Country’s largest private sector lender ICICI Bank has inked a Memorandum of Understanding (MoU) to establish a strategic partnership with the BRICS New Development Bank (NDB) which is a multilateral development bank established by the BRICS states— Brazil, Russia, India, China and South Africa.
ICICI Bank is first Indian bank to have signed a MoU with the NDB to work together on a number of issues like exploring opportunities around bond issuances, co-financing and treasury management.
Former chairman of ICICI Bank, KV Kamath who is now heading New Development Bank as its President said, “NDB is endeavouring to partner with member countries. The MoU is aimed at enabling NDB to leverage the deep market access and insight of ICICI Bank in India’s financial markets. As partners, we look forward to an efficient client and market development that will enable us to enhance our financial assistance in India.”
The two banks will treat each other as preferred partners and will harness their respective resource advantages and professional expertise, to build a long-term, stable and mutually beneficial relationship in the areas of bond issuances, co-financing, treasury management and human resources, an ICICI Bank statement said.
“The partnership is really crucial and gives an opportunity to work together and leverage their respective strengths in the areas of resource raising, development finance and treasury risk management,” said Chanda Kochhar, MD & CEO, ICICI Bank.