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Mirae Asset Financial Group has secured Sharekhan, a key player in Indian stock trading. This strategic acquisition amplifies Mirae's footprint in India, tapping into the nation's burgeoning retail brokerage arena.
Founded in 2000, Sharekhan has become a prominent player in the Indian market. In 2016, it was acquired by the French investment banking group BNP Paribas. With an equity capital of $210 million, Sharekhan employs approximately 3,600 professionals.
Recognizing the vast potential of the Indian market, Mirae Asset has made significant investments in the country over the years. Park Hyeon Joo, founder of Mirae Asset Financial Group and Global Investment and Strategy Officer (GISO), expressed the group's commitment to India's growth during a ceremony commemorating Mirae Asset Global Investments India's 15th anniversary.
India's growth prospects remain promising. According to the International Monetary Fund, India's GDP is expected to expand by 5.9% this year, outpacing China's projected growth of 5.2%. Additionally, India overtook China in April to become the world's most populous country.
With a young population and significant growth potential, India has attracted global investors' attention. In the second quarter alone, India witnessed a fund inflow of approximately $13.6 billion, highlighting investor confidence in the country's prospects.
Mirae Asset, renowned for its extensive investment portfolio and global reach, entered the Indian market in 2018, becoming the first brokerage firm from Korea to venture into the country. Since then, it has been expanding its services through digital trading systems, catering to the evolving needs of Indian investors.
Mirae Asset Global Investments India, a subsidiary of Mirae Asset, is India's ninth-largest asset manager. Established in 2006, the company has continued to grow, launching its first India-based investment fund in 2008. In 2019, it transformed into a holding company, assuming control of financial services in India and other parts of Asia.
The acquisition of Sharekhan by Mirae Asset is a significant development for both entities. With this move, Mirae Asset solidifies its position as a leading player in India's financial services sector. At the same time, Sharekhan gains access to a wider range of resources and expertise under the Mirae Asset umbrella.
Photo: Scott Graham/Unsplash
