BNP Paribas Securities Services is to set up a back office processing joint venture in India with Sundaram Business Services, the business process outsourcing arm of financial conglomerate Sundaram Finance.
The Sundaram BNP Paribas Securities Services joint venture will be 49% owned by the French bank and 51% owned by SBS.
The business will be headquartered in Chennai and will provide fund accounting and transfer agency services to both domestic and off-shore investors in India. BNP Paribas will additionally provide banking facilities to the new entity.
The transaction is expected to be completed in the first quarter of 2009.
The latest initiative follows the establishment in 2005 of a similar partnership between the two to provide asset management and housing finance services with the Sundaram Group.