ICICI Bank and Oppenheimer investment banking units join forces

The tie-up to cover securities activities such as equity and debt capital markets services, advisory services, private equity transactions, and wealth management.

Investment banking units of India's ICICI Bank Ltd. and the U.S.-based Oppenheimer Holdings Inc. have agreed to form a non-financial partnership to tap business opportunities in the two countries, the companies said Wednesday, according to a report in The Wall Street Journal.

ICICI Securities Ltd. and Oppenheimer & Co. Inc. have formed a strategic alliance covering a wide range of securities activities including equity and debt capital markets services, advisory services, private equity transactions, and wealth management, the companies said in a press statement.

ICICI Securities recently announced a similar pact with the U.K.-based financial advisory group Collins Stewart Hawkpoint PLC to promote joint access to each others' core markets.