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ICICI Bank has entered into a memorandum of understanding (MoU) with Ecobank Transnational Incorporated (Africa).
The MoU will involve ICICI Bank and Ecobank collaborating to extend banking services across their combined footprint in India and Africa. Ecobank is present in 35 countries in Africa, said a statement from India’s largest private sector bank.
India’s trade with Africa has doubled in the past four years. Stronger investment ties are complementing this steady growth in trade with Indian investments in Africa across a range of sectors including oil & gas, pharmaceuticals, petrochemicals, fertilisers, IT and infrastructure.
According to Vijay Chandok, President, International Banking Group, ICICI Bank, “This MoU will allow ICICI Bank and Ecobank to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses.”
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