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ICBC to become Tata Group's strategic banking partner
Highlights
Tata Sons, promoter of major operating Tata companies, and Industrial & Commercial Bank of China Ltd have entered into a long-term partnership under which ICBC will become strategic banking partner to the group.
Tata Sons, promoter of major operating Tata companies, and Industrial & Commercial Bank of China Ltd have entered into a long-term partnership under which ICBC will become strategic banking partner to the group.
"Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services," Tata Sons said in a statement.
ICBC will also create a global services team which will support Tata group's strategic development plans, it added.
"The alliance will be a global one with the geographies covered, including India, China, Singapore, Europe, the USA, and South America," the statement said.
The Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers, it added. A team of Tata executives, led by Chairman Cyrus P Mistry, met with Jiang Jianqing, Chairman from ICBC and his team to formalise the engagement.
The Tata group has over 100 independent companies operating in more than 100 countries across six continents. In 2014-15, the combined revenue of Tata companies was USD 108.78 billion. ICBC is among the leaders in the global banking industry with a network covering 40 countries.
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