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State Bank of India, Societe Generale sign jv for custody services

Posted by naatmad on Friday, 6 June, 2008

MUMBAI (Thomson Financial) – State Bank of India Ltd. said it signed a joint venture agreement on Thursday with Societe Generale Group unit Societe Generale Securities Services to offer custody and related services in India.

The country’s largest lender said it will hold 65 percent of the new venture and Societe Generale Securities Services will have the remaining 35 percent stake.

It is the second tie-up between SBI and the SocGen group. In 2004, the France-based group acquired a 37 percent stake in SBI’s mutual fund business. Source CNBC

This entry was posted on Friday, 6 June, 2008 at 9:27 pm and is filed under Corporate News. Tagged: , . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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« Punj Lloyd wins 6.49 bln rupee refinery upgrade contract from IOC
Sevan Marine says to be awarded $569 million drilling contract by ONGC »