ICICI Bank & CBA collaborate to boost business in India Australia trade corridor
ICICI Bank has announced that it has signed a Memorandum of Understanding (MoU) with the Commonwealth Bank of Australia (CBA) towards supporting customers across the Australia-India corridor.
Mr. Rakesh Jha, Executive Director, ICICI Bank and Mr. Mike Vacy-Lyle, Group Executive of Business Banking, CBA signed the MoU.
Under the MoU, ICICI Bank and CBA will explore collaborations to:
- Facilitate introductions of corporate and institutional customers who are interested in investing or setting up businesses in the other bank’s home country
- Facilitate trade between corporate customers in Australia and India by supporting them with banking services and providing guidance for cross-border trade opportunities
- Assist customers migrating to Australia and India with banking services
- Support cross-border payments by collaborating on customer-centric solutions
Mr. Rakesh Jha, Executive Director, ICICI Bank said, “We are delighted to enter in a partnership with Commonwealth Bank of Australia. India has emerged as a preferred destination for foreign investments, across manufacturing, Global Capability Centres and capital markets. Australia and India have strong bilateral relations and there are several opportunities across our respective ecosystems, which this partnership seeks to harness. We are confident that ICICI Bank, with its 360-degree customer centric approach, extensive franchise and technology-enabled offerings is well placed to support CBA in serving the holistic banking requirements of its customers in India.”
Mr. Mike Vacy-Lyle, Group Executive of Business Banking, CBA said, “The business environment presents significant opportunities for both Australian and Indian businesses and we are excited to partner with ICICI Bank to better facilitate trade and advance prosperity in both countries. We understand that doing business in another country can present challenges as well as opportunities for businesses. That is why we are delighted to be working with ICICI Bank to give our business customers dedicated access to a leading banking partner across the corridor.”
The partnership aligns with the Australia-India Economic Cooperation and Trade Agreement (ECTA), which has already eliminated tariffs on 85% of Australian goods exported to India and 96% of imports from India. Negotiations for a Comprehensive Economic Cooperation Agreement (CECA) are also underway, promising to deepen economic ties further.
This collaboration supports businesses navigating the dynamic trade corridor between the two nations by offering tailored financial solutions, industry insights, and collaborative initiatives across key sectors such as education, health, and technology.
To promote understanding and growth, CBA will be hosting workshops in Sydney and Brisbane, with ICICI Bank participating to provide further insights for customers exploring opportunities in the Australia-India corridor.
This MoU marks another milestone in the flourishing economic relationship between Australia and India, with both nations continuing to unlock potential for businesses, trade, and investment.
