Bank of Baroda, Mizuho Bank Forge Strategic Partnership to Boost M&A Financing and Cross-Border Corporate Banking

MUMBAI: Public sector lender Bank of Baroda and Japan’s Mizuho Bank have entered into a strategic partnership to collaborate on mergers and acquisitions (M&A) financing, structured lending, cross-border financing solutions and corporate investment banking, marking another step towards strengthening India-Japan financial cooperation.

The partnership combines Bank of Baroda’s extensive domestic corporate banking network with Mizuho Bank’s global expertise in acquisition finance and cross-border structured finance. Together, the two institutions plan to support Indian companies pursuing mergers, acquisitions and strategic investments both within India and overseas.

Under the collaboration, the banks will jointly originate, structure, underwrite and syndicate acquisition finance transactions while also working together on M&A advisory assignments. The agreement further covers secondary risk distribution, foreign exchange and interest-rate hedging products, escrow services, and knowledge sharing on acquisition finance and underwriting best practices.

Speaking on the partnership, Lalit Tyagi, Executive Director of Bank of Baroda, said India is witnessing a strong phase of corporate consolidation driven by digital transformation, infrastructure development, energy transition and the pursuit of greater competitiveness.

He said the collaboration would enable both institutions to provide comprehensive financing and advisory solutions for domestic as well as cross-border acquisitions by combining Bank of Baroda’s corporate relationships and market knowledge with Mizuho’s international sector expertise.

Piyush Agarwal, Senior Managing Director and India Co-country Head of Mizuho Bank, described India as one of the group’s most important long-term growth markets.

He noted that Mizuho has maintained a presence in India for nearly three decades and views the agreement as an opportunity to jointly develop cross-border financing, syndication and underwriting capabilities while supporting businesses operating across both major economies.

Supporting India’s Growing M&A Market

India’s merger and acquisition activity has expanded significantly over the past few years, driven by rapid digitalisation, manufacturing growth, renewable energy investments, infrastructure expansion and increasing global investor interest.

The partnership is expected to strengthen financing capabilities for complex transactions by combining global capital access with deep domestic market expertise, particularly for companies seeking overseas acquisitions or foreign firms investing in India.

Mizuho’s Expanding India Strategy

Mizuho Financial Group is among the world’s largest financial institutions, with assets exceeding JPY 302 trillion, a global presence across more than 100 overseas offices and over 65,000 employees. In India, the bank operates through five branches and a GIFT City unit, serving multinational corporations, large Indian enterprises and Japanese companies doing business in the country.

The release also highlights Mizuho’s expanding India strategy, including its announcement in late 2025 to acquire a majority stake in investment bank Avendus Capital, subject to regulatory approvals.

For Bank of Baroda, which serves more than 180 million customers across 15 countries, the partnership reinforces its strategy of expanding corporate and investment banking capabilities while supporting India’s growing integration with global capital markets.