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BRICS promoted New Development Bank inks MoU with ICICI Bank

New Development Bank, led by KV Kamath has entered into an agreement with ICICI Bank to explore opportunities in bond issuances, co-financing, treasury risk management, account and human resources.

BT Online        Last Updated: May 6, 2016  | 17:37 IST

New Development Bank, led by KV Kamath has entered into an agreement with ICICI Bank to explore opportunities in bond issuances, co-financing, treasury risk management, account and human resources. Kamath, who previously served as the chairman of ICICI Bank, chose his former organisation as NDB's first financial partner in India.

The agreement "creates a platform for sharing knowledge and deepening network connectivity between NDB and ICICI Bank," Kamath said, after signing the MoU along with ICICI Bank chief Chanda Kochhar.

Kamath said NDB's mandate includes partnering with local development banks in member-countries and this MoU will help it leverage the deep market access and insight of ICICI Bank in the country's financial markets.

The agreement will facilitate NDB in exploring rupee-denominated bonds in the domestic and international markets and also help collaborate for funding India's development projects, a statement released by the two banks said.

NDB, which has its headquarter in Shanghai, started operations with a capital of $100 billion last year as a multilateral development bank promoted by Brazil, Russia, India, China and South Africa.

(with inputs from agencies)

 

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