Chennai based Sundaram Business Services (SBS) the BPO arm of Sundaram Finance today signed a memorandum of understanding with BNP Paribas Securities Services, Paris to provide security services in the country. 

The new joint-venture would be called 'Sundaram BNP Paribas Securities Services'.  SBS would hold 51% stake while the remaining would be with BNP Paribas, a company release here said. 

The new company would be based in Chennai and it would provide services like inclusion of fund accounting and transfer, to both domestic and off-shore investors in India. 

The BNP Paribas group views the Indian market as a 'rapidly developing markets with growth potential', it said. 

SBS has been engaged in providing transaction processing services catering to the financial services industry.

It provides accounting services, auto and consumer loans, deposits and insurance related processing. 

The company is also expanding its presence in the United Kingdom, Singapore and the Middle East, the release added.

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