ICICI Bank has signed a Memorandum of Understanding (MoU) with Commonwealth Bank of Australia (CBA) to support customers across the Australia-India corridor.

Under the MoU, both Banks will explore collaborations to facilitate the introduction of corporate and institutional customers who are interested in investing or setting up businesses in the other bank’s home country.

Further, the Banks will facilitate trade between corporate customers in Australia and India by supporting them with banking services and providing guidance for cross-border trade opportunities.

The Banks will assist customers migrating to Australia and India with banking services. The partnership will also support cross-border payments by collaborating on customer-centric solutions, ICICI Bank said in a statement.

Rakesh Jha, Executive Director of ICICI Bank, said, “India has emerged as a preferred destination for foreign investments across manufacturing, Global Capability Centres, and capital markets. Australia and India have strong bilateral relations, and there are several opportunities across our respective ecosystems, which this partnership seeks to harness.”

Mike Vacy-Lyle, Group Executive of Business Banking, CBA, said, “The business environment presents significant opportunities for both Australian and Indian businesses… We understand that doing business in another country can present challenges as well as opportunities for businesses. That is why we are delighted to be working with ICICI Bank to give our business customers dedicated access to a leading banking partner across the corridor.”