ICICI Prudential Asset Management, the joint venture between India's ICICI Bank and the UK's Prudential, is strengthening its European coverage through a partnership with one of the leading financial services firms in the continent.

The exclusive agreement with Nordea Investment Management, the fund management arm of Nordea Group, allows both entities to capitalise on each others distribution and investment expertise in the Indian and international markets, the firms said in a statement. 

Nordea will showcase ICICI Prudential Asset Management as its Indian advisor/sub-advisor through its retail, private banking and institutional segments in Europe, while ICICI will provide advisor/sub-advisor services to Nordea's new Indian fund, Nordea 1 India Equity Fund, to be launched in Europe. ICICI has already received the mandate to offer services to Nordea's existing Indian assets of around $250 million.

Nordea Group is among the largest banks in Europe with a market capitalisation of about $30 billion.