Private sector lender ICICI BankBSE 3.28 % became the first financial institution in the country to tie up with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources.
KV Kamath, president, New Development Bank, who was the chairman of ICICI Bank before assuming his present role, said, “Our mandate prescribes partnering with local development banks in member countries and this MoU will enable NDB to leverage the deep market access and insight of ICICI Bank in India’s financial markets. As partners, we look forward to an efficient client and market development that will enable us to enhance our financial assistance in India.”
- The MoU will help NDB in exploring rupee-denominated bonds in the domestic and international markets.
- It will make both the lenders collaborate to fund development projects in India.
- They will also leverage a mutually beneficial partnership in other areas such as treasury risk management, human resource development and account and cash management services.
- The MoU will help NDB to leverage the deep market access and insight of ICICI Bank in the India’s financial markets.
Situated in : Mumbai
Headquarters : Shanghai
Private sector : Lender ICICI Bank BSE at 1.54 %
Established: New Development Bank (NDB)
- partnership in bond issuances
- treasury management
- human resources
NDB’s first president : ICICI Bank experienced person KV Kamath
ICICI Bank and NDB will also leverage a mutually beneficial partnership in other areas such as treasury risk management, account and cash management services and human resource development.
New Development Bank (NDB)
- The NDB is headquartered in Shanghai, China.
- The NDB began operations with an initial capital of USD 100 billion in 2015 as a multilateral development bank promoted by Brazil, Russia, India, China and South Africa.
- It recently announced its first set of loans involving the financial assistance of USD 811 million to support the building of 2,370 MW of power capacity within the member-countries.
- Almost USD 250 million has come to state-run Canara Bank for on-lending to renewable energy projects.