Bank is involved into corporate and retail activities. Main directions which bank is developing in Russia are mortgage and car loans. In the short term ICICI Bank Eurasia plans to issue credit cards.

As for corporate services, it will be financing of trade companies. Along with Russian companies, ICICI Bank Eurasia is going to service deals between Russia and Indian companies and thus facilitates strengthening of economic relationship between the two countries.

Mr. Maheshka: "ICICI Bank Eurasia is a subsidiary of the international Group, developed in 2002 by the ICICI Bank Limited, which has over 50 years of financial experience. ICICI Bank has emerged as fastest growing retail bank. The Bank has proactively been at the forefront of technology adoption in the financial services sector. We are bringing our international expertise to Russia, which has been approved in 12 countries all around the world. The Bank's strong retail network, technology enabled operations, superior servicing capabilities and corporate relationships in India provide it with a distinctive competitive advantage in each of the services it offers overseas. We are always focused on our clients' needs and provide them with the complex solutions on a global level."

About ICICI Bank: ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with assets of USD 57 billion as on June 30, 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 630 branches and extension counters and over 2300 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.

ICICI Bank set up the International Banking Group (IBG) in the year 2002 to implement a focussed strategy for its international banking business. Within a short span of four years, ICICI Bank has established its presence in 13 geographies with subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Center and representative offices in the United States, United Arab Emirates, China, South Africa and Bangladesh. Our UK subsidiary has established a branch in Belgium.

DISCLAIMER:
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., including about transactions that may be finalized at a later stage, and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, transactions that may not fructify, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.