News: HDFC Bank partners Italian bank

(BL 16/02/2007) Mumbai - HDFC Bank has signed a memorandum of understanding with an Italian bank, Banca Monte dei Paschi di Siena, to offer banking services to each other's corporate customers engaged in business activity in their respective countries.

The two banks will assist their customers on commercial (imports and exports, including shipment services, payment orders, among others) and financial transactions (investment activities, foreign direct investments, pre-export financing and trade financing) between Italy and India.

The services will include remittances and bank guarantees.

The Italian bank operates in India through its representative office set up in 2006 in Mumbai.