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Appointments Notices

ICICI Wealth Management Inc.:
Hari Panday, President, Wealth Management, North America Region, and President & CEO

Friday, May 02, 2008

Hari Panday
From The Globe and Mail

ICICI Bank Canada is pleased to announce the appointment of Mr. Hari Panday, as the President, Wealth Management, North America Region, and full-time President & CEO, ICICI Wealth Management Inc., Canada (“IWMI”). His appointment is subject to the required regulatory approvals, and he would be joining the Board of ICICI Securities, Inc., New York (“I-Sec NY”), to oversee the wealth management operations in the U.S.A. He will remain in Toronto covering the North American sub-continent.

Most recently, Mr. Panday led ICICI Bank Limited’s entry strategy in to Canada as the President & CEO, ICICI Bank Canada. Under his leadership, the Bank has built the ICICI Bank Canada brand, opened eight branches, established the online banking platform and a financial intermediary channel, crossed $4 billion in assets in four years and acquired over 200,000 retail accounts.

In his new role, Mr. Panday will build a North American platform for providing onshore and offshore wealth management products and lead the origination of institutional and individual clients across Canada and the U.S.A., with particular focus on cross-border Private Banking services. He will be responsible for defining pan-North American strategy for the Private Banking business and manage the sales channel for the North America Region.

About IWMI: IWMI is a wholly-owned subsidiary of ICICI Bank Canada, which is in turn fully owned by ICICI Bank Limited, India. Currently, IWMI is licensed as a limited market dealer focusing on prospectus-exempt India-linked and international investment opportunities, such as sale of private equity funds and corporate debt to accredited investors (e.g., pension funds, endowments, asset managers, foundations, corporations, governmental and non-governmental organizations and eligible individual investors) that are looking to diversify their investment portfolio allocations with stable international and emerging market investment opportunities. Further, IWMI will be the primary ICICI Group entity to deliver private banking solutions to individual customers across Canada.

About ICICI Bank Limited: ICICI Bank Limited (NYSE: IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $121 billion as of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.

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