BNP Paribas to buy stake in Indian firm
BNP Paribas, France’s biggest bank by market value, has agreed to buy a 33 per cent stake in Indian broking firm Geojit Financial Services Ltd for 2.07 billion rupees, a source close to the deal said on Monday.
"We have closed the deal and are awaiting regulatory approvals," said the source, who did not want to be identified.
The deal is BNP’s second major Indian investment. It bought a 49.9 per cent stake in mutual fund firm Sundaram Asset Management in October 2005.
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