Geojit BNP Paribas Financial Services India has formed a new Joint Venture with Bank of Bahrain and Kuwait (BBK) and Kuwait-based JZ Associates LLC.
The new entity, BBK Geojit Securities KSC, would be headquartered in Kuwait and will meet the needs of NRI population in accessing Indian capital markets.
It will initially start operations with two offices and would offer various services, including brokerage services, depository services and mutual funds of Indian stock markets, Geojit said in a statement issued here.
Kuwait, with over 600,000 NRI population, is expected to be a lucrative market for the new venture and plans are afoot to increase its presence to six offices, the release added.
BBK CEO Abdulkarim Bucheery said BBK has completed 25 years of banking in India predominantly serving the NRI's from the GCC countries.
The NRI services desk of the bank at Bahrain has been offering services relating to the Indian stock market to expats from the region with the support of Geojit BNPP, he added.
Geojit BNP Paribas Financial Services managing director CJ George said the company has been expanding it's footprint in GCC countries over the last decade.
This Joint Venture in Kuwait with BBK is the latest step in its efforts to provide savings and investment services relating to Indian Stock Market to NRIs in Kuwait who presently do not enjoy any such facility, he added.
Jassem Hassan Zainal of JZ Associates LLC, a leading Financial Consulting firm in Kuwait, said BBK NRI Services at Kuwait has a long presence in Kuwait, offering a wide range of banking products to expats.
