Infrastructure Leasing & Financial ServicesLimited (IL&FS), one of India's leading infrastructure development and financeconglomerates, signed a Memorandum of Understanding (MOU) with Industrial andCommercial Bank of China (Asia) Limited (ICBC (Asia)), one of the leading banks in Hong Kong and also a wholly owned subsidiary of Industrial and Commercial Bank of China Limited for broad level cooperation in infrastructure project development services and financing services related thereto.
The signing took place between Mr Ramesh C Bawa, MD & CEO, IL&FS Financial Services Limited and Mr Samuel H K Tong, Deputy Chief Executive Officer, ICBC (Asia). The signing ceremony was attended by senior officers from ICBC (Asia) and IL&FS Group.
The MOU sets the scope of cooperation between the two financial powerhouses across the North and East Asia region for providing infrastructure project development services, including financial services relating thereto, trade, corporate banking, investment bankingand treasury related services, debt raising, advisory and other form of permissible economic cooperation for such projects in the region and is expected to help both the institutions in developing related businesses in the geographies outlined.
On the occasion, Mr Ramesh C Bawa, MD & CEO, IL&FS Financial Services Limited said, "We have built a valuable alliance with ICBC (Asia). This will leverage our global network and expertise to drive further development and innovation in the infrastructure space."