Mumbai: Tata Capital and Mizuho Corporate Bank Ltd today said they had signed a memorandum of understanding for a strategic alliance to jointly undertake a range of activities in the financial services sector, including Ninja loans, project and infrastructure finance and treasury products.
"Our MoU today, will help both the entities co-develop innovative offerings and shared services platforms for the evolving corporate customers," said Praveen P Kadle, managing director, Tata Capital Limited, said. "The alliance is a step towards Tata Capital fulfilling its vision of emerging as a holistic provider of financial services."
In February Tata Capital had announced having signed an initial deal with Mizuho Securities Ltd to offer services including investment banking, broking and wealth maangement.
Speaking on behalf of Mizuho Corporate Bank, Ltd., Hidetake Nakamura, managing executive officer of the international banking unit, said, "Combining our two firms' expertise and coverage should prove to be a strong and able seed for our continued growth."
Mizuho Corp Bank is a wholly owned subsidiary of Mizuho Financial Group, while Tata Capital is a wholly-owned subsidiary of Tata Sons Ltd, the holding company of Tata Group.
No financial details were disclosed.