The Commonwealth Bank of Australia (CBA) has signed a Memorandum of Understanding (MoU) with ICICI Bank, one of India’s leading private sector banks, to enhance customer support and foster economic growth along the Australia-India corridor.
The partnership, formalised by Mike Vacy-Lyle, CBA’s Group Executive of Business Banking, and Rakesh Jha, Executive Director of ICICI Bank, focuses on facilitating trade, investment, and financial services for businesses and individuals navigating the two nations’ markets.
Under the agreement, CBA and ICICI Bank will:
- Introduce corporate and business customers to opportunities in the other country.
- Provide banking services to facilitate cross-border trade.
- Assist migrants in setting up banking services in their new country.
- Collaborate on innovative cross-border payment solutions.
This week, CBA is hosting workshops in Sydney and Brisbane to explore these opportunities further, with ICICI Bank participating to strengthen ties.
The collaboration aligns with the growing economic partnership between Australia and India, underscored by the Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into effect in December 2022.
The ECTA has already eliminated tariffs on 85 per cent of Australian exports and 96 per cent of Indian imports, with further reductions planned. Negotiations for the Comprehensive Economic Cooperation Agreement (CECA) aim to deepen these ties further.
Mike Vacy-Lyle highlighted the importance of the partnership, stating, “The business environment presents significant opportunities for Australian and Indian businesses. By partnering with ICICI Bank, we can provide our customers with dedicated access to a trusted banking partner to navigate cross-border opportunities.”
Rakesh Jha echoed the sentiment, saying, “India has become a preferred destination for foreign investment, and this partnership seeks to harness the strong bilateral relations between Australia and India. With our extensive network and customer-centric approach, we are well-positioned to support CBA in serving its customers in India.”
This agreement marks a step forward in strengthening the financial and economic collaboration between the two countries, reflecting their shared commitment to fostering trade and investment.
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