Dubai Bank has entered into an institutional arrangement with ICICI Bank, India's second largest financial institution. Under the new arrangement ICICI Bank would be the principal correspondent bank of Dubai Bank in India.
The arrangement will enhance Dubai Bank's trade offering to its corporate clients with benefits in terms of faster turnaround times and lower cost for their India linked trade. Dubai Bank will now be able to provide trade finance solutions to its corporate clients through ICICI Bank's centralized trade operations including online processing of trade transactions.
ICICI Bank has an asset base of about $22.25 billion. It provides a broad spectrum of financial services to individuals and companies. The Bank services a growing customer base of more than seven million customers through 450 branches. — (menareport.com)
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