Sundaram Finance has decided to sell its entire stake in BNP Paribas Sundaram Global Securities Operations Pvt Ltd to BNP Paribas Securities Services.
The company has informed the BSE that its board of directors decided to sell the company’s 49 per cent stake of 36.48 lakh shares of ₹10 each for ₹44.29 crore to its joint venture partner.
BNP Paribas is a leader in banking and financial services in Europe and BNP Paribas Sundaram Global Securities Operations is one of the three international operations centres of BNP Paribas Securities Services.
It provides services to the Asia-Pacific clients of BNP Paribas Securities Services, as well as some “follow-the-sun” activities for its European clients. The other operations centres are located in Paris and Lisbon.