ICICI Bank Press Release

March 28, 2000

ICICI Bank Completes ADR Offering - Joins ICICI as 2nd Indian Company to List on the NYSE

NEW YORK, March 28 - The American Depository shares of ICICI Bank, a subsidiary of ICICI (NYSE : IC and IC.d) were priced today in New York at US $ 11 per ADS. Each ADS represents two local shares. This price represents a 5.5% premium to the average closing prices of ICICI Bank's local shares over the last five trading days on both the Mumbai Stock Exchange and National Stock Exchange. ICICI Bank will trade on the New York Stock Exchange under the ticker symbol IBN and is the first commercial bank from India and the second from Asia to list on the NYSE.

ICICI Bank completed its international roadshows yesterday that had begun on the 20th of March 2000 as a part of its global offering of ADSs aggregating US $ 175 million, inclusive of the over-allotment option. The roadshows were carried out by three teams comprising senior management from ICICI Bank and ICICI to present the investment case to the global investor community. The teams covered various investor locations in Asia, Europe and the US over the last 7 days.

The ICICI Bank offering was subscribed over 12 times with an aggregate subscription of about US $ 2.2 bn comprising institutional demand of about US $ 1.5bn and retail demand of about US $ 700 mn.

"We believe that we are uniquely positioned in the Indian market to fully leverage the enormous growth potential in the Indian banking sector. We are also India's first Internet bank and have a series of firsts in technology-enabled banking services." said Mr.H.N.Sinor, Managing Director and CEO of ICICI Bank. "To be the first Indian commercial bank to list in the U.S. is a natural complement to our first-mover initiatives."

"Listing ICICI Bank on the NYSE is in line with our strategic vision of operating on global benchmarks. We now have the distinction of having the first and second Indian companies to list on the NYSE." said Mr.K.V.Kamath, Managing Director and CEO of ICICI, the parent company of the Bank.

"It is a privilege for the NYSE to list both ICICI and ICICI Bank in successive order as India's first and second listings", said NYSE Chairman and CEO Richard A.Grasso. "We are pleased to welcome ICICI Bank, a leader in the Indian banking sector that is revolutionizing the industry by applying Internet and cutting-edge technology across its franchise to provide the market with innovative solutions and services."

Amit Chandra, Co-Head of Investment Banking, DSP Merrill Lynch said "the response to the offering is demonstrative of the quality of the ICICI Bank story. This is a bank that has consistently used technology to differentiate its products and services." Mr. P.Krishnamurthy, Vice Chairman of JM Morgan Stanley said "The transaction received strong response from over 160 high quality institutional investors spread across USA (33%), Europe (38%) and Asia (29%)." Amit Chandra added that "the institutional demand included pension funds, mutual funds, India country funds, and even global technology funds."

Commenting on the retail response, Mr.Krishnamurthy said '"the strong retail response is a continuation of the US retail investor interest in quality Indian ADR issues."

The NYSE is the world's premier equities market and currently has more than 3,000 listed companies from 49 countries with a total global market capitalization of $ 17.0 trillion that trade an average 1.1 billion shares daily. ICICI Bank joins a select group of non-U.S. banks that have registered a Level 3 ADR offering with the Securities and Exchange Commission.

Except for the historical information contained herein, statements in this Release which contain words or phrases such as 'will', 'would', 'aim', 'will likely result', 'believe', 'expected', 'will continue', 'anticipate', 'estimate', 'enable', 'enabling', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'project', 'should', 'will pursue' 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 and ICICI's Group's ability to obtain statutory and regulatory approvals and to successfully implement the integration of various systems in respect of the on-line brokering and other initiatives.

In addition there would be certain uncertainties arising from the 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 Internet Banking and on-line brokering products, investment ncome, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us and the ICICI Limited (promoter and holding company of the Bank)

with the Securities and Exchange Commission of the United States of America. The Bank and ICICI undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.