ICICI Bank signs pact with BNP Paribas

ICICI Bank and BNP Paribas have signed an initial pact to cater to the banking requirements of European corporates operating in India and Indian companies in the European Union.

The Memorandum of Understanding (MoU) between the two entities establishes a framework of partnership between the two banks for providing financial services to corporate customers operating in the India – Europe corridor, private sector lender ICICI Bank said in a statement.

Anup Bagchi, Executive Director, ICICI Bank 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... we are confident that ICICI Bank will support BNP Paribas' customers, grow their business in India, and make India one of their key markets,'' he said.

Sanjay Singh, Head of Territory & CEO, BNP Paribas India said, ''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.'' ICICI Bank's consolidated total assets stood at Rs 15,21,748 crore at December 31, 2022.

BNP Paribas Group has been in India since 1860 and is among the leading international financial institutions providing a wide range of financial services covering corporate and institutional banking, and personal investment services for individuals.

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