French lender BNP Paribas is negotiating to buy out its Indian partner Geojit Financial Services from their institutional broking joint venture (JV) BNP Paribas Securities India, Times of India reports. BNP Paribas owns 50.1 percent interest in the three year-old JV, with the remaining stake held by Geojit.
BNP and Geojit are working out the terms and financial details of the deal that will see the French banking conglomerate buy the entire equity of the unlisted venture. BNP Paribas Securities India has faced difficulties in raising business revenue and has been experiencing growing competition and falling volumes, along with declining brokerage commission due to better use of technology.
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