French bank BNP Paribas has announced that it is planning to invest significantly in its most recent acquisition in India, brokerage firm Sharekhan.
According to a top bank official, the spends could be around €70 million (over Rs 500 crore) by FY20.
“Sharekhan is planning to invest €70 million till FY20, out of which €15 million to €20 million would be spent on digital alone, in order to ensure a new website and a new mobile interface,” member of the group executive committee of BNP Paribas Thierry Laborde said.
“Our aim is to be the second biggest player in the retail brokerage space,” Laborde added.
Sharekhan is currently the third largest player in the retail brokerage space after ICICI Direct and HDFC Securities.
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