Bangalore, May 07: Bank Muscat said today it would invest upto Rs 75 crore in Centurion Bank as part of the restructuring proposal by Rana Talwar-led Sabre group of the private sector bank. The bank also announced that it would merge its Bangalore branch with the Centurion Bank in India post-regulatory rules, a statement said here. "We see substantial opportunities in promoting investment flows, trade and NRI services between India, Oman and the Gulf," Bank Muscat S A O G International Operations Head Suleiman shahbal said. Bank Muscat would be in a strong position to identify trade financing opportunities, through the branch network of Centurion Bank, besides benefiting local and NRI customers. "Our partnership with Centurion Bank is also a partnership with other international organisations including Asian Development Bank, International Finance Corporation and Keppel Corporation of Singapore, who are shareholders of Centurion Bank," Shahbal said.

Bank Muscat India Chief Executive Samit Ghosh will hand over the day-to-day management to an interim chief executive under the advice of Sabre group, but will continue to represent Bank Muscat during the transition until all regulatory approvals are in place, it said.

Bureau Report