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Our Bureau

Chennai, Nov. 6 The Chennai-based Sundaram Business Services (SBS), the BPO arm of Sundaram Finance Ltd, and BNP Paribas Securities Services (BNP Paribas) have signed a joint-venture agreement to provide securities services in India.

This adds to the existing strategic partnership between the two groups established in 2005.

The new joint venture will be called Sundaram BNP Paribas Securities Services with 51 per cent owned by SBS and 49 per cent owned by BNP Paribas. “We have just initiated the agreement. It will take at least a month to finalise other details, including investment,” Mr P.S. Raghavan, Executive Director, Sundaram Business Services, told Business Line.

Sundaram BNP Paribas Securities Services will be headquartered in Chennai and will be dedicated to providing a full range of services, including fund accounting and transfer agency to both domestic and offshore investors in India.

In addition, BNP Paribas will be the ‘privileged’ provider of banking services to the new entity. Subject to relevant regulatory approvals, the transaction is expected to be completed in the first quarter of 2009, according to an SBS press release.

More Stories on : Alliances & Joint Ventures | Financial Services

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