<p>BNP Paribas also plans to increase its shareholding even further by subscribing to a capital hike that will raise the stake to a minimum of 34.35%. <br /><br />Geojit is engaged in distributing financial savings products and has a base of approximately 250,000 customers and a network of 400 agencies. The Indian broker also operates in the United Arab Emirates through its joint venture, Barjeel Geojit Securities. <br /><br />The acquisition will help BNP Paribas in expanding its investment banking business and continue developing the company in India as well as the Middle East. The alliance is also expected to help Geojit reach the 24 million Indian diaspora, including four million in the Middle East, reported Reuters. <br /><br />The French banking group joins other finance giants, namely Citigroup and HSBC, in implementing similar strategies to expand into the rapidly emerging Asian market.</p>
