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The memorandum of understanding (MoU) between ICICI and Santander UK Plc, signed in Mumbai, is designed to determine a framework of partnership between the banks to fulfill the monetary service necessities of company prospects working inside the India-UK hall.
ICICI Financial institution mentioned it’s going to present banking options throughout commerce, cross-border funds, provide chain, treasury options and retail banking to the UK corporates working in India and Santander UK will assist Indian corporates and new age companies for his or her banking necessities within the UK.
“Traditionally, India and UK have sturdy bilateral relations and India has been a most well-liked international funding vacation spot for UK companies. UK ranks amongst the highest 10 nations investing in India,” mentioned Sriram H Iyer, Head of the Worldwide Banking Group who signed the MoU on behalf of ICICI Financial institution.
“This MoU helps to offer seamless banking companies for corporates within the UK-India hall. With our extensive community, industry-first digital choices, and complete suite of company ecosystem banking, we’re assured that ICICI Financial institution will assist Santander UK and assist its prospects develop their enterprise in India, and make India one in every of their key markets,” he mentioned.
The partnership is aimed toward serving the banking wants of the company ecosystem within the rising UK-India hall, the banking govt famous.
Based on official authorities statistics, the UK is the sixth-largest investor in India’s financial system, with cumulative international direct funding (FDI) inflows of USD 31.7 billion and contributing 6 per cent to India’s complete FDI inflows. John Carroll, Head of Worldwide and Transactional Banking at Santander UK, mentioned its pact with ICICI will assist the financial institution assist much more UK firms to grasp their worldwide ambitions in India.
“ICICI Financial institution stands out as a pioneer within the Indian banking {industry}, bringing industry-first digital options in addition to native experience, shopper targeted options and a tailor-made sectoral method,” mentioned Carroll.
“That is twinned with a shared perception within the energy of our worldwide ecosystems, which is able to assist bold UK SMEs trying to achieve India. Subsequent month, we’ll be launching our digital platform to assist UK firms navigate their means by the unknown and typically daunting path to worldwide growth,” he mentioned.
“We’ve already established a big variety of agreements with banks and different key commerce facilitation specialists worldwide however with India growing in significance as a vacation spot for UK companies to discover, including ICICI Financial institution and India to our ecosystem means we’re now capable of assist much more UK firms to grasp their worldwide ambitions,” he added.
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