MUMBAI, India - November 23, 2006 - Export Development Canada (EDC) and ICICI Bank today signed a Memorandum of Understanding (MOU) to cooperate on providing financing to Indian buyers procuring capital goods and professional services from Canada.
The MOU was signed at ICICI Bank's head office in Mumbai by EDC Acting President and Chief Operating Officer Eric Siegel and by Ms. Chanda Kochhar, Deputy Managing Director, ICICI Bank.
"EDC is forming this strategic relationship with ICICI Bank as more Canadian companies are recognizing the importance of India as both a sales market and an investment destination," said Mr. Siegel upon signing the agreement. "The collaboration of ICICI bank and EDC will help speed the entry of Canadian companies in a rapid-growth market, creating new demand for Canada's technology and know-how," added Mr. Siegel.
On signing the MOU Ms. Kochhar said, "Today Indian companies are going global to fulfill their business requirements. ICICI Bank will leverage its international presence to provide holistic support to Indian corporates in their global aspirations. This understanding with EDC is in line with ICICI Bank's commitment to provide its customers with customized and innovative solutions."
The MOU will help assist ICICI Bank's customers interested in procuring capital goods and services from Canadian sources and will facilitate projects between Canadian and Indian companies. This MOU is also important to Canadian success in a number of priority sectors, such as: telecommunications, power, advanced technology and manufacturing, agriculture, environmental technology, aerospace, transportation, airports, plastics, biotech, and services.
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with assets of USD 61.5 billion as on September 30, 2006. ICICI Bank provides a broad spectrum of financial services to individuals and companies through a multi-channel access network, which includes over 640 branches and extension counters, 2350 ATMs, call centres and Internet banking. ICICI Bank set up its subsidiary in Canada (ICICI Bank Canada) in December 2003, which consists of five branches located in Toronto (2), Scarborough, Brampton and Vancouver. ICICI Bank's international presence currently spans 17 countries and includes wholly owned subsidiaries in the United Kingdom and Russia; offshore banking units in Singapore and Bahrain; an advisory branch in Dubai, branches in Sri Lanka, Hong Kong and Belgium; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.
Export Development Canada (EDC) is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contacts: Phil TaylorPublic Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
Charudatta DeshpandeHead - Corporate CommunicationsICICI Bank Ltd.+91 (22) 26538208 charudatta.deshpande@icicibank.com
