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French banking major acquires majority stake in Kerala firm
Tuesday, 13 March 2007, 17:30 IST
Kochi: French banking major BNB Paribas acquired majority stake of the Kerala-based firm Geojit Financial Services Ltd.
Geojit's board of directors issued 56.8 million shares and 22.8 million warrants to BNB Paribas, making the latter the biggest shareholder with 27.18 percent stakes.
The company will now be renamed Geojit BNP Paribas Financial Services Ltd though its business will continue to be managed by the current team headed by C.J. George, managing director of Geojit. The share with a face value of Re.1 is now allotted at 
26.
"By joining the global network of BNP Paribas, Geojit will be in a position to serve large number of Indians living outside India, apart from gaining knowledge from BNP Paribas' position as the market leader in online brokerage in continental Europe," said George.
"This additional capital will be utilised for expansion of business in the Middle East, branch expansion in India and strengthening the financial products' distribution division," George added.
Olivier Le Grand, head of BNP Paribas Personal Investors, Paris said, Through this strategic cross-continent partnership, we will capitalise on Geojit BNP Paribas' strong experience in brokerage and asset gathering to accelerate development and generate synergies in fast growing markets.
Geojit, headquartered at Kochi, was the first to introduce Internet trading in the country, along with many other firsts in equity and commodities trading.
With two decades of experience in intermediary services, Geojit has over 400 offices in India. The firm manages 60 billion of assets for a customer base of 250,000 clients.
Geojit has offices in Dubai, Abu Dhabi, Sharjah and Muscat through its joint venture Barjeel Geojit Securities LLC based in Dubai.
Source: IANS
26.
"By joining the global network of BNP Paribas, Geojit will be in a position to serve large number of Indians living outside India, apart from gaining knowledge from BNP Paribas' position as the market leader in online brokerage in continental Europe," said George.
"This additional capital will be utilised for expansion of business in the Middle East, branch expansion in India and strengthening the financial products' distribution division," George added.
Olivier Le Grand, head of BNP Paribas Personal Investors, Paris said, Through this strategic cross-continent partnership, we will capitalise on Geojit BNP Paribas' strong experience in brokerage and asset gathering to accelerate development and generate synergies in fast growing markets.
Geojit, headquartered at Kochi, was the first to introduce Internet trading in the country, along with many other firsts in equity and commodities trading.
With two decades of experience in intermediary services, Geojit has over 400 offices in India. The firm manages 60 billion of assets for a customer base of 250,000 clients.
Geojit has offices in Dubai, Abu Dhabi, Sharjah and Muscat through its joint venture Barjeel Geojit Securities LLC based in Dubai.
Source: IANS