ICICI Bank signs MoU with BRICS’s New Development Bank
India’s largest private sector lender ICICI Bank has inked a MoU with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources.
With this ICICI Bank becomes first financial institution in the country to tie up with the BRICS Grouping-promoted NDB.
The MoU was signed by BDB’s first President and ICICI Bank veteran KV Kamath and ICICI Bank Chief Chanda Kochhar in Mumbai, Maharashtra.
- 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.
About New Development Bank
- NDB is a multilateral development bank promoted by BRICS nations viz. Brazil, Russia, India, China and South Africa. It is outcome of 6th BRICS Summit being held in Fortaleza, Brazil.
- It is headquartered in Shanghai, China. It will have a regional office in Johannesburg, South Africa.
- NDB began its operations in July 2015 with an initial capital of 100 billion dollars.
- The goal of the bank is to fund infrastructure projects in emerging economies for sustainable development.
- In the NDB, each participant country has been assigned one vote, and none of the countries have veto power.
Month: Current Affairs - May, 2016