Axis Bank Signs MoU with China Development Bank

Sunday, 21 September 2014 10:41 administrator

Mr. V Srinivasan, ED - CB, Axis Bank and Mr. Zhao Xiaoyu, EVP - CDB at MoU signing ceremonyMove a sign of growing business cooperation between the two countries.


New Delhi. Axis Bank, India’s third largest private sector bank, recently signed a Memorandum of Understanding (MoU) with China Development Bank (CDB), one of the largest policy banks in China. The MoU would help Axis Bank to support its corporate clients by funding them at competitive pricing and also give the bank an opportunity to work closely with Chinese companies in facilitating them in their domestic requirements in India.

Commenting on the occasion, Mr. V. Srinivasan, Executive Director - Corporate Banking, Axis Bank said, “Indo-China trade partnership is growing at a robust pace. We at Axis Bank are excited to sign MoU with China Development Bank to tap newer business opportunities, emerging from the world’s second largest economy.”

As per a report by Ministry 0f Commerce and Industry, China is India’s largest trading partner, with Sino-Indian trade crossing $65.86 billion in FY 13-14 and is at $22.41 billion till June 2014. India and China have pledged to increase bilateral trade to $100 billion by 2015.

China Development Bank provides medium to long-term financing facilities that assist in the development of national infrastructure, basic industry, key emerging sectors, and national priority projects. China Development Bank mandate is to promote Chinese Exports to India and also support Chinese Companies, executing projects in India.