India's second-largest bank ICICI has formally forged an alliance with Mitsubishi UFJ Securities, a unit of Japan's biggest bank by assets, according to reports.
The alliance is expected to provide support to Japanese companies in mergers and acquisition deals in India, a growth region in which many companies are interested in investing. The two banks will reportedly work together in the areas of corporate finance and M&As.
The tie-up does not involve any equity participation in ICICI by Mitsubishi but paves the way for intensified co-operation across several businesses, the institutions said. Under the terms of the agreement, the banks will also consider co-operating in the sales of financial products, expanding investment product lines for both companies.