Kochi, Aug 8 (IANS) Geojit BNP Paribas Financial Services Ltd Monday announced a joint venture with Bank of Bahrain and Kuwait (BBK) and Kuwait-based JZ Associates LLC to serve NRIs wanting to access the Indian capital markets.
The new entity, BBK Geojit Securities KSC, will be headquartered in Kuwait City.
Kuwait, with over half a million NRI population, is expected to be a lucrative market for the new venture and plans are afoot to increase its presence to six offices.
Geojit BNP Paribas Financial Services Ltd manging director C.J. George said they have been expanding their footprint in Gulf Cooperation Council (GCC) countries over the last decade, and the new venture is in line with its overall strategy of ramping up its presence in the Middle East.
"This JV in Kuwait with BBK is the latest step in our efforts to provide savings and investment services relating to the Indian stock market to NRIs in Kuwait who presently do not enjoy any such facility," he said.
Abdulkarim Bucheery, CEO of BBK, said they have by now completed 25 years of banking in India predominantly serving the NRIs from the Middle East countries.
"Encouraged by the good response and to further enhance the level of these activities, BBK has taken initiative to forge a partnership with India's leading financial services company, Geojit BNP Paribas Financial Services Ltd along with JZ Associates LLC of Kuwait," he said