M&A

M&A

Mirae Asset acquires stock broking co Sharekhan from BNP Paribas for Rs.3,000-Cr

Economic Times  

French financial services major BNP Paribas has sold its India-based retail broking unit Sharekhan to South Korea's Mirae Asset Financial Group for INR 3,000 crore. In 2016, BNP Paribas had acquired Sharekhan from a clutch of private equity firms, including Citi Venture Capital International (CVCi), Baring Asia Private Equity and Samara Capital, for INR 2,100 crore. BNP Paribas had earlier exited the mutual fund and wealth management businesses. Sharekhan, a full-service retail brokerage firm, claims to have 29 lakh customers, with 4,000 outlets across 1000 towns and cities, managing INR 79,000 crore of customer assets.