Sundaram Fin to buy out BNP Paribas in MF companies

Non-banking finance company Sundaram Finance has decided to buy out BNP Paribas Asset Management’s entire holding in Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company.

Non-banking finance company Sundaram Finance has decided to buy out BNP Paribas Asset Management’s entire holding in Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company. After the acquisition of BNP Paribas’ 49.9 per cent stakes, the two firms will become wholly-owned subsidiaries of Sundaram Finance.

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“SFL and BNP PAM have, after careful consideration of the available options, decided, in-principle and subject to necessary regulatory approvals, to proceed with the disengagement from their joint ventures in Sundaram BNP AMC and Sundaram BNP TC, and for SFL to acquire the interests of BNP PAM therein,” the company said in a statement to the BSE.

As on May 2010, Sundaram BNP Paribas AMC had assets under management worth Rs 13,976 crore.