Press Release
April 26, 2002
Reserve Bank of India Approves ICICI Bank - ICICI Merger
The Reserve Bank of India (RBI) today approved the merger of ICICI Limited
(NYSE: IC) and two of its wholly-owned subsidiaries, ICICI Personal Financial
Services Limited (ICICI PFS) and ICICI Capital Services Limited (ICICI
Capital), with ICICI Bank Limited (NYSE: IBN).
The Board of Directors of ICICI Bank at its meeting today approved the
appointment of the following Additional Directors on the Board of the
Bank with effect from the Effective Date of the merger:
1. Mr. R. Seshasayee, Managing Director, Ashok Leyland Limited
2. Mr. D. Sengupta, Chairman, General Insurance Corporation of India
4. Mr. L. N. Mittal, Chairman & CEO, LNM Group
5. Mr. Anupam Puri, Management Consultant
6. Ms. Kalpana Morparia
7. Mr. S. Mukherji
The Board approved the appointment of Mr. K. V. Kamath and Ms. Lalita
D. Gupte, presently non-wholetime Directors of the Bank, as Managing Director
& CEO and Joint Managing Director respectively, and Ms. Kalpana Morparia
and Mr. S. Mukherji as Executive Directors, with effect from the Effective
Date. The Board also approved the re-designation of Mr. H. N. Sinor as
Joint Managing Director. The appointments are subject to the approval
of RBI.
Said Mr. K. V. Kamath, "We are delighted that we have been able to obtain
regulatory and statutory approvals for the merger within six months and
would like to thank the authorities for their support".
Additional Information and Where to Find It
ICICI Bank and ICICI have made available Notice of the Shareholders'
Meeting, a copy of the Scheme of Amalgamation and an Information Statement
to their shareholders and American Depositary Receipt (ADR) holders. These
documents contain important information about the merger. Shareholders
and ADR holders are urged to read these documents carefully. Free copies
of these documents may also be obtained from ICICI Bank and ICICI. ICICI
Bank's and ICICI's filings with the Securities and Exchange Commission
(SEC) are also available to the public from commercial document-retrieval
services or from the SEC website at http://www.sec.gov/
Forward-Looking Statements
Except for the historical information contained herein,
statements in this Release which contain words or phrases such as 'will',
'would', etc., 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 successfully implement our strategy,
future levels of non-performing loans, 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
as well as other risks detailed in the reports filed by us with the United
States Securities and Exchange Commission. The Bank undertakes no obligation
to update forward-looking statements to reflect events or circumstances
after the date thereof.
For further press queries
:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com
For investor queries please call Rakesh Jha at 91-22-653 8902 or Anindya
Banerjee at 91-22-653 7131 or email at ir@icici.com