Omani bank seeks joints ventures in India

Oman's largest bank, Bank Muscat, is eyeing India to capture business generated by the large number of Indian expatriates living in the Sultanate and has sought joint venture with a private bank, reports the Indian news agency (PTI).

"We are in talks with a few Indian private banks.

We are planning to take an equity stake either by way of a negotiated deal with the major stakeholder of the bank or through the priority allotment route," a senior bank official was quoted by PTI as saying.

Bank Muscat's Bangalore branch, the only one in India, will be merged with the acquired bank to make a separate joint venture that will mainly focus on non-resident Indian business and trade finance.

Bank Muscat has a 35% share of the Omani market and the venture will give it "access to the vast Indian market," the official said.