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
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.
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