BNP Paribas dealing to buy out Indian broking partner

BNP Paribas is negotiating to but out its Indian partner Geojit Financial Services in an institutional broking joint venture.

However, both BNP and Geojit will continue the relationship in the retail broking business,.

Geojit managing director CJ George declined to comment, while BNP was not immediately available for a comment.

BNP Paribas holds 50.1 percent stake in the three year-old joint venture -- BNP Paribas Securities India - while Geojit, in which billionaire Indian investor Rakesh Jhunjhunwala hold a significant stake, controls the remaining stake.

The joint venture, catering to domestic and foreign institutional clients, was set up after the French lender bought a strategic stake in the retail broking business of Geojit Financial Services, which is now Geojit BNP Financial Services.