ICICI Bank has signed a memorandum of understanding (MoU) with Ecobank Transnational Incorporated of Africa.
Under this agreement, ICICI Bank and Ecobank will offer banking services in the locations they are present in, both in India and Africa.
While ICICI Bank is present in 19 countries, including India, Ecobank is present in 35 countries in Africa, said a press release issued by ICICI Bank.
The agreement is important in the light of the rise in the number of Indian corporates setting up operations in Africa and in Indo-Africa trade and investment opportunities.
India’s trade with Africa has doubled in the past four years. Also, Indian companies are investing in sectors such as oil and gas, pharmaceuticals, petrochemicals, fertilizers, IT and infrastructure in Africa.
The MoU was signed in Tokyo by Vijay Chandok, President - International Banking Group, ICICI Bank and Arnold Ekpe, Group CEO, Ecobank.