Indian online retail broking major Sharekhan will soon be a part of European banking major BNP Paribas.
It is being reported that Sharekahn has been purchased for about Rs 2,200 crores.
Once the deal is completed, this will be the Paris-headquartered BNP Paribas' second major investment in the Indian broking space.
It already holds a 34 percent stake in Kochi-based Geojit BNP Paribas Financial Services.
Sharekhan has about 12 lakh customers. Geojit BNP Paribas Financial Services is about 7.5 lakh.
In India, BNP Paribas offers corporate, retail, investment banking and wealth management.
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In a statement, Joris Dierckx, India chief, BNP Paribas, said, "The buyout of 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."
He added, "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.
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