ICICI Bank statement regarding SFC action

Bandra, Mumbai, India -- (ReleaseWire) -- 04/24/2007 -- ICICI Bank respects the decision of the Eastern Magistrate's Court, Hong Kong, in respect of the summons issued by the Securities and Futures Commission (SFC), Hong Kong. SFC has charged that ICICI Bank carried on the business of dealing in securities in Hong Kong between June 15, 2004 and March 8, 2006, without having a license to do so. ICICI Bank has been fined HKD 40,000 (USD 5,120 -- INR 2.2 lakh) and ordered to further reimburse investigation costs to the SFC.

ICICI Bank regrets the occurrence of this incident involving its Hong Kong branch and certain of its current and former employees. ICICI Bank had at all times acted in good faith based on its understanding of professional advice it had received. ICICI Bank had never authorised violation of law and does not condone any contravention of applicable laws in the conduct of its business. ICICI Bank expects and requires the highest standards of ethical conduct, and legal and regulatory compliance from its staff. ICICI Bank has therefore, based on the findings of an internal review conducted upon the discovery of this incident in April 2006, taken appropriate staff accountability actions against the relevant staff whose conduct resulted in the contravention.

ICICI Bank has since implemented significant measures to strengthen the compliance, monitoring and control functions at the Hong Kong Branch which included bringing in a new management team in early 2006, under the leadership of Mr. Madhav Kalyan. Mr. Kalyan was earlier the Bank's Chief Representative and Country Manager at its Representative Office in New York. The Hong Kong Branch has implemented a more robust compliance framework to ensure compliance with all applicable laws and regulations in the conduct of its business in Hong Kong.

The contravention was limited to a small segment of the branch's business in Hong Kong and has not resulted in any loss either to ICICI Bank's customers or to ICICI Bank. Since May 2006, the existing customers concerned have been serviced directly by the Head Office. This incident does not and would not have any effect on the overall operations or the soundness of ICICI Bank. The Hong Kong Branch continues to conduct its business and operations in Hong Kong in compliance with all applicable laws and regulations.

ICICI Bank is India's second largest bank and the largest private sector bank with total assets of over Rs 2958.32 billion (US$ 67 billion) as on December 31,2006 including Rs 1968.92 billion (US$ 44.5 billion) in deposits. The Bank has long term plans for its operations in North and East Asia with Hong Kong being the hub of these operations. Also attached separately is a fact sheet of the Bank.

ICICI Bank has extended and continues to extend its fullest cooperation and support to the regulatory authorities in Hong Kong and reaffirms its long-term commitment to its business in Hong Kong.

About ICICI Bank:
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with assets of US$ 67 billion as on December 31, 2006. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. ICICI Bank offers a comprehensive range of deposit and loan products at its branches to cater to different customer profiles and needs. ICICI Bank has over 750 branches and extension counters and over 3165 ATM's spread across the country. The Bank services its large customer base through a multi-channel delivery network of branches, ATM's, call centers and Internet banking ( www.icicibank.com ) to ensure that customers have access to its services at all times.

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ICICI Bank introduces LOTS (Loan on the Spot) Car Loans...Just a Swipe Away!

Bandra, Mumbai, India -- (ReleaseWire) -- 02/13/2007 -- ICICI Bank, India's second largest Bank and a leader in Retail Banking, today announced a new initiative in its Car Loans segment. ICICI Bank has introduced an innovative service "LOTS" (Loan on the Spot) in the Car loan division for its existing saving account customers.

LOTS is an innovative automated channel to facilitate easy loans and is a convenience offered to the existing savings account-holders of ICICI Bank. A customer can get a pre-approved offer on the swipe of the Debit Card. The Electronic Data Capture (EDC) terminal placed at select automobile dealerships will now be used as an automated channel for delivering pre-approved Car loans to the customers. With LOTS there is no need to call up call centre.

In the first phase, LOTS will be available for Car Loans in 10 cities namely Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Pune, Ahemdabad, Chandigarh and Jaipur.

Commenting on the launch Mr. Rajiv Sabharwal, Senior General Manager, ICICI Bank, said, "Flexible schemes and quick processing of the loans coupled with convenience has always remained the priority at ICICI Bank. We at the Bank constantly innovate and offer the best of schemes/services to our customers." How does LOTS Work?

A customer who wants to buy a car moves into the dealers shop and chooses a car. If the customers is an existing ICICI Bank savings account holder and holds a Debit Card then the customer can check the pre-approved loan offer on the spot by swiping the debit card.

The EDC terminal installed at the dealer's outlet ejects a printed slip which gives offer details along with the unique number generated for the customer. The dealer can use this pre-approved offer slip to obtain a sanction from ICICI Bank within an hour.

About ICICI Bank:

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of Rs. 2,823.73 billion as on September 30, 2006. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 660 branches and extension counters, 2,350 ATMs, call centers and internet banking (http://www.icicibank.com) to ensure that customers have access to its services at all times.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm