South Korea's Mirae Asset to buy BNP Paribas' Indian brokerage unit for $370 mln

Mirae Asset Securities

12/12/2023 04:18

BENGALURU, Dec 12 (Reuters) - South Korea's Mirae Asset
Securities  006800.KS  on Tuesday said it would acquire French
bank BNP Paribas'  BNPP.PA  Indian retail brokerage unit,
Sharekhan, in a 487 billion won ($370.11 million) deal.
    Mirae Asset, an investment banking and stock brokerage firm,
is acquiring a 72.76% stake in Sharekhan for around 288 billion
won from BNP Paribas, exchange filings showed.
    Separately, it would also be acquiring a 99.9% stake in
India's Human Value Developers for around 199 billion won,
according to an exchange filing. Human Value Developers owns a
27.24% stake in Sharekhan.
    The deal comes at a time when the Indian stock market is
seeing very high retail participation, with equities trading at
all-time highs.
    BNP Paribas said in a statement it intended to sell its
entire stake in Sharekhan Group to Mirae, without giving further
details.
    The deal "seeks to pursue Indian business growth by
acquiring a local brokerage in light of the structural long-term
growth potential of the Indian securities industry", the filings
said.
     BNP in 2015 agreed to buy Sharekhan for an undisclosed sum.

($1 = 1,315.8100 won)

 (Reporting by Sethuraman NR in Bengaluru and Hyunsu Yim in
Seoul)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))