ICICI Bank, India’s largest private bank, on Thursday 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 — Brazil, Russia, India, China and South Africa — nations.
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.
Chanda Kochhar, MD and CEO, ICICI Bank, and KV Kamath, President, NDB, signed the MoU on behalf of their organisations. ICICI Bank is the first Indian bank to sign an MoU with NDB.
This partnership will help NDB explore bond issuance opportunities in the Indian and international markets, particularly rupee-denominated bonds. Both banks will collaborate in the area of funding development projects in India.
There will be a continuous dialogue and regular exchange of information between the two banks for exploring potential partnerships in other areas, too.