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| Exchange Disseminated Time | Sundaram Finance Ltd has informed BSE that the Company's Subsidiary Company, Sundaram Business Services Ltd, have signed a joint venture agreement with BNP Paribas Securities Services, France, to provide security services in India. In this regard the Company has issued a Press Release dated November 06, 2008 titled "Sundaram Business Services announces JV in India with BNP Paribas Securities Services, Paris"
Press Release :
"Chennai headquartered Sundaram Business Services (SBS), the BPO arm of Sundaram Finance Ltd., and BNP Paribas Securities Services (BNP Paribas) have announced that they have signed a joint-venture agreement to provide securities services in India. The new joint-venture will be called Sundaram BNP Paribas Securities Services.
The joint venture, which is 51 per cent owned by SBS and 49 per cent owned by BNP Paribas, adds to the existing strategic partnership between the two groups established in 2005. This securities services joint-venture brings together BNP Paribas’ global expertise, knowledge and technology with SBS's local expertise and knowledge.
Sundaram BNP Paribas Securities Services will be headquartered in Chennai and will be dedicated to providing a full range of services, including fund accounting and transfer agency to both domestic and off-shore investors in India In addition, BNP Paribas will be the privileged provider of banking services to the new entity, further strengthening the offer. Subject to relevant regulatory approvals, the transaction is expected to be completed in the first quarter of 2009.
BNP Paribas is well-positioned to become one of the key players in the fast-expanding Indian asset servicing market and is committed to its expansion into new markets and ensuring its clients have access to high quality services worldwide This is another step in the Bank’s strategy to have a presence in all major Asian markets, thereby completing the global operating model with on-the-ground presence in the US, Europe and Asia The BNP Paribas Group views the Indian. market as one of the most exciting and rapidly developing markets in the world with substantial growth potential.
SBS is the business process outsourcing ('BPO') arm of Sundaram Finance, engaged in providing transaction processing services primarily to the financial services industry SBS, which has around 2000 employees in India, provides accounting services, auto & consumer loans, deposits and insurance related processing, accounts payable and payroll processing services. SBS has a strong presence in the domestic BPO market in the banking, financial services and insurance verticals.
On the overseas front, SBS has, in the last few years, established a strong client base in Australia, where it provides back office support in the areas of accounting and compliance and administration of self-managed superannuation funds In addition to continuing to focus on the Australian BPO market, SBS is also expanding its presence in the UK, Singapore and the Middle East." |
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