BNP Paribas exits board of Geojit Financial Services

MUMBAI, FEB 8:
Geojit BNP Paribas Financial Services has announced the exit of Paris-based BNP Paribas from the board following the latter’s 100 per cent acquisition in stock broking firm Sharekhan in November. However, BNP will remain in the company as a financial investor, AP Kurian, Chairman of the company, said in a press conference here.

As a result of BNP’s exit as its business partner, Geojit has renamed itself as Geojit Financial Services and also changed its logo. The company has already taken required approvals for the change. On being asked whether the company plans to buy back BNP’s stake or look for a new tie-up, C J George, Managing Director, denied comment on any such plans.

As on December 31, BNP held 32.59 per cent stake in the company. BNP became the single largest shareholder in the company when it acquired 27.18 per cent stake in the company in 2007.

Plans to double customer base

Geojit Financial Services plans to double its customer base in the next five years by hiring about 1,000 people and building on technology rather than opening new branches. The company currently has 511 offices spread across the country and the Gulf nations, catering to over 8.5 lakh retail clients.

Of the total clients, 75,000 are overseas clients, including 50,000 from the United Arab Emirates. C J George, Managing Director, said the ratio of domestic to overseas clients would remain the same after doubling the customer base.

The company plans to position itself as a one-stop shop for wealth creation by providing a gamut of services such as research, investment advisory, financial planning and retirement planning. Geojit will soon be launching new divisions for wealth management and financial planning.

 

Source: TheHinduBusinessLine

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