French financial powerhosue BNP Paribas yesterday said it will invest 70 mn euros more into just acquired retail broking firm Sharekhan over the next five years.
“With this ambitious strategy and significant investments in technology as well as in building an exciting brand, we will make Sharekhan by BNP Paribas one of the preferred savings and investment partners for retail investors in India. A strong digital-led approach will be at the core of the strategy, as it is in all retail activities of BNP Paribas across the world,” said Thierry Laborde, member of the Group Executive Committee of BNP Paribas S.A. At an event in Mumbai to announce their growth strategy and unveil the new logo of the company.
Sharekhan, the largest standalone retail brokerage in the country, and the third largest in terms of customer base after ICICI Direct and HDFC Securities, was acquired by BNP Paribas late Novmebr. It is now a subsidiary of the global banking giant's digital banking and investment services business - Personal Investors.
Following the acquisition of Sharekhan by BNP Paribas, the company has planned 15-20 mn Euros investments in digital technology which will drive the brand to become one of the preferred savings and investment partners in India. The company which currently has 1.4 mn users plans to double its base by 2020. As part of its `Vision 2020', Sharekhan by BNP Paribas is also targeting to be among the top 15 MF distributors in the country with Rs 20,000 crore in assets under management.
Sharekhan by BNP Paribas will make significant investments in technology, especially digital, which together with a more customer centric approach, will create unique customer journeys allowing investors access to a variety of savings and investment products.
“The current macro environment in India offers a new wave of digital opportunity. We will leverage it to fundamentally change how people in India save and invest. Sharekhan by BNP Paribas will offer a comprehensive range of products from pure brokerage to asset based investment services including mutual funds and savings products backed by best-in-class research and investor education,” said Jaideep Arora, CEO of Sharekhan by BNP Paribas. “We plan to launch a new website, mobile app, Trading platform, Investing platform, Education and New age advisory, he added.