Active Stocks
Thu Mar 28 2024 15:09:27
  1. Tata Steel share price
  2. 155.50 1.73%
  1. ICICI Bank share price
  2. 1,091.10 0.65%
  1. HDFC Bank share price
  2. 1,446.75 0.42%
  1. ITC share price
  2. 427.40 -0.14%
  1. Power Grid Corporation Of India share price
  2. 276.00 1.83%
Business News/ Companies / ICICI inks pact with Alibaba
BackBack

ICICI inks pact with Alibaba

The partnership will offer loans, cash management services and cross border remittances for SMEs based in India and are members of the Chinese website

ICICI said that the bank will offer ‘a single window facility’ for easier trade finance, bank guarantees and foreign exchange transactions using Alibaba’s internet marketplace. Photo: BloombergPremium
ICICI said that the bank will offer ‘a single window facility’ for easier trade finance, bank guarantees and foreign exchange transactions using Alibaba’s internet marketplace. Photo: Bloomberg

Mumbai: ICICI Bank Ltd, India’s largest private sector bank, has partnered with Chinese internet marketplace Alibaba.com to offer loans, cash management services and cross border remittances for small and medium enterprises (SMEs) which are based in India and are members of the Chinese website.

In a press release on Monday, ICICI said that the bank will offer “a single window facility" for easier trade finance, bank guarantees and foreign exchange transactions for Indian SMEs using Alibaba’s internet marketplace.

“Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers. We have also worked to sweeten this proposition by enabling Alibaba.com’s members in India to enjoy better rates and discounts on ICICI Bank’s products and services," Bhushan Patil, channels director, Alibaba.com was cited as saying in the email.

ICICI Bank’s shares rose 3.5% to 315.15 on BSE, while the exchange’s benchmark Sensex rose 1.52% to 27,730.21 points.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 22 Jun 2015, 04:16 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie