Geojit allots shares to BNP Paribas

Mumbai, Mar 13 (UNI) After receiving all necessary approvals, the Board of Directors of Geojit Financial Services Ltd today issued 5.68 crore shares and 2.28 crore warrants to BNP Paribas.

With this final step, the French Banking majors has become the largest shareholder in Geojit Financial Services Ltd. The name of the company will be changed to ''Geojit BNP Paribas Financial Services Ltd and the business will continue to be managed by the current team headed by C J George, Managing Director, BNP Paribas.

Commenting on the future of the company, Olivier Le Grand, head of BNP Paribas Personal Investors, Paris said, With this strategic cross-continent partnership, we will capitalize on Geojit BNP Paribas strong experience in brokearge and asset gathering to accelerate development and generate synergies in fast growing markets. By joining the global network of BNP Paribas, Geojit will be in a position to serve large number of Indians who live outside India in different parts of the world, apart from gaining knowledge from BNP Paribas position as the market leader in online brokerage in continental Europe.

Meanwhile, C J George also stated ''This additional capital will be utilized for expansion of business in the Middle East, branch expansion in India and strengthening the financial products distribution division.

''Geojit BNP Paribas'' will be able to combine the expanding branch network, technology and management capabilities with the brand image, international experience and product profile of BNP Paribas.

This oldest foreign bank in India is the 17th largest company in the world with Euro 27.9 billion revenue for 2006. This joint venture company targets 10 per cent market share in the Saudi domestic market with 15 branches in a medium term view, he added.

UNI