Tata Sons Ltd on 2 December 2015 tied-up with Industrial & Commercial Bank of China Limited (ICBC) by signing a banking agreement. Under this long-term partnership, ICBC will become a strategic banking partner to the Tata group for its businesses in several countries across continents.
Tata Sons Ltd is the promoter of India's largest industrial house Tata Group.
Highlights of the agreement
• ICBC will be a strategic banking partner to the saltto-software conglomerate.
• ICBC will provide the Tata group with financing products, global cash management, consulting, international trade business, investment banking, foreign exchange, and other global financial services.
• ICBC will also create a global service team which will support Tata group’s strategic development plans across geographies including China, Singapore, Europe, US and Latin America.
About Industrial & Commercial Bank of China Limited (ICBC)
• ICBC is a Chinese multinational banking company and one of China's Big Four state-owned commercial banks; the other three being Bank of China, Agricultural Bank of China and China Construction Bank.
• It ranks number 1 in The Banker's Top 1000 World Banks ranking and number 1 on Forbes Global 2000 list of the world's biggest public companies.
• ICBC entered India in September 2011 and has a branch in Mumbai and offers corporate banking and trade finance services.
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Who: Tata Sons Ltd
When: 2 December 2015
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