CBA and ICICI Bank partner to strengthen Australia-India business relations

Canberra, December 11 (Australia India News Newsdesk)

The Commonwealth Bank of Australia (CBA) has formed a strategic alliance with ICICI Bank, a leading private-sector bank in India, by signing a Memorandum of Understanding (MoU). This partnership aims to support customers engaged in the Australia-India corridor, facilitating business expansion, trade, and banking services between the two countries.

The MoU was formally executed by Mike Vacy-Lyle, Group Executive of Business Banking at CBA, and Rakesh Jha, Executive Director at ICICI Bank, recently.

The collaboration will allow both banks to connect corporate clients interested in investing or setting up businesses in each other's markets, while also offering comprehensive banking services to individuals migrating between Australia and India. Mike Vacy-Lyle expressed excitement about the partnership, stating, “Our collaboration with ICICI Bank is designed to ease cross-border trade and foster economic prosperity for both nations. We recognize the challenges businesses face when operating in foreign markets, and through this partnership, we will provide customers with access to ICICI Bank's expertise and services.”

In an effort to foster collaboration and knowledge sharing, CBA is hosting workshops in Sydney and Brisbane this week. ICICI Bank has been invited to participate, offering valuable guidance on trade opportunities and strategies to enhance the economic relationship between Australia and India.

The announcement comes amid increasing economic cooperation between the two countries. The Australia-India Economic Cooperation and Trade Agreement (ECTA), which came into effect on December 29, 2022, has made significant strides in facilitating trade. Under the agreement, 85% of Australian goods exports to India and 96% of imports from India are now tarifffree, with further reductions planned in the coming years. Moreover, negotiations are underway for the Comprehensive Economic Cooperation Agreement (CECA), which aims to strengthen the trade and investment ties between Australia and India even further.

Rakesh Jha of ICICI Bank noted the growing appeal of India as a destination for foreign investments, particularly in sectors such as manufacturing and technology. “This partnership seeks to tap into these opportunities and provide a range of banking services designed to meet the evolving needs of businesses and individuals in both countries,” he said.

The partnership between CBA and ICICI Bank is expected to enhance bilateral trade relations and provide businesses and individuals with more efficient banking solutions for crossborder transactions, investments, and business growth. Both banks are committed to strengthening their customers’ experiences while contributing to the continued growth of the Australia-India business corridor.