Tata group holding firm, Tata Sons and Industrial & Commercial Bank of China (ICBC) have formed a long-term partnership, under which ICBC will become a strategic banking partner to the Tata group.
The global alliance will spread across geographies, including India, China, Singapore, Europe, USA, and South America. At present, of its $100 billion global revenues, the Tata group earns close to 70 per cent from its international operations.
As per the alliance, ICBC will provide Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services.
ICBC will also create a global service team which will support Tata group’s strategic development plans. Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers.
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.
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