(18 December 2024 – Australia) CBA has signed a Memorandum of Understanding (MoU) with leading Indian private sector bank ICICI for collaboration towards supporting customers across the Australia-India corridor.
Under the MoU, ICICI Bank and CBA will explore collaborations with aims to facilitate introductions of corporate and business customers, facilitate trade between corporate and business customers, assist customers migrating to Australia and India with banking services and support cross-border payments by collaborating on customer-centric solutions.
The announcement comes at a time of growing economic cooperation between the two countries with the Australia-India Economic Cooperation and Trade Agreement (ECTA) in effect since 29 December 2022.
“The business environment presents significant opportunities for both Australian and Indian businesses and we are excited to partner with ICICI Bank to better facilitate trade and advance prosperity in both countries. We understand that doing business in another country can present challenges as well as opportunities for businesses. That is why we are delighted to be working with ICICI Bank to give our business customers dedicated access to a leading banking partner across the corridor” commented CBA Group Executive of Business Banking, Mike Vacy-Lyle.
“We are delighted to enter in a partnership with Commonwealth Bank of Australia. India has emerged as a preferred destination for foreign investments, across manufacturing, Global Capability Centres and capital markets. Australia and India have strong bilateral relations and there are several opportunities across our respective ecosystems, which this partnership seeks to harness. We are confident that ICICI Bank, with its 360-degree customer centric approach, extensive franchise and technology-enabled offerings is well placed to support CBA in serving the holistic banking requirements of its customers in India” stated ICICI Bank Executive Director, Rakesh Jha.