Mumbai, Feb. 8: Geojit today announced the formal change of its name after French financial services major BNP Paribas withdrew its board members from the retail brokerage last year after receiving approval for its acquisition of Sharekhan.
The Kochi-based brokerage, which was till recently known as Geojit PNB Paribas Financial Services, is being renamed as Geojit Financial Services in line with the restated shareholder agreement between Geojit and BNP Paribas.
The French multinational bank will continue to be a prominent shareholder along with Kerala State Industrial Development Corporation (KSIDC) and ace investor Rakesh Jhunjhunwala. The brokerage also unveiled a new logo as part of a rebranding exercise.
Geojit has now 511 offices spread across India and the Gulf countries catering to close to 9 lakh clients and has assets under management (AUM) worth Rs 29,000 crore. It has now targeted to increase the customer base to two million over the next five years.
While C.J. George (founder) personally holds 20 per cent in the company, BNP Paribas owns 34.41 per cent, KSIDC and Jhunjhunwala hold 9 per cent each and the rest is with the public.
BNP Paribas had picked up a little over 34.41 per cent stake in the CJ George-founded company in late 2006 for Rs 207 crore.
"Our new brand identity continues to be a reflection of what we stand for - trust, transparency and technology. We will continue to reach out to newer customers, building on our strengths and give our clients an edge when it comes to advanced trading platforms and incisive research,'' George said.
He added that with an increased focus on research and advisory teams, Geojit will soon be launching new divisions for wealth management and financial planning.
In early January this year, BNP had said the acquisition of Sharekhan does not affect BNP Paribas' commitment towards Geojit.
Affirming that they have no plans to exit its investments in Geojit, BNP Paribas India chief executive and country head Joris Dierckx had said the move to acquire Sharekhan does not represent conflict of interest with Geojit.
"There is enough space for both companies to operate," Dierckx had said.
