ICICI Bank has signed a Memorandum of Understanding (MoU) to establish a strategic partnership with the New Development Bank (NDB), a multilateral development bank established by the BRICS states, namely Brazil, Russia, India, China and South Africa.
KV Kamath, president, New Development Bank, who was the chairman of ICICI Bank before assuming his present role, said, “Our mandate prescribes partnering with local development banks in member countries and this MoU will enable 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 consider 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, ICICI Bank said in a statement.
ICICI Bank is the first Indian bank to sign an MoU with NDB.
“This partnership will give both parties 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.
