- 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 in 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.
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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.
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Vidyalaxmi Vidyalaxmi.VENKATRAMANI@asia.bnpparibas.com +919920066550
BNP Paribas China Ltd has become the first foreign bank to underwrite an onshore corporate bond issued by a Chinese domestic issuer in the China market, after being awarded the Type-A Corporate Bond Lead Underwriting Licence in September this year.
BNP Paribas China Ltd acted as a joint lead underwriter for China Universal Leasing Co. Ltd’s RMB 500 million bond, issued on December 9. The super short-term commercial paper marks the first time a foreign financial institution has worked with a domestic player to issue in the world’s second-biggest market.
CG Lai, CEO of BNP Paribas China Ltd, said: “We are honored to become the first foreign bank to underwrite a bond issued by a Chinese domestic company, underscoring our consistent commitment to China. As a fully-licenced bank, BNP Paribas brings the strength of our comprehensive onshore expertise to continually help more foreign investors navigate China’s market and deepen our engagement in China’s domestic financial market to help our clients achieve their long-term business ambitions.”
George Sun, Head of Global Markets for Greater China, said: ”We are pleased to successfully complete this deal and we will look into more opportunities that can help both onshore and offshore clients tap into the growing potential of China’s domestic bond market. ”
BNP Paribas China Ltd was granted a Type-A licence, allowing it to lead underwrite domestic corporate debt from Chinese companies, from China’s National Association of Financial Market Institutional Investors in September. Previously, BNP Paribas China was awarded the Type B licence in December of 2018.
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