Aloula Geojit Brokerage gets licence in Saudi Arabia

February 3rd, 2010 - 5:16 pm ICT by IANS  

Kochi, Feb 3 (IANS) Aloula Geojit Brokerage Co, a joint venture between Indian retail financial services provider Geojit BNP Paribas and the Al Johar group of Saudi Arabia, has been given additional licence in Saudi Arabia.
The additional licence is for underwriting, asset management, advisory and custody services in the securities business, said Geojit BNP Paribas managing director C.J. George in a statement issued here Wednesday.

Added Aloula Geojit chief executive K. Kumar: “Investors can now choose from a wide range of products and services that includes investment in international markets.

“Aloula Geojit is headquartered at Riyadh and has an office at Dammam. As a part of our expansion plans, the next branch will soon be opened at Jeddah.”

Aloula Geojit started operations in Saudi Arabia in November 2008.

Geojit had entered the Gulf retail financial services market in 2001 through Barjeel Geojit Securities, a joint venture with the Al Saud group of the United Arab Emirates (UAE).

It followed this up with an agreement with Bank of Bahrain and Kuwait, one of the largest retail banks in Bahrain, Kuwait and Oman.

Geojit BNP Paribas Financial Services has a network of over 500 offices and manages assets worth over Rs.10,000 crore.

BNP Paribas, headquartered in Paris, is the main shareholder in Geojit.

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