Moscow: The name of Niranjan Limaye has been proposed as the new Chief Executive Officer (CEO) and Chairperson of the Executive Board of ICICI Bank Eurasia. He would replace Mr. Sanjay Maheshka, who has moved on to a new position with ICICI Group in India . Mr. Limaye, who was heading ICICI Bank's operations in Africa , has an extensive experience in the banking sector with over 11 years in ICICI Group.

Mr. Limaye said, "ICICI Bank has a big potential for growth in the Russian market. We plan to work with both corporate clients as well as with individuals, offering full range of products and services in mortgage loans, auto loans and credit cards. We want to be a significant player here and wish to make a meaningful contribution to the Russia growth story."

Currently, Mr. Limaye's candidature is undergoing approval procedures with the Central Bank of Russia which is mandatory for both Russian banks and foreign banks operating in Russia.

Brief biography
Mr. Limaye graduated in Bombay with a Bachelor of Engineering degree. Later he completed his MBA and started career with ICICI Group in 1995 in the projects financing group and in three years was promoted into Corporate Banking Division. Subsequently, he moved on to Government Banking Division as Regional Head. In 2004, Mr. Limaye was transferred to the International Banking Group as Chief Representative of ICICI's operations in Africa . He started the Representative office of ICICI Bank in Johannesburg and headed it till his transfer to ICICI Bank Eurasia.

About ICICI Bank
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with assets of USD 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 685 branches and extension counters and over 3051 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. ICICI Bank's international presence currently spans 17 countries and includes wholly owned subsidiaries in the United Kingdom, Canada and Russia; offshore banking units in Singapore and Bahrain; an advisory branch in Dubai, branches in Sri Lanka, Hong Kong and Belgium; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.

ICICI Bank Eurasia is a fully owned subsidiary of ICICI Bank Limited. ICICI Bank Eurasia is ranked among TOP-150 Russian banks in terms of assets and remains one of the top growing banks in Russia (according to the Interfax ranking published as of December 31st , 2006). ICICI Bank Eurasia offers a wide range of services both for corporate and private clients.

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