ICICI Bank on Tuesday signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas in order to cater to the banking needs of European corporates operating in India and Indian companies in the European Union.
According to a press release, the MoU will establishes a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.
“We are delighted to enter into a partnership with BNP Paribas, one of the oldest foreign banks in India. As the fifth largest economy in the world and with a strong focus to become a regional manufacturing hub, India is at the forefront of leading the world growth in the near future. This makes India a very attractive destination for trade and foreign investment, with Europe ranking amongst the top regions investing in India. With our strong physical network across the country, world class digital offerings and comprehensive suite of corporate and retail banking products, we are confident that ICICI Bank will support BNP Paribas’ customers grow their business in India, and make India one of their key markets. Further, we will leverage BNP Paribas’ pan-Europe presence to support our corporate clients for any of their banking requirements across Europe,” said Anup Bagchi, Executive Director, ICICI Bank.
The MoU was signed at an event held in Mumbai by Anup Bagchi, Executive Director, ICICI Bank and Grzegorz Marczuk, Chief Operating Officer, BNP Paribas India.
“We do see several Indian corporates emerging as global champions. Our partnership with ICICI Bank will support corporates’ expansion plans with a right mix of ICICI Bank’s robust domestic physical network combined with our deep global footprint. This alliance will further strengthen our commitment to supporting Indian corporates in their global journey and European corporate clients looking to expand their footprint in India,” said Sanjay Singh, Head of Territory & CEO, BNP Paribas India.