BNP provides a Rs570-crore equity boost to its Indian operations

Mumbai: French bank BNP Paribas has injected €100 million or $146.8 million (nearly Rs570 crore) into its operations in India.

The fresh infusion of equity was made in the last quarter of 2007, taking its capital base in India to Rs1,600 crore, the bank said in a release.
 
"With this enhanced capital base, we will be able to offer enhanced credit limits to our clients for borrowing in local currency which is critical in views of the curbs that the RBI has imposed on ECBs,'' BNP Paribas India chief executive and country head Frederic Amoudru said.

"It will also enable us to become more active in local currency project financing, an area we had avoided so far on lack of sufficient local capital base,'' he added.

With operations in eight major Indian cities, BNP Paribas is an active player in investment banking in India, with a strong presence in the private banking.

The French group also has investments in joint ventures in India. These include for life insurance with State Bank of India (SBI), asset management and housing finance with Sundaram group and equipment leasing with Srei Infrastructure Finance Ltd.

It also has an equal partnership with Geojit Financial Services Ltd for institutional brokerage.