Kotak Mahindra, ING Bank ink MoU for cross-border business
.jpg)
Kotak Mahindra Bank and ING Bank have joined hands for exploring opportunities arising from cross-border business, investment and trade flows across various regions, including Europe.
A memorandum of understanding (MoU), signed between the two, covers an array of co-operation in areas such as trade finance, remittances and services related to non-resident Indians, funding to counterparties' corporate relationships, fee-based products, direct banking and digital strategy, and cross-border debt capital markets and mergers and acquisitions.
"The MoU will leverage the strengths of both institutions and will be mutually beneficial. We have a strong corporate, institutional and investment banking business, which can now meet varying client needs across several geographies," KVS Manian, president-corporate, institutional & investment banking, Kotak Mahindra Bank, said here on Friday.
ING Bank will give clients from The Netherlands and the other 39 countries where it is active in commercial banking access to Kotak's services in the vast Indian market while at the same time it will offer the combined clients in India the opportunities of ING's international network.
"This MoU is equally important to both ING and Kotak Mahindra because it will fuel both our ambitions for cross-border business growth," said Mark Newman, CEO of ING Commercial Banking Asia.
Kotak Mahindra and associates are significant shareholders in Business Standard Private Ltd.
ING Bank holds 6.5 per cent stake in the country's fourth largest private sector lender.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
