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BBK Geojit Securities KSC, a joint venture between Bank of Bahrain and Kuwait (BBK) and Geojit BNP Paribas will soon launch its operations in Kuwait.
It will be the first company in Kuwait to offer NRIs access to Indian capital markets, BBK Chief Executive Abdulkarim Bucheery and Managing Director of Geojit BNP Paribas C.J. George said at a joint press meet.
JZ Associates, Kuwait, is also part of the joint venture, which has received licence from Kuwait’s Ministry of Commerce and Industry (MCCI).
The joint venture will offer NRIs a wide range of services, including equity trading, mutual fund advisory, real estate advisory and PAN card processing facilities.
BBK Geojit Securities will also offer its services to qualified foreign investors as and when regulatory approval is received.
This is the second such partnership involving BBK, one of the largest banks in the Gulf region and Geojit. Earlier, the entity had offered similar facilities in Bahrain.
According to Bucheery, BBK had always nurtured its NRI customer base and valued the long-standing partnership between the Gulf states and India.
‘Great opportunity’
George said that this is a great opportunity to reach out to the over 5 lakh NRI population in Kuwait and offer them exciting investment options in India.
Rahman Saif, Assistant General Manager, Treasury and Investment, BBK and Chairman of the joint venture said “we have started the soft operations, developed various systems, including IT, two months ago. We will be focusing on NRIs to start with, but later extend to Kuwaiti nationals also.”.
Geojit BNP Paribas has an extensive presence in the West Asia region via joint ventures and partnerships.
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