Thiruvananthapuram, Sep 21 (IANS): Geojit BNP Paribas has formed a new joint venture in Oman with the Qurum Business Group (QBG) and National Securities Co, a leading Omani brokerage company.
Part of a slew of initiatives in the Gulf region, the agreement was signed by Geojit BNP Paribas managing director C.J. George and QBG vice-chairman and president Abdul Aziz Al Hosni.
QBG Geojit Financial Services, as the new entity will be called, will start this year-end.
Al Hosni said the JV was perfect for the fast-growing securities market in Oman. "We are honoured with this arrangement," he added.
It is expected to reach out to the growing expatriate Indian population by offering them an opportunity to tap into the Indian capital market.
It will also be involved in the marketing and distribution of foreign securities in Oman -- to Omani individuals, institutions and expatriates based in the country.
George said the entry to Oman was strategically compelling and would generate an attractive synergy and value to existing customers, besides bringing in new customers.
"The combination of QBG, National Securities and Geojit will deliver strong value to the local Omanis and the Indian expats," George said.
Geojit BNP Paribas would be the key operating partner in the venture, while the Omani partners would be providing local insight and critical knowledge of the operating environment.
Geojit BNP Paribas Financial Services is one of the leading retail stock brokers in India, with a strong presence in the Gulf countries.
It has more than 605,000 clients, a network of over 565 offices and manages assets worth over Rs.12,650 crore. BNP Paribas is its main shareholder.
Geojit BNP Paribas operates in Bahrain and in Oman.
Its JV with the Al Saud group, Barjeel Geojit Securities, is headquartered in Dubai in the United Arab Emirates -- with branches in Abu Dhabi, Ras Al Khaimah, Al Ain, Sharjah and Muscat.
Aloula Geojit Brokerage Co., the joint venture with the Al Johar group in Saudi Arabia, is headquartered in Riyadh with branches in Dammam and Jeddah.
BNP Paribas Securities India Private Limited is the company's joint venture with BNP Paribas for institutional brokerage.