CURRENT AFFAIRS

Detailed explanation-1: -ICICI Bank signs MoU with Santander UK Plc .

Detailed explanation-2: -The bank has its origins in three constituent companies-Abbey National, Alliance & Leicester and Bradford & Bingley-all former mutual building societies. Abbey National, trading as Abbey, had been bought by the Santander Group in July 2004 for £9 billion.

Detailed explanation-3: -In 2010 we entered the retail and commercial banking business in the United States with the acquisition of Sovereign. In October 2013, Sovereign’s name was changed to Santander.

Detailed explanation-4: -Santander first entered the United Kingdom in 1988 with a fifteen-year alliance with The Royal Bank Scotland. In 2004, it began its direct commercial activity with the acquisition of Abbey National. The Bank continued to grow through acquisitions, including Bradford & Bingley and Alliance & Leicester in 2008 and 2009.

Detailed explanation-5: -ICICI bank and Santander UK Plc signed a memorandum of understanding (MoU) in Mumbai to build a framework of partnership between the banks to satisfy the financial service needs of corporate customers operating along the India-UK corridor.