Kotak Mahindra, ING Bank ink MoU for cross-border business
Kotak Mahindra Bank and ING Bank have inked a memorandum of understanding (MoU) for exploring opportunities arising from cross-border business, investment and trade flows across various regions, including Europe.
It was signed between the two parties and covers an array of co-operation in various areas such as trade remittances, finance.
It also includes services related to non-resident Indians, corporate relationships, funding to counterparties’, fee-based products, direct banking and digital strategy and cross-border debt capital markets, mergers and acquisitions.
Under the ambit of MoU, ING Bank will give its clients from The Netherlands and the other 39 countries commercial banking access to Kotak’s services in the vast Indian market. At the same time it will also offer the combined clients in India the opportunities of ING’s international network.
It should be noted that Kotak Mahindra and associates are significant shareholders in Business Standard Private Ltd. ING Bank holds 6.5 per cent stake in Kotak Mahindra Bank which is India’s fourth largest private sector lender.