ICICI Bank, one of India’s largest private sector banks, established a partnership with Santander Bank in the United Kingdom, aimed at making banking easier for businesses operating in both countries. The ICICI and Santander UK Plc signed a MoU in Mumbai to build a framework of partnership between the banks to satisfy the financial service needs of corporate clients operating along the India-UK corridor.
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KEY POINTS:
- ICICI Bank said it will offer UK corporates operating in India banking solutions in trade, cross-border payments, supply chain, treasury solutions, and retail banking, while Santander UK will support Indian corporates and new age firms with their banking needs in the UK.
- ICICI Bank’s Head of the International Banking Group, Sriram H Iyer, who signed the MoU on behalf of the bank, stated that India and the United Kingdom have long had strong bilateral relations and that India has long been a favoured foreign investment destination for British companies.
- The United Kingdom is one of the top ten countries investing in India.
- This MoU enables corporates in the UK-India corridor to receive smooth banking services. They are convinced that ICICI Bank would support Santander UK and assist its customers build their businesses in India, and make India one of their main markets, thanks to their extensive network, industry-first digital services, and comprehensive suite of corporate ecosystem banking.
- According to the banking executive, the cooperation will serve the financial needs of the corporate ecosystem in the booming UK-India corridor.
Important Takeaways For All Competitive Exams:
- Non-Executive (part-time) Chairman of ICICI Bank: Mr. Girish Chandra Chaturvedi
- Chief Executive Officer of Santander UK: Mike Regnier
- ICICI Bank’s Head of the International Banking Group: Sriram H Iyer,
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