K T Jagannathan

CHENNAI: Sundaram Business Services (SBS), the BPO (business process outsourcing) arm of Sundaram Finance Ltd., and BNP Paribas Securities Services (BNP Paribas) have signed a joint venture agreement to provide securities services in India.

The new joint venture will be called Sundaram BNP Paribas Securities Services. SBS will hold 51 per cent equity stake in the joint venture. BNP Paribas will hold the rest. The two groups have already a running partnership since 2005.

Sundaram BNP Paribas Securities Services will be headquartered in Chennai. It will provide a range of services, including fund accounting and transfer agency to both domestic and offshore investors in India. In addition, BNP Paribas will be the privileged provider of banking services to the new entity. Subject to relevant regulatory approvals, the transaction is expected to be completed in the first quarter of 2009, says a release from the company.