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BNP Paribas to buy brokerage Sharekhan

"Sharekhan will serve as a platform for the Group's strategy in India to offer a comprehensive range of products," Joris Dierckx, country head of BNP Paribas, said in a statement.

BNP Paribas has agreed to buy brokerage Sharekhan for an undisclosed sum as France's biggest bank looks to beef up its retail broking operations in India, taking advantage of a surge in retail investments into stocks.

"Sharekhan will serve as a platform for the Group's strategy in India to offer a comprehensive range of products," Joris Dierckx, country head of BNP Paribas, said in a statement.

Mumbai-based Sharekhan, which started operations in 2000, is one of the largest retail broking shops in India and serves about 1.2 million clients.

(Reuters)