The country's largest private sector bank, ICICI Bank has collaborated with Ecobank Transnational Incorporated (Africa) to increase its global presence. Both the banks have signed a Memorandum of Understanding (MoU) according to which ICICI Bank and EcoBank will increase their combined footprint across India and Africa.
The Mumbai headquartered ICICI Bank issued a statement on the collaboration, which said that currently Ecobank has branch network spread across 35 African countries. On the matter the President, International Banking Group of ICICI Bank, Mr. Vijay Chandok said, "This MoU will allow ICICI Bank and Ecobank to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses."
It is reported that trade ties between India and Africa have doubled in the last four years. For stronger relations between both the countries, it is important to have improved investments in trade in both the countries.
At present, India has investments in Africa in various sectors ranging from Information Technology, infrastructure, oil & gas, fertilizers, pharmaceuticals and petrochemicals.Many Indian banks also have branches in African countries like Corporation Bank and Indian Overseas Bank.