The memorandum of understanding (MoU) between ICICI and Santander UK Plc, signed in Mumbai, is designed to ascertain a framework of partnership between the banks to fulfill the monetary service necessities of company prospects working throughout the India-UK hall.
ICICI Financial institution stated it can 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 international locations investing in India,” stated 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 huge 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 certainly one of their key markets,” he stated.
The partnership is geared toward serving the banking wants of the company ecosystem within the rising UK-India hall, the banking government 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, stated 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, consumer centered options and a tailor-made sectoral method,” stated Carroll.
“That is twinned with a shared perception within the energy of our worldwide ecosystems, which can assist formidable UK SMEs wanting to achieve India. Subsequent month, we’ll be launching our digital platform to assist UK firms navigate their means by means of the unknown and generally daunting path to worldwide growth,” he stated.
“We now have already established a major variety of agreements with banks and different key commerce facilitation consultants 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.