Mirae Asset Financial Group of South Korea has acquired Sharekhan, the Indian retail brokerage unit of BNP Paribas, in a deal worth 487 billion won ($370.11 million).
The deal marks Mirae Asset’s entry into the Indian financial services market and BNP Paribas’ effort to steer away from retail business operations in India.
Established by Shripal Morakhia in 2000, Sharekhan played a pioneering role in India’s online broking sector, solidifying its status as one of the leading retail brokerage firms in the nation. To note it’s achievement; it has a client base of 29 lakh and 4000+ business partners, however Sharekhan has undergone ownership changes over the years.
BNP Paribas’ ongoing divestment is a part of its broader strategy to shift focus away from retail business activities in India and prioritize its banking operations.
An official statement from Mirae Asset expresses the opportunity created by the acquisition of Sharekhan: ” Mirae Asset now has a chance to establish a strong footing in the Indian stock market with its takeover of Sharekhan”. The deal comes at a time when the Indian stock market is seeing very high retail participation, with equities trading at all-time highs.
