UniCredit, the leading pan-European commercial bank, and ICICI Bank, one of India's leading private sector banks, have signed a Memorandum of Understanding (MoU) to support cross-border business opportunities between Europe and India.
The MoU establishes a framework for collaboration between the two banks. Through this partnership, UniCredit and ICICI Bank will enhance their support to multinational corporations with business interests across the two regions.
With more European companies setting up operations in India - across manufacturing and services, especially Global Capability Centres - the combined reach and capabilities of the two institutions will provide them with a seamless banking experience. The partnership will enable businesses to manage their cross-border requirements and growth through a comprehensive suite of solutions, including corporate banking and retail banking, foreign exchange, working capital, trade finance and supply chain finance.
The partnership comes as economic ties between India and the European Union deepens and businesses seek to benefit from the opportunities expected to arise from the proposed EU-India Free Trade Agreement (FTA).
The EU is India's leading foreign investor, with approximately €133 billion in foreign direct investment stock and more than 6,000 European companies operating in the country. In 2025, the EU was India's third-largest trading partner, with trade in goods exceeding €118 billion, and trade in services surpassing €67 billion.1
Once ratified and implemented, the EU-India Free Trade Agreement would bring together almost two billion people and represent approximately one quarter of global GDP2.
Francesca Nenci, Head of Group Trade and Correspondent Banking at UniCredit, commented: "India is already a key commercial and investment partner for many of our clients, and we expect this relationship to become even more significant in the years ahead. In 2025, trade between Italy and India reached approximately €15 billion, while German trade with India exceeded €46 billion in goods and services, underscoring the relevance of this corridor across UniCredit's core markets. Our partnership with ICICI Bank further enhances UniCredit trade finance capabilities enabling us to better support European corporates in India through strengthened local expertise, deeper market knowledge and dedicated on-the-ground assistance."
An ICICI Bank spokesperson said: "As one of the fastest-growing major economies in the world, the Indian market presents an opportunity for the European multinational corporations to set up their global manufacturing and services capability centres here. The partnership between ICICI Bank and UniCredit synthesises banking services for corporates of both the geographies. ICICI Bank, with its strong pan-India presence, state-of-the-art digital capabilities, and comprehensive banking solutions, is well positioned to support UniCredit's customers in pursuing and expanding their business opportunities in India. Likewise, UniCredit's pan-European presence and capabilities will enable us to support our corporate customers with their banking requirements across Europe."
Milan, 02 November 2026
For additional information, please contact mediarelations@unicredit.eu
1 European Commission, "EU trade relations with India. Facts, figures and latest developments."