ICBC to become Tata Group’s strategic banking partner
Mumbai: Tata Sons Ltd and Industrial and Commercial Bank of China Ltd (ICBC) have formed a long-term partnership, under which ICBC will become a strategic banking partner to the Tata group.
Tata Sons is the principal investment holding company of $108 billion Tata Group and promoter of Tata companies.
Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services, Tata Sons said in a statement on Wednesday.
ICBC will also create a global service team which will support Tata group’s strategic development plans, it said. The alliance will be a global one with the geographies covered, including India, China, Singapore, Europe, the US, and South America.
As a natural fall out of this alliance, the Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers.
A team of Tata executives, led by Tata Group chairman Cyrus P. Mistry, met with Jiang Jianqing, chairman of ICBC, and his team to formalise the engagement.
Tata group operates in more than 100 countries across six continents.
As of 30 June 2015, ICBC had a network covering 40 countries and regions overseas, with 17,225 domestic institutions, 389 overseas institutions and 1,661 correspondent banks worldwide.
Read full article: Live Mint
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