Private sector lender ICICI Bank became the first financial institution in the country to tie up with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources. As part of the pact, the two lenders — NDBs first president is ICICI Bank veteran KV Kamath — will look at each other as “preferred partners”.

ICICI Bank and NDB will also leverage a mutually beneficial partnership in other areas such as treasury risk management, account and cash management services and human resource development.

Beyond this, there will be continuous dialogue and regular exchange of information between the two banks for exploring potential partnerships in other areas as well. Headquartered in Shanghai, the NDB began operations with an initial capital of USD 100 billion last year as a multilateral development bank promoted by Brazil, Russia, India, China and South Africa.

It recently announced its first set of loans involving financial assistance of USD 811 million to support building of 2,370 mw of power capacity within the member-countries. Out of this USD 250 million has come to state-run Canara Bank for on-lending to renewable energy projects.