Mumbai: BNP ParibasBSE 0.84 % S.A on Thursday said it has completed the acquisition of retail brokerage firm Sharekhan after receiving approvals from all relevant regulatory authorities.
The Foreign Investment Promotion Board, which had rejected BNP Paribas’ proposal to buy Sharekhan in June this year, had approved it later in October. The transaction was first announced in July 2015.
With this, the Mumbai-based brokerage Sharekhan has become a subsidiary of BNP Paribas and will join Personal Investors-BNP Paribas’ business line dedicated to digital banking and investment services that serves 29 lakh individual customers across India, Germany, Austria and Spain, the company said in a release.
BNP Paribas also said that Sharekhan’s CEO Tarun Shah has announced his retirement. Jaideep Arora, who is a director at Sharekhan and has been with the brokerage since its founding in 2000, will replace Shah as CEO with immediate effect.
“Sharekhan will serve as a platform for the Group’s strategy in India to offer a comprehensive range of products from pure brokerage to asset-based investment services including mutual funds and savings products. The purchase of Sharekhan is a unique opportunity for us to build on our achievements in the Indian market and to further expand our business in India,” BNP Paribas had said while announcing the acquisition in July 2015.
Before acquiring Sharekhan, BNP Paribas in 2007 had picked up a 34% stake in Kochi-based GeojitBSE 0.84 % Securities.
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Source: Economic Times
