BNP Paribas and Sundaram Finance Team Up For Asset Management Venture In India

BNP Paribas Asset Management and Sundaram Finance Ltd., a retail financial service provider, have reached an agreement regarding a strategic partnership in asset management in India, whereby BNP will buy a 49.9% stake in Sundaram Asset Management Company Ltd., a

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BNP Paribas Asset Management and Sundaram Finance Ltd., a retail financial service provider, have reached an agreement regarding a strategic partnership in asset management in India, whereby BNP will buy a 49.9% stake in Sundaram Asset Management Company Ltd., a wholly-owned subsidiary of Sundaram Finance Ltd.

The partnership will be named Sundaram BNP Paribas Asset Management Company Limited.

“The joint venture will combine the strength of the Sundaram Finance brand, the national retail reach and investment management skills of SAMCL with the international product expertise and global network of BNP Paribas AM, said S. Viji, chairman of SFL.

“We believe that the Indian market is one of the most exciting and rapidly developing markets in the world; it has already shown substantial growth and has potential for much more,” said Gilles Glicenstein, chairman of BNP Paribas AM.

Regulatory approvals governing the transaction are expected to be hammered out in the first quarter of 2006

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