ICICI first Indian bank to offer financing to TradeCard Clients
10 Mar '06
4 min read
TradeCard announced yesterday that ICICI Bank, India's second largest bank, has signed a partnership agreement to offer pre- and post export financing to TradeCard customers in Hong Kong and India.
ICICI Bank is TradeCard's first financial services partner in India and its 5th partner bank in Hong Kong.
The partnership will better position TradeCard to expand its services on the Indian subcontinent where a large and growing volume of goods that are sourced by TradeCard customers, such as apparel and footwear, are manufactured.
For ICICI Bank the strategic partnership will offer an opportunity to further expand its international reach into new markets.
As part of the agreement, ICICI Bank will provide pre- and post export finance for suppliers in India and in Hong Kong.
TradeCard members in both territories will have online access to ICICI export financing directly through the TradeCard network. Customers create and approve the finance request document online and receive approval of their request electronically.
ICICI Bank has real-time access to these applications, increasing the speed with which the bank can respond to and approve the financing requests.
“As the second-largest bank in India we are committed to offering world-class financial services to our domestic and international customers, and we understand that moving away from paper is key in achieving cost savings and greater efficiency,” said Bhargav Dasgupta, Senior General Manager & Head - International Banking Group, ICICI Bank.
marketing@alchempro.com
