Second largest private sector lender ICICI Bank on Friday tied up with Japan's MUFG Bank, with an eye on the business generated by companies from the eastern Asian country present in India.
Both the banks signed a memorandum of understanding (MoU) for collaboration towards catering to the banking requirements of Japanese corporates present in India, as per an official statement.
The statement said Japan is the fifth largest investor in India with cumulative foreign direct investment inflows of USD 34.15 billion from April 2000 to September 2020, contributing 7 per cent to India's total foreign direct investment (FDI) inflows during the period.
The agreement establishes a framework of partnership between the two banks across various domains including trade, investment, treasury, corporate and retail banking, and will result in both combining their individual strengths to take care of banking requirements.
ICICI Bank's executive director Vishakha Mulye said there are several synergies between two leading banks from Japan and India, which this partnership seeks to harness.
The domestic bank has recently launched an online platform for foreign companies looking to establish or expand business in the country, called 'Infinite India', she added.
Junsuke Koike, the executive officer and regional executive for India and Sri Lanka for MUFG Bank said the lender's involvement in India dates back to 1894 when an office was opened in the then Bombay.
To this very day, India continues to be a key strategic market in MUFG's global network, and through this partnership, we look forward to further deepen our offerings for customers doing business in India, he added.
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