United Mizrahi Bank (TASE:MZRH) today signed an extraordinary cooperation agreement with India's second largest bank, Industrial Credit and Investment Corporation of India (ICICI Bank) (BSE:532174).
The signing ceremony was held in the presence of Minister of Industry Trade and Labor Ehud Olmert, currently visiting India, accompanied by a business delegation.
The cooperation between Mizrahi Bank and ICICI Bank is designed to help their customers carry out international trade-related transactions, including guarantees, credit, documentation, and the financing of medium and long-term foreign trade.
Mizrahi Bank CFO Eldad Fresher, who is responsible for the bank's international business, said Mizrahi Bank initiated the cooperation as part of its strategic plan to develop and expand its overseas business.
"The cooperation agreement with ICICI Bank will be followed by similar agreements, through which Mizrahi Bank will enable Israeli exporters to operate in new and emerging markets identified as having business and economic potential," he said.
Published by Globes [online] - www.globes.co.il - on December 8, 2004