Axis Bank, India's third largest private sector bank, on Thursday signed a Memorandum of Understanding (MoU) with China Development Bank (CDB), one of the largest policy banks in China.
The MoU would help Axis Bank to support its corporate clients by funding them at competitive pricing and also give the bank an opportunity to work closely with the Chinese companies in facilitating them in their domestic requirements in India.
The MoU was signed by V Srinivasan, Executive Director - Corporate Banking, Axis Bank and Zhao Xiaoyu, Executive Vice President, China Development Bank, at a ceremony organized in New Delhi.
"Indo-China trade partnership is growing at a robust pace. We at Axis Bank are excited to sign MoU with China Development Bank to tap newer business opportunities, emerging from the world's second largest economy," Srinivasan said while commenting on the occasion.
"Axis Bank's presence in Shanghai and its wide reach in India will help in providing an end-to-end solution to both Indian and Chinese corporates," added Srinivasan.
Early this year, as a part of adding value to the banking services in China, Axis Bank opened its Shanghai branch. The Shanghai branch is engaged in offering various services including accepting public deposits, offering short-to-long-term loans, and comprehensive corporate banking services.
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As per a report by Ministry of Commerce and Industry, China is India's largest trading partner, with Sino-Indian trade crossing $65.86 billion in fiscal year 13-14 and is at $22.41 billion till June 2014.
India and China have pledged to increase bilateral trade to $100 billion by 2015.
China Development Bank provides medium to long-term financing facilities that assist in the development of national infrastructure, basic industry, key emerging sectors, and national priority projects.
The mandate of China Development Bank is to promote Chinese exports to India and also support Chinese companies, executing projects in India.