ICICI Bank and BNP Paribas have signed an initial agreement to meet the banking needs of European corporations doing business in India and Indian companies doing business in the European Union. The Memorandum of Understanding (MoU) between the two entities establishes a framework of partnership for the two banks to provide financial services to corporate customers operating in the India-Europe corridor, according to a statement from private sector lender ICICI Bank. According to Anup Bagchi, Executive Director of ICICI Bank, as the world’s fifth largest economy and with a strong focus on becoming a regional manufacturing hub, India is poised to lead global growth in the near future.
“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. “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,” said Sanjay Singh, Head of Territory & CEO, BNP Paribas India.
At December 31, 2022, ICICI Bank’s consolidated total assets were Rs 15,21,748 crore. BNP Paribas Group has been present in India since 1860 and is one of the leading international financial institutions, offering a diverse range of financial services including corporate and institutional banking as well as personal investment services for individuals.