Tata Sons picks China’s ICBC for banking solutions

Tata Sons formed a long-term partnership with the world’s largest lender Industrial & Commercial Bank of China (ICBC) on Wednesday and declared it would be a strategic banking partner.

As per the alliance, ICBC would provide Tata Group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services.

“This will help the group access cheap Chinese funds,” said a person familiar with group’s plans. “It will be useful at a time when the group is aggressively expanding across the continents,” the person said.

The alliance between would cover geographies such as India, China, Singapore, Europe, US, and South America. Tata Group garners close to 70 per cent of its $109-billion revenue from international operations.