Major Japanese commercial bank MUFG Bank has signed a memorandum of understanding with ICICI Bank to cooperate with the leading Indian bank in supporting Japanese companies operating in the South Asian country.

Under the MOU concluded on February 5, MUFG will introduce Japanese firms to ICICI in line with their needs so that they can use the Indian bank’s financial services, including the opening of personal accounts and the use of automatic teller machines.

The Japanese bank will also offer corporate customers information on local industries, hold business-matching events for companies of the two countries and organize business meetings, taking advantage of ICICI’s network of clients and more than 5,200 branches.

MUFG, which has four branches and a sub-branch in India, expects the number of Japanese companies doing business in the country to begin increasing again after a recent lull stemming from the coronavirus pandemic.

Kyodo