ICICI Bank, Sify to launch JV Web company

BANGALORE: ICICI Bank and Satyam Infoway Ltd. (Sify) has announced the setting up of a new web-based joint venture (JV) company for on-line distribution of retail banking products and services.

A memorandum of understanding (MOU) was signed between ICICI Bank managing director and CEO H. N. Sinor and Satyam Infoway managing director R. Ramraj, an ICICI Bank release said. The new company is to be a 50:50 partnership and would be launched in about 60 days and is yet to be named. The range of retail banking products to be distributed through the Satyam portal include savings and current accounts, fixed deposits and bill payments.

The new company would function parallel to ICICI Bank`s existing 'infinity' range of Internet services, the release said. The new company would also explore the opportunities of e-commerce, including a platform for trade facilitation and payments over the Internet, it added. This is to be achieved by synergising two existing products of the companies, which are a buyer to seller ordering/selling web site of Sify - seekandsource.com and an Internet-based ''business to business" for purchasers and sellers developed by ICICI. ICICI bank and Sify would co-operate wherever possible to extend its distribution setup for financial products from ICICI and Internet products from Satyam, the statement said. The bank would set up automated teller machines (ATMs) at Sify access points and cyber cafes and would offer Sify's Internet terminals at its branches, it added.