Geojit Financial Services Ltd., one of the Indian broking firms, becomes Geojit BNP Paribas. The 500 Geojit offices in India will change their name and now bear the colours of BNP Paribas.
BNP Paribas is the largest shareholder of Geojit Financial Services, Indian retail stock broker following the open offer that has been finalised in February 2009. Consequently, Geojit is now renamed as Geojit BNP Paribas Financial Services Ltd.
Established in 1987 and located in Kochi (Kerala State), Geojit BNP Paribas is a retail brokerage firm and a distributor of financial savings products. It is listed in India on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
With more than 450,000 clients, Geojit BNP Paribas offers a clientele of private investors, brokerage services for equities, derivatives as well as financial savings products (funds, life insurance, scheduled saving plans) through multiple channels: the Internet, telephone and a network of 500 offices spread across India, bearing BNP Paribas colours now.
Geojit BNP Paribas also operates in the United Arab Emirates, through its joint venture Barjeel Geojit Securities, and in Saudi Arabia via Aloula Geojit Brokerage Company. A partnership agreement with Bank of Bahrain and Kuwait has also been signed.
BNP Paribas Personal Investors, a BNP Paribas business line, was created in 2007 during the initial equity acquisition of BNP Paribas in Geojit. This business line offers financial advice and investment services to a high net worth clientele across Europe and in emerging countries with a high potential through several distribution channels (online, telephone, face to face).
Within the Investment Solutions division, BNP Paribas Personal Investors regroups Cortal Consors, the European broker in personal investing and online trading with a presence in five European countries, B*capital, a stock brokerage firm and Geojit BNP Paribas.
Based on Geojit BNP Paribas strong experience in capital markets, BNP Paribas Securities India Private Limited the joint venture between BNP Paribas S.A. and Geojit Financial Services was created exclusively for domestic and foreign institutional clients.
By partnering with BNP Paribas, Geojit will further extend the reach of its services to the growing population of non-resident Indians, says C J George, CEO, Geojit BNP Paribas. We will benefit from the groups expertise in technology, customer relations, tools, etc. Geojit BNP Paribas will also take advantage of the expertise of BNP Paribas Personal Investors as a leading online broker in Europe, to rapidly develop its online trading business and the marketing of mutual funds and life insurance.
This increase in equity stake by BNP Paribas will also help us to strengthen our branch network in India and to make investments in our Middle Eastern joint ventures.
India is a very important country for BNP Paribas, says Olivier Le Grand, head of BNP Paribas Personal Investors. Beyond the crises, it will establish itself as an economic giant of the 21st century, and we are proud to be in a position to combine our name with Geojit, one of the most successful retail stock brokerage firms in India.
Many synergies have already been implemented between our two companies. We are convinced that the association of these two names will accelerate the development of Geojit BNP Paribas.
L.D.