MUSCAT : The decision was approved in principle by the Bank Dhofar Board of Directors during a meeting held on October 3, 2024.

The proposed acquisition includes all assets and liabilities of the Bank of Baroda Oman Branch and is contingent upon final negotiations regarding terms and conditions. The agreement will involve the execution of binding legal documents, including a business transfer agreement, and necessary approvals from the Central Bank of Oman and other regulatory authorities.

A disclosure on Muscat Stock Exchange reads as follows: Bank Dhofar advises the Financial Services Authority, the Muscat Stock Exchange and the investors’ community that its Board of Directors, at a meeting held on 3rd October 2024 approved in principle, the acquisition of the banking business of Bank of Baroda Oman Branch (i.e. acquisition of all assets and liabilities of Bank of Baroda Oman Branch) (“Business Acquisition”) subject to final negotiations and agreement on terms and conditions, execution of binding legal agreements between the parties including and without limitation, the business transfer agreement and securing all necessary approvals from Central Bank of Oman and other regulatory authorities.”

Further details regarding the acquisition will be communicated in due course.

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