Tata Sons signs up China's ICBC for financial services

Tata Sons Ltd, the holding arm of salt-to-software Tata conglomerate, today announced the signing of a long-term banking services agreement with Industrial and Commercial Bank of China Ltd (ICBC).

Tata Sons and Industrial and Commercial Bank of China (ICBC) have formed a long-term partnership, under which ICBC will become a strategic banking partner to the Tata group. The announcement comes after a team of Tata executives, led by group chairman Cyrus P Mistry, met with Jiang Jianqing, chairman, ICBC, and his team to formalise the engagement.

Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services, Tata Sons said in a statement.

ICBC will also create a global service team which will support Tata group's strategic development plans.

''The alliance will be a global one with the geographies covered including India, China, Singapore, Europe, the USA, and South America. The Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers,'' the release said.