ICICI Bank, Africa’s Ecobank in services tie-up
16 Oct 2012
ICICI Bank, India's second-largest private sector lender, has signed a memorandum of understanding (MoU) with Africa-based Ecobank Transnational to enable each other expand their services.
"The MoU will involve ICICI Bank and Ecobank collaborating to extend banking services across their combined footprint in India and Africa," the bank said in a press statement.
Ecobank is present in 35 countries in Africa.
Vijay Chandok, president, international banking group, ICICI Bank, and Arnold Ekpe, group CEO, Ecobank signed the MoU in Tokyo.
India's increasing business relations with Africa has prompted ICICI Bank to take this initiative, he said.
"In recent years, trade and investment from India to Africa has grown multi-fold and is poised to grow even higher. This MoU is a concrete step in the direction of supporting Indian corporates in Africa. It will allow ICICI Bank and Ecobank to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses," Chandok said in a release.