London, April 23 (Inditop) Leading Kerala-based retail stockbroking firm Geojit Financial Services Ltd was Thursday renamed Geojit BNP Paribas.
BNP Paribas, the Paris-based banking group said it has become the largest shareholder of Geojit Financial Services, and that all 500 Geojit offices in India will change their name and bear the colours of BNP Paribas.
Olivier Le Grand, head of BNP Paribas Personal Investors, said: “India is a very important country for BNP Paribas.
“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.”
Geojit BNP Paribas CEO C.J. George said BNP Paribas, which has invested Rs.300 crore in Geojit Financial, will help the company “further extend the reach of its services to the growing population of non-resident Indians.”
“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,” he added.
Established in 1987 and located in Kochi, Geojit BNP Paribas has more than 450,000 clients and offers brokerage services for equities, derivatives and financial savings products (funds, life insurance, scheduled saving plans).
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.
BNP Paribas has been operating in India since 1860 in the areas of investment banking and private banking, life insurance, asset management, infrastructure funding, retail financing, car hire, institutional broking and securities services.