ICICI Bank & CBA team to boost India-Australia Trade Corridor

By Gloria Mathias

ICICI Bank has announced that it has signed a Memorandum of Understanding (MoU) with the Commonwealth Bank of Australia (CBA) towards supporting customers across the Australia-India corridor.

Mr Rakesh Jha, Executive Director of ICICI Bank, and Mr Mike Vacy-Lyle, Group Executive of Business Banking, CBA, signed the MoU.

Under the MoU, ICICI Bank and CBA will explore collaborations to:

• Facilitate introductions of corporate and institutional customers who are interested in investing or setting up businesses in the other bank’s home country
• Facilitate trade between corporate customers in Australia and India by supporting them with banking services and providing guidance for cross-border trade opportunities.
• Assist customers migrating to Australia and India with banking services
• Support cross-border payments by collaborating on customer-centric solutions

Rakesh Jha, Executive Director, ICICI Bank, said, “We are delighted to enter into a partnership with Commonwealth Bank of Australia. India has emerged as a preferred destination for foreign investments across manufacturing, Global Capability Centres and capital markets. Australia and India have strong bilateral relations and there are several opportunities across our respective ecosystems, which this partnership seeks to harness. We are confident that ICICI Bank, with its 360-degree customer-centric approach, extensive franchise, and technology-enabled offerings, is well placed to support CBA in serving the holistic banking requirements of its customers in India.”

Mike Vacy-Lyle, Group Executive of Business Banking, CBA, said, “The business environment presents significant opportunities for both Australian and Indian businesses. We are excited to partner with ICICI Bank to facilitate trade better and advance prosperity in both countries. We understand that doing business in another country can present challenges as well as opportunities for businesses. That is why we are delighted to be working with ICICI Bank to give our business customers dedicated access to a leading banking partner across the corridor.”