ICICI Bank, the Indian private sector lender, has signed an agreement with an African bank to strengthen banking ties between the two countries.

The memorandum of understanding signed with Africa's Ecobank Transnational Incorporated involves ICICI Bank and Ecobank collaborating to extend banking services in both territories. Ecobank currently has operations in 35 countries across Africa. 

The deal was inked in Tokyo by Vijay Chandok, president for the international banking group of ICICI, and Arnold Ekpe, group chief executive for Ecobank.

India's trade relations with Africa has grown significantly over the past four years across a range of industries, including oil and gas, IT and infrastructure and pharmaceuticals. The MoU will allow both banks to leverage their local expertise to support Indo-African businesses.