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ICICI Bank has finalised a co-operation agreement with Munich-based BayernLB.
The agreement aims at extending synergies across areas such as treasury, capital markets, syndicated loans, trade finance and cash management services.
BayernLB is the second largest LandesBank in Germany with assets of $434 billion. It also acts as the central banking institution to the Bavarian savings banks.
Under the agreement, both ICICI Bank and BayernLB aim at providing reciprocal support to their respective customers. Both banks intend to tap German investors focused on emerging markets.
The officials signing the agreement were ICICI Bank's MD and CEO, K V Kamath, the joint managing director, Lalita Gupte, BayernLB's chairman of the board of management, Werner Schmidt and its deputy chairman, Rudolf Hanisch.
Kamath said the agreement was one more step to facilitate global aspirations of Indian corporates.
