Axis Bank has signed a general purpose Memorandum of Understanding (MoU) with NongHyup Bank (NH Bank), the South Korean bank, headquartered in Seoul, South Korea. The MoU, will serve to strengthen existing ties between the two banks and will help facilitate and enhance cooperation in the areas of Treasury, Trade and other business. NH Bank is one of the largest banks in South Korea with an asset base of USD  185 billion.
 
The MoU was signed by Sidharth Rath, president, treasury, business banking & capital markets, Axis Bank & Lee, Jeong Mo, executive vice president, corporate banking division, at a ceremony organised in Mumbai. The MoU seeks to reinforce trade and economic relationships between South Korea and India, and will promote mutual development through business cooperation

Commenting on the occasion, Rath, said, ''Indo-Korea trade partnership is growing at a robust pace. Korean Companies are increasingly becoming a part of India's economic growth. Axis Bank is happy to be associated with NongHyup Bank and this MoU will go a long way in cementing the relationship between both banks. This partnership would act as a bridge between customers of two banks.''

Shares of the bank gained Rs 13.05, or 2.93%, to settle at Rs 457.70. The total volume of shares traded was 505,460 at the BSE (Wednesday).