Tata Sons, the promoter of Tata companies, and Beijing-based Ind-ustrial & Commercial Bank of China Ltd have entered into a long-term partnership under which ICBC will become strategic banking partner to the group.

“Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services,” Tata Sons said in a statement.

ICBC will also create a global services team which will support Tata group’s strategic development plans, it added. “The alliance will be a global one with the geographies covered, including India,” the statement said.

The Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers, it added.