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BankMuscat picks up strategic stake in Centurion Bank
DUBAI: Its Bangalore branch will be merged with the Centurion Bank.
"The acquisition cost will be partly met by way of adjusting the assets of BankMuscat's Indian operation and by investing $5 million cash," an official on the Omani bank was quoted as saying in the Oman Observer newspaper.
Bangalore branch has a capital of $10 million.
"The acquisition is part of a restructuring proposal mooted by Sabre Group of India. All regulatory approvals have been obtained and the merger and acquisition will be completed within three to four months," the Omani official said
The Centurion Bank board had recently approved a restructuring plan submitted by Sabre Capital. Under the plan, the promoters will initially infuse $46 million of fresh capital taking the Centurion Bank's net worth to $62 million.
BankMuscat had earlier planned to take a 20 percent stake in the IDBI Bank, but the proposal fell through after the latter failed to give a guarantee that it would not merge with its parent institution - Industrial Development Bank of India (IDBI).
This was not in line with BankMuscat's interest, as a merger with IDBI would have resulted in a substantial reduction of its stake.
Source: IANS