French global financial services group Banque Nationale de Paris (BNP) Paribas to acquire retail brokerage firm Sharekhan at about 2,000 crore rupees.
BNP Paribas a key player in retail brokerage and digital banking services that have over 1.7 million patrons in Europe is one of the largest bank in the world. This acquisition would help BNP Paribas to expand its footprint in India.
Sharekhan India’s second largest stock broker portal for online trading and stock marketing has over 575 branches in India. It accounts seven per cent market share in online trading market of India with 1.2 million clients.
Henceforth Sharekhan will participate in service like brokerage, asset-based investment services, mutual funds and savings products.
Sharekhan incorporated in 1995, was formerly known as SSKI Investor Services. It started offering broking services to non-institutional clients in 2000. The Mauritius equity firm Baring Private Equity Asia IV holds 12 per cent stake in Sharekhan.
About BNP Paribas:
BNP and Paribas initially were two separate French banks which were incorporated in 1848 and 1872 respectively, and came together in 2000 forming as a world’s third largest bank. Its presence in India is since 1860, established its first branch in Kolkata and is second oldest bank in India after SBI (1806) and now expanded to prominent cities of India.