Financial Daily from THE HINDU group of publications
Tuesday, Feb 21, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 21, 2006 |
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Money & Banking
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Alliances & Joint Ventures ICICI Bank ties up with Germany's BayernLB Our Bureau
Mumbai , Feb. 20 ICICI Bank has tied up a German bank BayernLB for providing services in treasury, capital markets, syndicated loans, trade finance and cash management. The two banks will also provide reciprocal support for their respective customers. The agreement was signed by Mr K. V. Kamath, Managing Director and CEO, ICICI Bank, Ms Lalita Gupte, Joint MD, ICICI Bank, Mr Werner Schmidt, Chairman of the Board of Management, BayernLB and Dr Rudolf Hanisch, Deputy Chairman of the Board of Management, BayernLB on February 17. BayernLB, with an asset base of $434 billion, is the second largest state bank or `LandesBank' in Germany. The bank acts as a principal bank to the province of Bavaria and as the central banking institutions to the Bavarian savings banks. the press release said. Under the co-operation agreement, the two banks will work together to tap German investors interested in emerging focused on emerged markets. The release quoted Mr K. V Kamath, Managing Director and CEO, ICICI Bank as saying that that this is one more step in ICICI Bank's efforts to provide high quality products and services to our customers. "This will leverage the strengths of ICICI Bank and BayernLB to facilitate the global aspirations of Indian corporates." he said.
More Stories on : Alliances & Joint Ventures | Private Banks | ICICI Bank Ltd
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