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Geojit BNP Paribas to sell stake in institutional broking JV

French financial services firm BNP Paribas has agreed to acquire Geojit BNP Paribas Financial Services' entire stake in a joint venture company for INR405m.

BNP Paribas Group will acquire the stake and subsequently will own 100% of BNP Paribas Securities India, which is in the institutional broking business, to ensure business continuity.

The company said the transaction does not change BNP’s 33.5% holding in Geojit BNP Paribas Financial Services.

The transaction is subject to regulatory approval and the signing of the necessary agreements between the two parties.

Geojit BNP Paribas is a retail financial services company in India with a presence in the Middle East.

BNP Paribas operates various subsidiaries, including BNP Paribas Canada, BNP Paribas Espana and Parilease, among others.