BNP Paribas may look at exiting India AMC business: Sources

Sources suggest that BNP Paribas may look at exiting its asset management business in India, reports CNBC-TV18’s Kritika Saxena.

According to sources, BNP Paribas wants to consolidate its operations in India and wants to exit its non-core assets. The company is learnt to have invited expression of interest (EoI) from prospective buyers. Private equity player KKR is said to have expressed interest to acquire stake.

BNP Paribas may sell part or complete stake in the business, sources said, adding that the company’s new CEO Sharad Sharma has given a mandate to optimise operations.

However, the company has officially said that it has no plans to sell asset management business. Even KKR did not comment on the story.