French bank BNP Paribas has announced that an agreement has been reached with the company’s shareholders for BNP Paribas SA to acquire 100 percent of independent retail brokerage firm Sharekhan.
Based in Mumbai, Sharekhan, the leading independent retail brokerage firm in India, offers broking solutions across all asset classes to more than 1.2 million private clients. Sharekhan will join BNP Paribas’ Personal Investors division, which is a key player in retail brokerage and digital banking services with 1.7 million clients in Europe.
With 7 percent market share in terms of number of accounts, Sharekhan is ranked the 1st independent and 3rd retail brokerage firm in India. Internet focused since its creation in 2000, it is today one of the most recognised online brands in India and has been profitable over the last twelve years.
Joris Dierckx, Country Head of BNP Paribas India stated, “We are very pleased to welcome all Sharekhan staff and clients into our group. 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. 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.”
BNP Paribas has been present in India for over 150 years establishing a presence in India in 1860 and offers solutions to its clients through its Corporate and Institutional Banking and International Financial Services activities.
The completion of the transaction is subject to regulatory approvals.
