ICICI Bank signs MoU with New Development Bank for business partnership

ICICI Bank, India’s largest private bank, has signed a Memorandum of Understanding (MoU) to establish a strategic partnership with the New Development Bank (NDB), a multilateral development bank established by the BRICS states namely Brazil, Russia, India, China and South Africa. The two banks will consider each other as ‘preferred’ partners and will harness their respective resource advantages and professional expertise, to build a long-term, stable and mutually beneficial relationship in the areas of bond issuances, co-financing, treasury management and human resources.

This partnership will help NDB in exploring bond issuance opportunities in the Indian and international bond markets, particularly INR-denominated bonds. ICICI Bank and NDB will also leverage a mutually beneficial partnership in other areas of operations such as treasury risk management, account and cash management services and human resource development.

ICICI Bank is India's largest private sector bank with consolidated total assets of $ 132.17 billion at March 31, 2015. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.