Deutsche Bank today announced the signing of a Memorandum of Understanding (MOU) for the establishment of a closer relationship in cash management services with Indian Overseas Bank. Under the terms of this MOU, Indian Overseas Bank will use Deutsche Bank’s China Express solution for its US dollar payments to China.
Listed on the Indian stock exchanges, Indian Overseas Bank is a large consumer and commercial bank based in Chennai, with more than 3,000 domestic branches across India and six overseas branches. A pioneer in retail banking, Indian Overseas Bank has been operating for over 76 years. The Bank serves over 18 million clients ranging from individuals, retailers, large enterprises and SMEs, to infrastructure developers and government organisations. It is also the only bank in India which simultaneously started its banking business in India and overseas.
Deutsche Bank’s China Express solution leverages the Bank’s established coverage and reach in China as well as its automated payment platform to enable financial institutions in India to expedite the US dollar payments of their corporate clients into China, thereby facilitating timely credit of funds to an exporter’s account, which enhances the exporter’s working capital efficiency and potentially enables the buyer in India to negotiate better trade terms.
Mr. A D M Chavali, Executive Director at Indian Overseas Bank, said: “We are pleased to expand our long-standing relationship with Deutsche Bank, which has spanned across decades. As a leading bank in India, we are continuously looking to enhance our services for our clients. By using Deutsche Bank’s China Express solution, our corporate clients will directly benefit from faster US dollar payments to China, translating into an enhancement of their relationship with their Chinese trading partners.”
Nancy So, Asia Pacific Head of Cash Management Financial Institutions Sales, Global Transaction Banking at Deutsche Bank, added: “China is one of India's largest trading partners and trade flows between the two countries are expected to continue to grow in the coming years. This presents opportunities for financial institutions in India. With Deutsche Bank’s China Express solution, our clients gain a significant competitive edge, provide a better service to their customers and grow their US dollar payment business from Indian corporates doing business with China.”
Deutsche Bank's cash management solutions for financial institutions are built on a thorough understanding of its clients' commercial business needs. This understanding has enabled the Bank to build a comprehensive suite of products and services designed to continuously enable financial institution clients to enhance their own cross-border payments solutions for their customers.