of Muscat (BoM) has said that following the Centurion
board approval of Rana Talwar-led Sabre group''s restructuring
proposal, the former will merge its Bangalore branch with
Centurion Bank in India. BoM has invested around Rs 75
crore in Centurion Bank for restructuring.
BoM SAOG head (international operations) Suleiman Shahbal:
"The investment in Centurion Bank confirms our long-term
commitment in India. We see substantial opportunities
in promoting investment flows, trade and non-resident
Indian [NRI] services between India, Oman and the Gulf.
This initiative will help us to strengthen the long historical
relationship between India and the Gulf and enhance trade
the interim period of the transaction, the Sabre group
will oversee the operations of the BoM India. BoM chief
executive (India) Samit Ghosh will hand over the day-to-day
management to an interim chief executive under the advice
of the Sabre group. Both the banks have to get approval
from the high courts of Maharashtra and Karnataka and
the final regulatory approvals from the Reserve Bank of
India and the Securities and Exchange Board of India.
however, will continue to represent BoM during the transaction
until all regulatory approvals are in place, a BoM statement
issued here said.
Shahbal: "Through this partnership we believe that
the excellent retail business that Centurion Bank will
be building will also benefit both our NRI and local customers.
Our partnership with Centurion Bank is also a partnership
with other international organisations such as Asian Development
Bank, International Finance Corporation and Keppel Corporation
of Singapore, who are shareholders in Centurion Bank."