Following the acquisition by BNP Paribas, significant investments in digital technology will drive the brand to become one of the preferred savings and investment partners in India
Chandigarh, January 10, 2017: Sharekhan by BNP Paribas will make significant investments in technology, especially digital, which together with a more customer centric approach, will create unique customer journeys allowing investors access to a variety of savings and investment products including, equities and derivatives but also mutual funds. With this, Sharekhan by BNP Paribas aims to double its customer base from the current 1.4 million in five years while also aiming to be among the top 15 mutual fund distributors in the country with Rs. 20,000 crore in mutual fund assets under management.
Thierry Laborde, member of the Group Executive Committee of BNP Paribas S.A., said, “With this ambitious strategy and significant investments in technology as well as in building an exciting brand, we will make Sharekhan by BNP Paribas one of the preferred savings and investment partners for retail investors in India. A strong digital-led approach will be at the core of the strategy, as it is in all retail activities of BNP Paribas across the world.”
Joris Dierckx, CEO and Country Head for BNP Paribas India, said, “The BNP Paribas Group remains committed to the development of our business in India, both in wholesale banking as well as in retail financial services, where we have an asset management business and joint ventures in insurance and home finance. Sharekhan by BNP Paribas is a significant step for the Group in India and we expect that its strong network will be the backbone for the distribution of savings and investment products.”
Jaideep Arora, CEO of Sharekhan by BNP Paribas, said, “Sharekhan was a pioneer in online retail broking and successfully leveraged the first wave of the digital opportunity when electronic trading was introduced on the stock exchanges. Building on this strong foundation, we are now entering a new phase of growth. The current macro environment in India offers a new wave of digital opportunity. We will leverage it to fundamentally change how people in India save and invest. Sharekhan by BNP Paribas will offer a comprehensive range of products from pure brokerage to asset based investment services including mutual funds and savings products backed by best-in-class research and investor education.”
Sharekhan by BNP Paribas became a 100% subsidiary of BNP Paribas S.A in November 2016. Sharekhan will join Personal Investors, BNP Paribas’ business line dedicated to digital banking and investment services that serves 2.9 million individual customers across four geographies: India, Germany, Austria and Spain.