ICICI Bank Ltd.

ICICI Bank has received an approval for sale of its shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. The board of directors at their meeting held on December 05, 2014 has approved for the same.

The sale is subject to execution of definitive agreements and regulatory approvals. The purchase price will be determined on the transaction completion date based on the financial statements of IBEL at that date. The transaction is expected to conclude by the end of the financial year.

As of September 30, 2014, IBEL had total assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion. IBEL’s profit after tax in the six months ended September 30, 2014 was RUB 28 million. IBEL accounted for less than 0.1% of ICICI Bank’s consolidated total assets at that date and consolidated profit after tax for the period.