ICICI Bank signs MoU with New Development Bank of BRICS

May 7, 2016 13:26 IST

ICICIICICI Bank on 6 May 2016 signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) to establish a strategic partnership in the areas of bond issuances, co-financing, treasury management and human resources.

NDB is a multilateral development bank established by the BRICS states which are Brazil, Russia, India, China and South Africa.

The MoU was signed by first President of NDB KV Kamath and ICICI Bank head Chanda Kochhar in Mumbai, Maharashtra.

Salient Features of the MoU

• ICICI Bank became the first financial institution in India to sign the pact with NDB.

• It will enable NDB to leverage the deep market access and insight of ICICI Bank in India’s financial markets.

• It will help NDB to explore at tapping the rupee-denominated bonds in all the markets.

• It will to build a long-term, stable and mutually beneficial relationship in the areas of bond issuances, co-financing, treasury management and human resources.

• It will make both the lenders collaborate to fund development projects in India.

• With this MoU, both the banks treat each other as preferred partners and will harness their respective resource advantages and professional expertise.

• This partnership will bring opportunities to both the parties to work together in the areas of resource raising, development finance and treasury risk management.

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