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Mirae Asset acquires BNP Paribas’ Sharekhan for Rs 3,000 crore: Report

Mirae Asset acquires BNP Paribas’ Sharekhan for Rs 3,000 crore: Report

BNP Paribas wants to focus on the banking business mainly and had, earlier too, exited the mutual fund and wealth management businesses.

Business Today Desk
Business Today Desk
  • Updated Dec 12, 2023 9:09 AM IST
Mirae Asset acquires BNP Paribas’ Sharekhan for Rs 3,000 crore: ReportSharekhan broking unit sold to Mirae Asset for Rs 3,000 crore
SUMMARY
  • BNP Paribas sells it broking unit Sharekhan to Mirae Asset for Rs 3,000 crore
  • The deal has reportedly been signed and will be filed in the Korean stock exchange
  • BNP Paribas wants to focus primarily on its banking business

French financial services company BNP Paribas has sold its retail broking unit Sharekhan for Rs 3,000 crore to South Korea’s Mirae Asset Financial Group. The deal has reportedly been signed already and soon will be filed at the Korean stock exchange. 

As reported in The Economic Times, BNP Paribas wants to focus on the banking business mainly and had, earlier too, exited the mutual fund and wealth management businesses. 

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BNP Paribas had acquired Sharekhan from a group of private equity firms including Citi Venture Capital International (CVCi), Baring Asia Private Equity and Samara Capital, for Rs 2,100 crore.

Sharekhan, founded by Shripal Morakhia in 2000, was one of the earliest brokers to introduce online trading in India. It currently has a client base of 29 lakh, and over 4000 business partners. 

The broking unit, that has changed a few hands in the past couple of years, has 4,800 employees, present over 4,000 outlets, and customer assets of Rs 83,000 crore, as of November 10. 

The BNP Paribas Group was also formed in 2000, after a merger of Paribas Investment Bank and France’s leading bank, BNP (Banque Nationale de Paris). BNP has an AUM of $565 billion globally and has 22 branches in India with Rs 1.5 lakh crore AUM. 

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Also read: Reliance Jio raising $2 billion; BNP Paribas lead arranger of initiative: Report

Published on: Dec 12, 2023 9:08 AM IST
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