Appointment of Mr. S. Mukherji as Managing Director & CEO of ICICI Securities Limited.

Business Editors

MUMBAI, India---(BUSINESS WIRE)--Jan. 29, 2004

ICICI Bank (NYSE:IBN) and its subsidiaries together constitute a universal bank, offering the full range of financial solutions to various customer segments. The investment banking business undertaken through ICICI Securities Limited (ICICI Securities), the Bank's subsidiary, is a critical element of the ICICI group's business proposition and offers significant growth potential going forward. ICICI Securities has emerged as a key player in the investment banking arena and is now well-positioned to capitalize on these opportunities. Given the importance of this business and the potential it offers, it has been decided to dedicate a member of ICICI Bank's top management team to this area. Accordingly, Mr. S. Mukherji, Executive Director of ICICI Bank will take over as Managing Director & CEO of ICICI Securities effective February 1, 2004. Mr. Mukherji has worked with the ICICI group for over two decades and has vast experience in various areas. He has played a key role in the group's project finance business, including setting up the infrastructure finance business, and in developing government and top-tier corporate relationships. He took on the challenge of leading the Special Asset Management Group, which has been highly successful in its mandate for resolution of legacy asset quality issues. Mr. Mukherji's leadership, experience and extensive corporate and government relationships will be invaluable in realizing our ambitions for ICICI Securities. Consequent to his taking up full-time executive responsibilities in ICICI Securities, Mr. Mukherji would cease to be a member of the Board of the Bank.

Ms. Ramni Nirula has led ICICI Securities over the past year and has played a key role in its growth. She will now head the Government Banking Group (GBG) and the Rural & Micro-banking and Agri-Business Group (RMAG) in ICICI Bank.

Except for the historical information contained herein, statements in this Release which contain words or phrases such as 'will', 'would', 'indicating', 'expected to' 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. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.