In the light of increasing interest from Indian co rporates in Africa and the
enhancement in Indo-African trade & investment opportunities, ICICI Bank has entered into an MoU with Ecobank Transnational Incorporated, Africa. The MoU will involve ICICI Bank and Ecobank collaborating to extend banking services across their combined footprint in India and Africa. Ecobank is present in 35 countries in Africa.
The MoU was signed in Tokyo by Mr Vijay Chandok, President – International Banking Group, ICICI Bank Ltd and Mr Arnold Ekpe, Group CEO, Ecobank. India’s trade with Africa has doubled in the past four years. Stronger investment ties are complementing this steady growth in trade with Indian investments in Africa across a range of sectors including oil & gas, pharmaceuticals, petrochemicals, fertilizers, IT and infrastructure.
Speaking on the occasion, Mr Vijay Chandok said, “In recent years, trade and
investment from India to Africa has grown multi-fold and is poised to grow even higher. This MoU is a concrete step in the direction of supporting Indian corporates in Africa. It will allow ICICI Bank and Ecobank to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses. We are very happy to enter into this business cooperation MoU with Ecobank.”