India’s financial services institution Kotak Mahindra Bank (KMB) has signed a Memorandum of Understanding (MoU) with ING Bank for exploring cross border business and investment opportunities across Benelux (Belgium, Netherlands and Luxembourg), Western Europe, Eastern Europe, North America, Asia and Australia.
The scope of the MoU would include areas including trade finance, remittances and services related to Non-Resident Indians, Nostro and Vostro accounts, funding to counterparties’ corporate relationships, fee-based products, direct banking and digital strategy, and cross-border debt capital markets and M&A.
The initiative follows the merger of KMB with ING Vysya Bank that has resulted in the creation of an INR2tn ($31.15bn) consolidated institution.
KMB executive vice chairman and managing director Uday Kotak said: "The merger of ING Vysya Bank with Kotak Mahindra Bank was driven by the growth potential emerging from our complementarities. This MoU is one such opportunity. It opens a window of opportunities, offering international exposure and enabling us to learn global best practices."
ING Bank is a subsidiary of ING Group Holdings that has a strong presence in Europe.
ING Commercial Banking Asia CEO Mark Newman said: "Our collaboration will allow us to s tand apart and create that differentiating experience for our India clients outside India and our global clients active within India.
"This MoU is equally important to both ING and Kotak Mahindra because it will fuel both our ambitions for cross-border business growth."