RBI gives green signal; BankMuscat to merge its Indian operations
The board of Centurion Bank is meeting tomorrow to finalise the deal with former Standard Chartered Bank CEO Rana Talwar-promoted Sabre Capital.
Under the agreement, Sabre Capital and BankMuscat, along with a few other investors, is expected to pick up controlling stake in Centurion Bank.
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BankMuscat, which operates a single branch in Bangalore, will merge its operations in India under Centurion.
Centurion is also likely to reduce a part of its capital as part of the restructuring process.
Sources said the recast package has got the Reserve Bank of India