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ICICI Bank Joins ICIC As Indian Companies Listed On The NYSE

Date 29/03/2000

The shares of ICICI Bank, India's largest new private sector bank, began trading on the New York Stock Exchange today as American depositary receipts under the ticker symbol IBN.

ICICI Bank is a subsidiary of ICICI (NYSE: IC and IC.d), which was the first Indian company and first financial-services company in non-Japan Asia to list on the NYSE on Sept. 22, 1999. ICICI Bank is the first commercial bank from India to list in the U.S. and the second Asian commercial bank to list on the NYSE.

"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 company to list on the NYSE," said Mr. K.V Kamath, managing director and CEO of ICICI, the parent company.

"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 through by applying Internet and cutting-edge technology across its franchise to provide the market with innovative solutions and services."

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.