ICICI Bank has announced the signing of a Memorandum of Understanding (MoU) with MUFG Bank, Japan’s premier bank, for collaboration towards catering to the banking requirements of Japanese corporates present in India. The MoU was signed at a virtual event by Vishakha Mulye, Executive Director, ICICI Bank and Junsuke Koike, Executive Officer and Regional Executive for India and Sri Lanka, MUFG Bank, in the presence of senior officials of both banks.
Speaking on the occasion, Vishakha Mulye, Executive Director, ICICI Bank said, “We are delighted to partner with MUFG Bank. Over the years, India has emerged as a preferred destination for foreign investment, with Japan ranking consistently amongst the top countries investing in India.
We have recently launched an online platform for foreign companies looking to establish or expand business in the country, called ‘Infinite India’, which is the most comprehensive platform in India offering a wide range of banking and value-added services to meet the requirements of foreign companies throughout their business lifecycle. We are confident that ‘Infinite India’ will enable us to offer a more comprehensive product and service suite to the Japanese companies under this partnership.”
Junsuke Koike, Executive Officer and Regional Executive for India and Sri Lanka, MUFG Bank said, “MUFG’s involvement in India goes back 127 years to 1894, when Yokohama Specie Bank, a forerunner of MUFG, opened an office in Mumbai (then called Bombay). To this very day, India continues to be a key strategic market in MUFG’s global network, and through this partnership, we look forward to further deepen our offerings for customers doing business in India.”
The MoU establishes a framework of the partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking. It also paves way for the two banks to combine their individual strengths and cater holistically to the banking requirements of Japanese corporates operating in India. Japan is the fifth largest investor in India’s economy with cumulative FDI inflows of $34.15 billion from April 2000 to September 2020, contributing 7% to India’s total FDI inflows during the period.