Chennai-based SBS inks joint venture agreement with BNP Paribas Securities Services

Submitted by Ketan Sharma on Fri, 11/07/2008 - 04:51

Chennai-based Sundaram Business Services (SBS) the BPO subsidiary of Sundaram Finance has announced that it has clinched a joint-venture pact with Paris-based BNP Paribas Securities Services to offer security services in the country.   
 
According to the sources, in the new joint-venture Sundaram BNP Paribas Securities Services, SBS would hold 51 percent stake while the remaining 49 percent would be with BNP Paribas.

Paris- based BNP Paribas Securities Services is a subsidiary of BNP Paribas.

To be headquartered in Chennai, Sundaram BNP Paribas Securities Services will cater to both domestic and off-shore investors in India by offering fund accounting and transfer agency services.

 According to the reports, the new joint venture is expected to commence operations in the first quarter of fiscal 2009.

The major activity of SBS is to offer accounting services, auto and consumer loans, deposits and insurance related processing services.

The reports further revealed that the conglomerate is also expanding its footprints in the United Kingdom, Singapore and the Middle East.

Sundaram Finance is one of the largest retail financial services players in India.


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