client experience and streamline operations.
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