ICICI Bank and Santander UK have signed a memorandum of understanding (MoU) to collaborate on the banking needs of British corporates operating in India.

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

It provides a framework for the partnership between the two banks for the financial service needs of the corporate customers in the India–UK corridor.

Sriram H. Iyer said: “We are delighted to partner with Santander UK. Historically, India and UK have strong bilateral relations and India has been a preferred foreign investment destination for UK businesses. UK ranks amongst the top 10 countries investing in India. 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.”

As per the terms, ICICI Bank will offer banking solutions across trade, supply chain, cross-border payments, retail banking, and treasury solutions to the British corporates operating in India.

Santander UK, in turn, will be supporting Indian corporates and new age businesses for their banking needs in the UK.

John Carroll said: “ICICI Bank stands out as a pioneer in the Indian banking industry, bringing industry-first digital solutions as well as local expertise, client focused solutions and a tailored sectoral approach. 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.”

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