Tata Sons, Industrial and Commercial Bank of China ink pact

MUMBAI: Tata Sons and Industrial and Commercial Bank of China Limited (ICBC) have formed a long-term partnership, under which ICBC will become a strategic banking partner to the Tata group.

A team of Tata executives, led by chairman Cyrus P. Mistry, met with Jiang Jianqing, chairman from ICBC and his team to formalise the engagement.

Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services.

The statement added that ICBC will also create a global service team which will support Tata group’s strategic development plans. The alliance will be a global one with the geographies covered including India, China, Singapore, Europe, the USA, and South America. The Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers.