ICICI Bank signs MoU with Commonwealth Bank of Australia

ICICI Bank today announced that it has signed a Memorandum of Understanding (MoU) with Commonwealth Bank of Australia (CBA) towards supporting customers across the Australia-India corridor.

Mr. Rakesh Jha, Executive Director, ICICI Bank and Mr. Mike Vacy-Lyle, Group Executive of Business Banking, CBA signed the MoU.

Under the MoU, ICICI Bank and CBA will explore collaborations to:

- Facilitate introductions of corporate and institutional customers who are interested in investing or setting up businesses in the other bank's home country

- Facilitate trade between corporate customers in Australia and India by supporting them with banking services and providing guidance for cross-border trade opportunities

- Assist customers migrating to Australia and India with banking services

- Support cross-border payments by collaborating on customer-centric solutions

Mr. Rakesh Jha, Executive Director, ICICI Bank said, "We are delighted to enter in a partnership with Commonwealth Bank of Australia. India has emerged as a preferred destination for foreign investments, across manufacturing, Global Capability Centres and capital markets. Australia and India have strong bilateral relations and there are several opportunities across our respective ecosystems, which this partnership seeks to harness. We are confident that ICICI Bank, with its 360-degree customer centric approach, extensive franchise and technology-enabled offerings is well placed to support CBA in serving the holistic banking requirements of its customers in India."

Mr. Mike Vacy-Lyle, Group Executive of Business Banking, CBA said, "The business environment presents significant opportunities for both Australian and Indian businesses and we are excited to partner with ICICI Bank to better facilitate trade and advance prosperity in both countries. We understand that doing business in another country can present challenges as well as opportunities for businesses. That is why we are delighted to be working with ICICI Bank to give our business customers dedicated access to a leading banking partner across the corridor."

Shares of ICICI Bank Limited was last trading in BSE at Rs. 1328.30 as compared to the previous close of Rs. 1330.35. The total number of shares traded during the day was 203821 in over 5171 trades.

The stock hit an intraday high of Rs. 1330.70 and intraday low of 1316.40. The net turnover during the day was Rs. 270260144.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN MoU CommonwealthBankofAustralia