Bank of Baroda, one of the biggest Indian banks, has opened its fourth branch in Sohar on Sunday. Bank of Baroda is presently having branches at Ruwi, Muttrah and Salalah.
The bank’s chairman and managing director M.D. Mallya addressed a gathering here yesterday to mark the opening of Sohar branch. The bank anticipates good current account of various corporate houses based in Sohar and will be getting sizeable saving bank deposit from the employees of these corporate. As regards advances are concerned, there is ample scope of getting accounts in the form of corporate loans.
“We are very sure that the branch will achieve the business of RO20 million in the very first year of operation and in the coming three years, the branch will easily surpass the business of RO60 million,- said a press release.
With the introduction of free economic zone at Sohar, many Indian companies have set up their industries and many new companies are eyeing to set up their industry, either directly of through joint ventures.
The companies based in Sohar include Jindal Shadeed Iron & Steel, Larsen & Tubro Heavy Engineering, Nagarjuna Construction Company, Godrej & Khimji Middle East and Shakhshi Engineering services.
Bank of Baroda is one of best public sector banks in India. Under the leadership of M.D. Mallay, the bank has doubled its business in the last three years. The bank has been awarded as being the best public sector bank in India for the year 2012 apart from achieving many other important awards.
The bank is having 3,973 branches in India and 95 overseas offices. “Our bank is operating in Oman since 1976. Sohar branch is the 96th overseas office of Bank of Baroda,- added the statement.
There are many other centres in Oman with tremendous business potential like Nizwa, Duqm. “We are exploring the possibilities of opening branches at these centres in the near future.-
The bank’s strategy for Oman include taking exposure in personal, tourism, construction, services and manufacturing sector.
Bank of Baroda is also planning to introduce both transaction and remittance through mobile and ATM and payment of utility bill by ATM/Mobile/ Prepaid cards by tie-up arrangements.
Sohar is the fifth most populated city of Oman. The city was mostly known for its fishing activity but now becoming more popular for industrialisation.
The government of Oman is focusing on diversifying from the traditional oil and gas industries to other manufacturing and services industry. Towards the economic diversification and with a view to provide employment to the population of country the government is actively encouraging the growth of business and offering generous incentives in order to support its long term strategy. With the development of Sohar Industrial port, there are ample opportunity for new industries.
Senior officials of Bank of Baroda and top-level Omani and Indian businessmen have attended the event.
Timesofoman
