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BNP injects $146.8 mn in Indian banking operations

BNP injects $146.8 mn in Indian banking operations
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First Published: Mon, Jan 28 2008. 02 11 PM IST
Updated: Mon, Jan 28 2008. 02 11 PM IST
Mumbai: French bank BNP Paribas said on Monday, 28 January, it had injected $146.8 million into its Indian banking operations to help boost business in the fast-growing economy.
“We will be able to offer enhanced credit limits to our clients,” Frederic Amoudru, country head and chief executive, said in a statement.
“It will also enable us to become more active in local currency project financing, an area we avoided so far for lack of a sufficient capital base, ” he said.
The funds were injected in the last quarter of 2007 and boosted the capital base to about Rs16 billion ($405 million) from Rs5.7 billion, the bank said.
The French group also has investments in joint ventures in India. These include for life insurance with State Bank of India , asset management and housing finance with Sundaram group and equipment leasing with Srei Infrastructure Finance Ltd.
It also has an equal partnership with India’s Geojit Financial Services Ltd for institutional brokerage.
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First Published: Mon, Jan 28 2008. 02 11 PM IST