BBK-Geojit Securities form JV in Kuwait
Kochi: BBK Geojit Securities KSC, a Joint Venture between Bank of Bahrain and Kuwait (BBK) and Geojit BNP Paribas would soon launch its operations in Kuwait.
It will be the first company in Kuwait to offer NRIs access to Indian Capital markets, BBK Chief Executive Abdulkarim Bucheery and Managing Director of Geojit BNP Paribas C J George told a joint press meet here last night.
JZ Associates, Kuwait, is also part of the JV, which has received licence from Kuwait's Ministry of Commerce and Industry (MCCI).
The JV will offer NRIs a wide range of services, including equity trading, mutual fund advisory, real estate advisory and PAN card processing facilities.
BBK Geojit security will also offer its services to Qualified Foreign Investors (QFI) as and when regulatory approval is received.
This is the second such partnership involving BBK, one of the largest banks in the Gulf region and Geojit. Earlier, the entity had offered similar facilities in Bahrain.
Bucheery said BBK had always nurtured its NRI customer base and valued the long standing partnership between the Gulf states and India.
George said this is a great opportunity to reach out to the over 500,000 NRI population in Kuwait and offer them exciting investment options in India.
Dr A Rahman Saif, Assistant General Manager, Treasury and Investment, BBK and chairman of the JV said, "We have started the soft operations, developed various systems, including IT, two months ago. We will be focusing on NRIs to start with, but later extend to Kuwaiti nationals also', he said.
On the quantum of business they were targeting in the first year, Saif said they hoped to capture a good business traffic. George said they were hopeful that the company would do well in the first year of its operations.
Geojit BNP Paribas has an extensive presence in the Middle East region via JVs and partnerships.