Dubai Bank signs deal with ICICI Bank, India

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 cutting edge trade finance solutions to its corporate clients through ICICI Bank's centralized trade operations including online processing of trade transactions.

Commenting on the announcement, Mr. Vikram Venkataraman, Head of Corporate and Institutional Banking, Dubai Bank, said: 'Dubai Bank is committed to setting pioneering standards in the quality of service and building strong partnerships. The alliance with ICICI Bank is another step towards this. It will help the bank in enhancing the value proposition offered to its corporate clients.

'There are clear synergies between Dubai Bank and ICICI Bank - expertise, speed, flexibility and an unstinting commitment to the customer - and we plan to build on this relationship in time. Our relationship marks the start of expansion of our operations and network to meet the growing needs of our corporate clients. Dubai Bank is delighted to be joining forces with ICICI Bank. '

Mr. Sudhir Dole, Deputy General Manager and Head, International Financial Institutions Group, ICICI Bank, said: 'The relationship leverages ICICI Bank's corporate banking expertise and technology capital to provide value added trade finance solutions to Dubai Bank's corporate clients. ICICI Bank is now recognized as the leading trade finance bank in India and we are optimistic that other Financial Institutions will also leverage our expertise.'