February 27, 2001

Bank of Madura Merger with ICICI Bank

The Reserve Bank of India has, under Section 44A of the Banking Regulation Act, 1949, approved the merger of Bank of Madura Limited with ICICI Bank Limited effective March 10, 2001. With this merger ICICI Bank Limited will become one of the largest private sector banks in India with combined assets of Rs. 17,327 crores and total deposits of Rs. 13,460 crores as at December 31, 2000. The merged entity will have a large customer base of over 3 million and a network of more than 350 branches and 450 ATM centres spread across about 100 cities in India.

"This merger would lead to considerable synergies in the operations of the merged entity and would benefit the customers and other stakeholders" said Shri H. N. Sinor, Managing Director and CEO, ICICI Bank Limited on receipt of the Reserve Bank of India's approval.

ICICI Bank Limited has fixed Wednesday, April 11, 2001 as the 'Record Date' to determine the shareholders of Bank of Madura Limited who would be entitled to receive the equity shares of ICICI Bank. The swap ratio has been fixed at two equity shares of face value of Rs.10/- each of ICICI Bank Limited for every equity share of face value of Rs.10/- each of Bank of Madura Limited.