‘BNP Paribas looks to buy out Geojit’

BNP Paribas is in advanced talks to buy out its Indian partner Geojit Financial Services.

French lender BNP Paribas is in advanced talks to buy out its Indian partner Geojit Financial Services in an institutional broking joint venture,two sources with direct knowledge of the matter said on Saturday.

Earlier in the day,a leading newspaper reported about the potential transaction.

We are in talks and in pretty advanced stages. An announcement (is) likely in two to three weeks,one of the sources told Reuters.

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However,both BNP and Geojit will continue the relationship in the retail broking business,said the sources,who declined to be named as they are not authorised to speak to the media.

Geojit managing director CJ George declined to comment,while BNP was not immediately available for a comment.

BNP Paribas holds 50.1 percent stake in the three year-old joint venture — BNP Paribas Securities India – while Geojit,in which billionaire Indian investor Rakesh Jhunjhunwala hold a significant stake,controls the remaining stake.

The joint venture,catering to domestic and foreign institutional clients,was set up after the French lender bought a strategic stake in the retail broking business of Geojit Financial Services,which is now Geojit BNP Financial Services.

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