Sundaram Finance (SFL) has said that it will acquire from BNP Paribas, the 49.90% share holding of the latter, in both Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company, subject to necessary agreements and regulatory approvals.
Pursuant to the acquisition, these two companies will become 100% subsidiaries of SFL.
As part of the global acquisition, BNP Paribas acquired the banking, financial and
insurance activities of the Fortis Group, which resulted in its indirectly acquiring interests in Fortis Investment Management India and Fortis Trustee India, the AMC and Trustee Company respectively of Fortis Mutual Fund in India.
In view of the above, SFL and BNP Paribas have amicably agreed to proceed with the disengagement from their joint ventures in relation to the asset management business in India, and for SFL to acquire the interests of BNP Paribas therein.
According to SFL, there will be no impact on the other three joint ventures namely, Sundaram BNP Paribas Home Finance, Sundaram BNP Paribas Fund Services, and BNP Paribas Sundaram Global Securities Operations.