ICICI Bank, German bank in pact

ICICI Bank and Munich-based BayernLB have signed an agreement to co-operate across various areas, namely treasury, capital markets, syndicated loans, trade finance and cash management services.

According to a release issued by ICICI Bank to the Bombay Stock Exchange on Monday, the agreement was signed by K V Kamath, managing director and CEO of ICICI Bank, Lalita D Gupte, joint managing director of ICICI Bank, Werner Schmidt, chairman of BayernLB and Rudolf Hanisch, deputy chairman of BayernLB in Mumbai on February 17, 2006.

"BayernLB, which has an asset base of $434 billion, is the second largest LandesBank in Germany. The bank acts as principal bank to the free state of Bavaria and as the central banking institution to the Bavarian savings banks," the release added.