Mumbai: ICICI Securities Ltd and Oppenheimer & Co. Inc. announced today that they have signed a memorandum of understanding (MOU) to form a strategic alliance to cooperate on business opportunities in the United States and India.

The alliance covers a wide range of securities activities, including equity and debt capital markets services, advisory services, private equity transactions, and wealth management.

The opportunities to be explored jointly through the alliance include the introduction of Indian companies into the U.S. securities market; the U.S. distribution of Indian offerings and placements; cross border advisory and offering the private clients of Oppenheimer and ICICI Securities, equity and wealth management products in India and the U.S.

"Increasingly our clients are seeking access to the U.S. market as well as a broader range of products and services. We believe that this partnership with Oppenheimer which is a strong U.S. based financial institution, will intensify our business in the United States and create the synergy to grow our business in India," said Anup Bagchi, Managing Director & Chief Executive Officer of ICICI Securities.

"India is a dynamic and growing investment banking market and we are looking forward to working with ICICI Securities, who are one of India's leading and most highly-regarded financial services firms. This alliance will provide us with a wide range of opportunities in corporate advisory and plays to the strength of our existing business activities," said Mr. Steve Bernstein, Chief Executive Officer, Oppenheimer Investments Asia Limited.

Recently ICICI Securities announced an alliance with Collins Stewart Hawkpoint, one of the leading independent financial advisory groups based in the UK, to promote joint access to each others' core markets.

About ICICI Securities Ltd: ICICI Securities Ltd, the investment banking subsidiary of ICICI Bank, India's largest private sector bank, is an integrated securities firm offering a wide range of services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution. Headquartered in Mumbai, India, ICICI Securities operates out of 66 cities and towns in India and its wholly-owned subsidiary company has global offices in Singapore and New York. More information at www.icicisecurities.com

About Oppenheimer & Co. Inc.: Oppenheimer & Co. Inc., a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), provides a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.