ICICI Bank teams up with Santander for India-UK business

ICICI Bank today announced the signing of a Memorandum of Understanding (MoU) with Santander UK Plc, a British bank, for collaboration towards the banking requirements of UK corporates operating in India.

The MoU was signed in Mumbai by Sriram H. Iyer, Head - International Banking Group, ICICI Bank and John Carroll, Head- International & Transactional Banking, Santander UK.

The MoU establishes a framework of partnership between the banks for financial service requirements of the corporate customers in the India – UK corridor.

ICICI Bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions and retail banking to the UK corporates operating in India.

Santander UK will support Indian corporates and new age businesses with their banking requirements in UK. UK is the sixth largest investor in India’s economy with cumulative FDI inflows of $31.7 billion, contributing 6 percnet to India’s total FDI inflows.

Speaking on the occasion, Sriram H. Iyer, Head - International Banking Group, ICICI Bank said, “This MoU helps to provide seamless banking services for corporates in the UK-India corridor. With our wide network, industry-first digital offerings, and comprehensive suite of corporate ecosystem banking, we are confident that ICICI Bank will support Santander UK and help its customers grow their business in India, and make India one of their key markets. This partnership will help us serve the banking needs of the entire corporate ecosystem in the growing UK-India corridor.”

John Carroll, Head - International & Transactional Banking, Santander UK said, “This is twinned with a shared belief in the power of our international ecosystems, which will support ambitious UK SMEs looking to succeed in India. Next month, we’ll be launching our digital platform to help UK companies navigate their way through the unknown and sometimes daunting path to international expansion. We have already established a significant number of agreements with banks and other key trade facilitation experts worldwide but with India increasing in importance as a destination for UK businesses to explore, adding ICICI Bank and India to our ecosystem means we’re now able to support even more UK companies to realise their international ambitions.”