ICICI Bank Mumbai/IBNS: ICICI Bank and BNP Paribas, a top European bank, have signed a Memorandum of Understanding (MoU) to cater to the banking requirements of European corporates operating in India and Indian companies in the European Union.
“The MoU establishes a framework of the partnership between the two banks for providing financial services to corporate customers operating in the India – Europe corridor,” ICICI Bank said in a statement.
The MoU was signed in Mumbai by Anup Bagchi, Executive Director, ICICI Bank, and Grzegorz Marczuk, Chief Operating Officer, BNP Paribas India.
Speaking on the occasion, ICICI Bank Executive Director Anup Bagchi said, “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.”
ICICI Bank’s strong physical network across the country along with its world class digital offerings and comprehensive suite of corporate and retail banking products will support BNP Paribas’ customers grow their business in India, and make India one of their key markets, he said.
“Further, we will leverage BNP Paribas’ pan-Europe presence to support our corporate clients for any of their banking requirements across Europe,” he added.
BNP Paribas India Head of Territory & CEO Sanjay Singh said, “We do see several Indian corporates emerging as global champions. Our partnership with ICICI Bank will support corporates’ expansion plans with the 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,” he underscored.
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