ICICI Bank, country’s largest public sector lender has inked pact with Ecobank Transnational Incorporated, Africa, by entering into a memorandum of understanding (MoU). Both the banks aim to extend banking services across their combined footprint in India and Africa. The deal is expected to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses.
Recently, bank has acquired around 5.36% stake in IL&FS Engineering and Construction Company, earlier known as Maytas Infra, through the CDR mechanism. ICICI, which already held 1.50% in the company, acquired the shares post restructuring through the CDR mechanism.
