The bank started as Bank Dhofar al Omani al Fransi in January 1990, with a paid up capital of 5 million Omani Rials. The bank acquired the assets and liabilities of Banque Paribas through a sale and purchase agreement and entered into a five year management contract with the French Bank. It commenced operations with two branches, one in Muscat and the other branch in Salalah.
In 1992, the Bank purchased the assets and liabilities of BCCI (Bank of Credit and Commerce International) from the Central Bank of Oman, by this purchase the bank expanded its network.
In 1999, in celebration of the 10th anniversary a new Head office building was inaugurated in the Commercial Business District, it was inaugurated by His Excellency Yousuf bin Alawi bin Abdulla, the Minister responsible for Foreign Affairs.
In 2000, the bank paid 3.5 million for purchase of 16 Commercial Bank branches which made the expansion of the branch network to 43 and 55 ATMs. The integration of the Commercial Bank branches was completed in 2001.
In 2002, the shareholders of Bank Dhofar al Omani al Fransi and Majan International Bank approved the proposed merger plan of the two banks. According to the merger proposal the assets and liabilities of Majan International Bank were to be incorporated into Bank Dhofar Omani al Fransi.
In 2003, the Bank obtained all regulatory and administrative approvals for shortening the Bank’s name to Bank Dhofar and changed the Banks logo, with the new slogan “Moving Forward … With You” At this time the branch network increased to 45 branches and 62 ATMs nationwide.
In 2007, our continuous efforts to improve the performance of the Bank, the Board of Directors appointed a consultancy firm, Booze Allen Hamilton, to formulate a 5-year (2008-2012) strategic plan for the Bank. This plan was finalized and approved by the Board in January 2008.
In 2008, BankDhofar launched its new 5 year strategic plan, (2008 – 2012) The strategic plan provided a framework within which everyone will work in the same direction, ensuring that BankDhofar will be a leading Omani Bank that everyone wants to work for, do business with and invest in.
With assets worth over RO 1.5 billion, BankDhofar is one of the fastest growing Banks in the Sultanate of Oman, with a strong presence in Corporate Banking, Consumer Banking, Treasury and Project Finance. The branch network has reached 59 with an extensive ATM network spanning the country. BankDhofar has a reputation of commitment, foresight and solid growth.