ICICI Bank launches new line of credit card on the American Express(r) Network

Company Brief

Mumbai, March 31, 2008

ICICI Bank Launches new line of Credit Card on the American Express(r) Network Consumers can now avail of extraordinary benefits along with additional business savings for entrepreneurs Mumbai, March 31, 2008 ICICI Bank, India's second largest bank and American Express, one of the world's leading financial services companies, today announced the launch of the "ICICI Bank Ascent American Express(r) Card". The card offers customers a powerful value proposition of accelerated rewards and exclusive privileges for the sophisticated, affluent Indian consumer.

ICICI Bank and American Express also introduced the ICICI Bank Business Ascent American Express(r) Card designed exclusively for entrepreneurs who will benefit from the Business Advantage Programme featuring attractive savings on business related expenses.

"Speaking at the launch, Mr. Sachin Khandelwal, Head Cards Group, ICICI Bank said, "Over time a card reflects upon the purchasing power and the changing lifestyle of a customer. Currently ICICI Bank has over 9.5 million customers and the increasing usage of credit cards in India makes it vital for us to meet the diverse needs of our customers.

The tie up with American Express will provide us with the platform to extend our offerings and the enhanced rewards programme will assure our customers greater value every time they use the card."

Mr. Kula Kulendran, Senior Vice President, Head of Global Network Services for Japan, Asia-Pacific and Australia region, American Express said, "We are delighted to have partnered with ICICI Bank to develop a very relevant and differentiated value proposition and I am confident that customers will be thrilled by this suite of products. Around the world, American Express partners with banks that share our commitment to superior customer service and providing quality products to customers. With ICICI Bank we have found the right partner to meet the needs of the Indian consumer."

The ICICI Bank Ascent American Express Card comes with a comprehensive rewards programme that offers up to 6% of the value of transactions on the card. ICICI Bank and American Express have partnered with Taj Hotels Resorts and Palaces, Yatra.com and Provogue to create a world class rewards programme and attractive year long privileges to cardmembers. The card also offers a personal concierge service, comprehensive travel insurance and the American Express SelectsSM programme providing exclusive discounts and privileges to cardmembers in India and when traveling overseas.

ICICI Bank and American Express came together in 2003 under an agreement that enables ICICI Bank to issue American Express branded cards that can be used on American Express' global merchant network.

For further information, please contact:

Ekta Babbar

Tel: +011 269 33451 - 57

Fax: +011 269 33458

e-mail: ektab@voxpr.co.in

Website: www.voxpr.co.in