The MoU would help Axis Bank support its corporate clients by funding them at competitive pricing and also give it an opportunity to work closely with Chinese companies in facilitating them in their domestic requirements in India.
The MoU would help Axis Bank support its corporate clients by funding them at competitive pricing and also give it an opportunity to work closely with Chinese companies in facilitating them in their domestic requirements in India.
The MoU was signed by V Srinivasan, executive director, corporate banking, Axis Bank, and Zhao Xiaoyu, executive vice-president, China Development Bank, in New Delhi.
"Indo-China trade partnership is growing at a robust pace. We, at Axis Bank, are excited to sign an MoU with China Development Bank to tap newer business opportunities, emerging from the world's second largest economy," Srinivasan said.
"Axis Bank's presence in Shanghai and its wide reach in India will help in providing an end-to-end solution to both Indian and Chinese corporates," he said. Axis Bank opened its Shanghai branch early this year. The Shanghai branch is engaged in offering various services including accepting public deposits, offering short as well as long-term loans, and comprehensive corporate banking services.
China is India's largest trading partner, with Sino-Indian trade crossing $65.86 billion in 2013-14 and is at $22.41 billion till June 2014, according to a report by Ministry of Commerce and Industry. India and China have pledged to increase bilateral trade to $100 billion by 2015.
China Development Bank provides medium to long-term financing facilities that assist in the development of national infrastructure, basic industry, key emerging sectors and national priority projects. The bank's mandate is to promote Chinese Exports to India and also support Chinese Companies, executing projects in India.
0 comments:
Post a Comment