ICICI Bank, MUFG Bank sign MoU to serve Japanese corporates in India

ICICI Bank, an Indian private sector bank, has signed a memorandum of understanding (MoU) with Japanese lender MUFG Bank for collaborating towards meeting the banking needs of Japanese corporates operating in India.

The MoU was inked by Vishakha Mulye, Executive Director of ICICI Bank, and Junsuke Koike, Executive Officer and Regional Executive for India and Sri Lanka, MUFG Bank during a virtual event.

Junsuke Koike said: “MUFG’s involvement in India goes back 127 years to 1894, when Yokohama Specie Bank, a forerunner of MUFG, opened an office in Mumbai (then called Bombay). To this very day, India continues to be a key strategic market in MUFG’s global network, and through this partnership, we look forward to further deepen our offerings for customers doing business in India.”

ICICI Bank, MUFG Bank sign MoU to serve Japanese corporates in India. Photo courtesy: Sumedh/Wikipedia.org.

According to ICICI Bank, the MoU provides a framework of the partnership between the two banks covering various domains. These including trade, treasury, investment, corporate and retail banking.

It will also enable ICICI Bank and MUFG Bank to combine their individual strengths and holistically serve the banking requirements of Japanese corporates in India.

As per Investindia.gov.in, Japan is the fifth largest investor in the Indian economy with cumulative FDI inflows of $34.15 billion from April 2000 to September 2020. This amounts to 7% of the total FDI inflows of India during the period.

Vishakha Mulye said: “Japan and India have strong bilateral relations and there are several synergies between two leading banks in Japan and India, which this partnership seeks to harness.

“We are confident that ICICI Bank, with its vast domestic network, world class technology-enabled offerings, and wide range of banking products and services, is well placed to support MUFG Bank in serving the banking requirements of its Japanese customers in India.”

Recently, ICICI Bank launched Infinite India, an online platform for helping overseas firms looking to set up or grow business in India.

Vishakha Mulye said that ICICI Bank is confident that Infinite India will enable it to provide a more comprehensive product and service suite to the Japanese firms under the partnership.