Mumbai: Global banking major BNP Paribas has completed the acquisition of domestic retail brokerage firm Sharekhan, a move that will help it to expand presence in broking space in the country.
As a subsidiary of BNP Paribas, Sharekhan will be a part of the banking giant's digital banking and investment services business -- Personal Investors. This business segment of the bank caters to 2.9 million individual customers across India, Germany, Austria and Spain.
BNP Paribas is estimated to have acquired Sharekhan for Rs 2,000 crore.
"We have completed the acquisition of Sharekhan, first announced in July 2015," BNP Paribas said in a statement today.
"The transaction has now been finalised after having received approvals from all relevant regulatory authorities," it added.
Sharekhan director Jaideep Arora will takeover as the chief executive of the brokerage with immediate effect.
Tarun Shah, CEO and Director of Sharekhan, has announced his retirement.
Sharekhan is an independent retail brokerage firm in India and offers broking solutions across all asset classes to more than 1.4 million clients via internet and digital solutions.
"With the completion of this acquisition, we are pleased to welcome colleagues and clients of Sharekhan into the BNP Paribas Group," BNP Paribas Global Head (personal investors) Beatrice Cossa Dumurgier said.
"Building on Sharekhan's position of leadership, we will work towards making Sharekhan the preferred savings and investment partner for individual customers in India," Dumurgier added.