ICICI First Indian Bank to Partner BRICS Bank

ICICI Bank on Thursday became the first financial institution in the country to tie up with the BRICS (Brazil, Russia, India, China, South Africa) Grouping-promoted New Development Bank (NDB).

The two banks signed a memorandum of understanding (MoU) to consider each other as “preferred” partners for collaboration in bond issuances, co-financing, treasury management and human resources.

Chanda Kochhar, MD and CEO, ICICI Bank, and KV Kamath, President, NDB, signed the MoU on behalf of their organisations.

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.

Source: Business Line