UniCredit and ICICI Bank, one of India’s leading private-sector banks, have signed a memorandum of understanding designed to support growth opportunities for companies active between Europe and India.
The agreement establishes a framework for cooperation between the two institutions, with the aim of improving services for multinational companies with business activities and economic interests in both regions.
The partnership comes as an increasing number of European companies operate in India, particularly in manufacturing and services, including Global Capability Centres. By combining their expertise and operational reach, UniCredit and ICICI Bank intend to provide companies with a more integrated banking experience and help them manage international operations and growth plans more efficiently.
The proposed offering includes corporate and retail banking, foreign exchange, working-capital management, trade finance and supply-chain finance. The collaboration also reflects the strengthening of economic ties between India and the European Union, as companies seek to benefit from opportunities expected to arise from an EU-India free-trade agreement.
Francesca Nenci, UniCredit’s head of group trade and correspondent banking, said the partnership would enhance the bank’s trade-finance capabilities and allow it to support European companies in India through stronger local expertise, deeper market knowledge and assistance provided directly in the country.
An ICICI Bank spokesperson said the partnership brings together the two banks’ respective expertise and banking solutions to support companies operating across the two regions.
Sources: ANSA Economia.