India’s Kotak Mahindra Bank and ING Bank have signed a memorandum of understanding (MOU) to cooperate on cross border business.
Under the terms of the MoU, both the banks will cooperate and explore opportunities arising from cross border business, investment and trade flows across Benelux (Belgium, Netherlands and Luxembourg), Western Europe, Eastern Europe, North America, Asia and Australia.
The agreement will encompass cooperation 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, cross-border debt capital markets and M&A.
Kotak Mahindra Bank president of corporate, institutional & investment banking K V S Manian said: "The MoU will leverage the strengths of both institutions and will be mutually beneficial. We have a strong corporate, institutional and investment banking business, which can now meet varying client needs across several geographies."
ING CEO Ralph Hamers added: "We welcome the cooperation between Kotak Mahindra Bank and ING Bank, as it will give clients from The Netherlands and the other 39 countries where we are active in commercial banking access to Kotak’s services in the vast Indian market while at the same time it will offer our combined clients in India the opportunities of ING’s international network."