Bank of Baroda Streamlines International Operations with Oman Exit

Bank of Baroda plans to sell its Oman operations to Bank Dhofar as part of its strategy to rationalize foreign operations. The sale is subject to regulatory approvals. With a notable presence internationally, BoB continues to adjust its global footprint, having previously exited from China and Trinidad and Tobago.

The State-owned Bank of Baroda (BoB) is set to exit its operations in Oman, selling them to Bank Dhofar in a move aimed at rationalizing its foreign operations.

The decision follows an approval to sell the banking business in Oman's territory to Bank Dhofar on a going concern basis, as announced in a regulatory filing.

The sale, however, hinges upon securing necessary approvals from the relevant regulatory authorities. This comes after similar actions, where BoB closed its China wholesale branch in 2020-21 and divested its stake in Trinidad and Tobago operations.

(With inputs from agencies.)