The Bank of New York Appointed by IndusInd Bank Limited as Depositary Bank

Apr 17, 2007, 01:00 ET from The Bank of New York

    NEW YORK, April 17 /PRNewswire-FirstCall/ -- The Bank of New York, a
 global leader in securities servicing, has been selected by IndusInd Bank
 Limited as depositary bank for its global depositary receipt (GDR) program.
 Each IndusInd Bank GDR represents one ordinary share. The GDRs trade on the
 Luxembourg Stock Exchange. The ordinary shares trade on the Bombay Stock
 Exchange and the National Stock Exchange, India's two leading stock
     Headquartered in Mumbai, IndusInd Bank is a private-sector bank whose
 broad lines of business include corporate banking, retail banking, treasury
 and foreign exchange, investment banking, capital markets, non-resident
 Indian/high networth individual banking, and information technology.
     Bhaskar Ghose, managing director and chief executive officer of
 IndusInd Bank, said, "This appointment expands on our long-standing
 relationship with The Bank of New York, one of our main correspondents for
 U.S.-dollar clearing and trade finance. We believe that the Bank has the
 depositary receipt servicing expertise necessary to help us meet our
     Christopher Sturdy, executive vice president and head of The Bank of
 New York's Depositary Receipt Division, said, "We welcome IndusInd Bank to
 our growing list of Indian bank clients. It is particularly gratifying when
 another bank places its confidence in our abilities, and we look forward to
 a mutually rewarding relationship."
     The Bank of New York is depositary for more than 1,250 American and
 global depositary receipt programs, a 64% market share, acting in
 partnership with leading companies from 62 countries. With an unrivalled
 commitment to helping securities issuers succeed in the world's rapidly
 evolving financial markets, the Bank delivers the industry's most
 comprehensive suite of integrated depositary receipt, corporate trust and
 stock transfer services. Additional information is available at
     The Bank of New York has been providing high quality customer service
 and pioneering technology to financial institutions in India for over 20
 years. Since the founding of its representative office in Mumbai in 1983,
 the Bank has offered a wide variety of financial products and services,
 including depositary receipts, trade finance and global payments.
     The Bank of New York Company, Inc. (NYSE:   BK) is a global leader in
 providing a comprehensive array of services that enable institutions and
 individuals to move and manage their financial assets in more than 100
 markets worldwide. The Company has a long tradition of collaborating with
 clients to deliver innovative solutions through its core competencies:
 securities servicing, treasury management, asset management, and wealth
 management. The Company's extensive global client base includes a broad
 range of leading financial institutions, corporations, government entities,
 endowments and foundations. Its principal subsidiary, The Bank of New York,
 founded in 1784, is the oldest bank in the United States and has
 consistently played a prominent role in the evolution of financial markets
 worldwide. Additional information is available at
     The Bank of New York provides no advice nor recommendation or
 endorsement with respect to any company or security. Nothing herein shall
 be deemed to constitute an offer or solicitation of an offer to buy or sell
     The Securities offered will not be and have not been registered under
 the United States Securities Act of 1933, as amended, and may not be
 offered or sold in the United States absent registration or an applicable
 exemption from registration requirements.

SOURCE The Bank of New York