ICICI Bank ties up with Santander for India-UK business ease

ICICI Bank, one of India's largest private sector banks, announced a tie-up with Santander bank in the UK on Tuesday, aimed at making banking easier for businesses operating in both countries. ICICI bank will offer UK corporates operating in India banking solutions in trade, cross-border payments, supply chain, treasury solutions, and retail banking, while Santander UK will support Indian corporations.

ICICI bank and Santander UK Plc signed a memorandum of understanding (MoU) in Mumbai to build a framework of partnership between the banks to satisfy the financial service needs of corporate customers operating along the India-UK corridor.

India and the UK have always had strong bilateral ties, and India has long been a favourite foreign investment destination for UK businesses. According to official government statistics, the UK is India's sixth largest investor, with US$ 31.7 billion in cumulative foreign direct investment (FDI) inflows, accounting for 6% of overall FDI inflows.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.