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BNP Paribas to offer DP services

Dinesh Narayanan

MUMBAI, Sep. 6

BNP Paribas is planning to launch NSDL depository participant services for its private bank customers shortly. The services would be extended to the bank's retail customers when it launches retail banking, which it intends to do by the end of the year, b ank officials told Business Line.

BNP, after remaining a corporate bank for a long time, is eyeing the retail segment as well. The bank is firming up plans to enter retail banking, insurance, e-broking and primary dealership (PD) by the end of the year, they said.

It would float two subsidiaries for the e-broking and insurance ventures. It has received the RBI's permission to float a PD subsidiary for dealing in Government securities and it is expected to start soon, according to the officials.

The retail products that the bank intends to offer include a debit card, telebanking, 24-hour, seven-day banking, and personal loans, including consumer and auto loans.

The retail services would be initially launched in the four metros and subsequently extended to other centres.

For the e-broking activity, the bank plans to provide online trading at the Bombay Stock Exchange and the National Stock Exchange through the Internet.

The bank's insurance subsidiary, Cardif Insurance, is at present on the lookout for suitable partners in the country to make a foray into the sector, according to the officials.