ICICI Bank signs MoU with BNP Paribas
February 14, 2023
The MoU establishes a framework of partnership between the banks to meet the banking needs of corporate customers in India and Europe
Mumbai: ICICI Bank, a leading private sector bank in India, and BNP Paribas, a top European bank, have signed a Memorandum of Understanding (MoU) to cater to the banking requirements of European corporates operating in India and Indian companies in the European Union.
The MoU establishes a framework of partnership between the two banks for providing financial services to corporate customers operating in the India – Europe corridor.
The MoU was signed at an event held in Mumbai by Mr. Anup Bagchi, Executive Director, ICICI Bank, and Mr. Grzegorz Marczuk, Chief Operating Officer, BNP Paribas India.
Speaking on the occasion, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “We are delighted to enter into a partnership with BNP Paribas, one of the oldest foreign banks in India. 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. With our strong physical network across the country, world class digital offerings and comprehensive suite of corporate and retail banking products, we are confident that ICICI Bank will support BNP Paribas’ customers grow their business in India, and make India one of their key markets. Further, we will leverage BNP Paribas’ pan-Europe presence to support our corporate clients for any of their banking requirements across Europe.”
Mr. Sanjay Singh, Head of Territory & CEO, BNP Paribas India said, “We do see several Indian corporates emerging as global champions. Our partnership with ICICI Bank will support corporates’ expansion plans with a right mix of ICICI Bank’s robust domestic physical network combined with our deep global footprint. 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.”
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹ 15,21,748 crore at December 31, 2022.
For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank
For media queries, write to corporate.communications@icicibank.com
About BNP Paribas: 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 & institutional banking, and personal investment services for individuals. As the second oldest foreign bank in India, BNP Paribas has branches in key metros and has a rich and broad offering across the entire range of corporate and institutional banking products and services, covering flow banking (transaction banking), financing, hedging, global markets, derivatives and investments. Asiamoney has also accorded “Best International Corporate Bank for India” to BNP Paribas in 2022.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.go