Dubai International Capital LLC (‘DIC’), the international investment arm of Dubai Holding, today announced that it has made a substantial investment in ICICI Bank Limited (‘ICICI’), the leading Indian financial services firm. The investment allows DIC to become one of the leading shareholders in the company with an interest in 2.87% of ICICI’s currently outstanding share capital. Further financial details are not disclosed.

ICICI Bank Limited is India’s second-largest bank with total assets of US$79 billion as at March 31, 2007 and the most sizeable bank in India in terms of market capitalisation. ICICI offers financial products and services in the areas of commercial banking to retail and corporate customers, treasury and investment banking. Through its subsidiaries the company also offers insurance and asset management products.

The bank’s strategy is to enhance its position as a premier provider of banking and related financial services in India and to leverage its competencies to develop an international business franchise.

Sameer Al Ansari, Executive Chairman and Chief Executive Officer of Dubai International Capital LLC, said: “The strategic investment in ICICI supports the global diversification and growth mandate for DIC and its parent company, Dubai Holding, and we are confident that this investment will underscore a long-term strategic relationship between DIC and ICICI.”