Private sector lender ICICI Bank became the first financial institution in the country to tie up with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources. As part of the pact, the two lenders – NDB’s first president is ICICI Bank veteran KV Kamath — will look at each other as “preferred partners”, ICICI Bank said in a statement.
The agreement “creates a platform for sharing knowledge and deepening network connectivity between NDB and ICICI Bank,” Kamath said, after signing the MoU along with ICICI Bank chief Chanda Kochhar here. Kamath said NDB’s mandate includes partnering with local development banks in member-countries and this MoU will help it leverage the deep market access and insight of ICICI Bank in the country’s financial markets. Kochhar said there are synergies between the two organisations and the MoU will help harness this to benefit both the partners in the long run. The statement said the agreement will help NDB in exploring rupee-denominated bonds in the domestic and international markets and make both the lenders collaborate to fund development projects in the country.