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Purvita Chatterjee

MUMBAI, July 8

ICICI Bank has decided not to renew the contract of superstar Amitabh Bachchan, who was roped in to endorse the bank almost two years ago.

Its advertising agency, O&M has already been informed about the decision taken by the bank and the ads featuring Bachchan have been taken off the air for a while now.

According to agency sources, ICICI found it too expensive to renew the contract of the superstar and hence had shed its brand ambassador.

In November 2000, ICICI had signed on Amitabh Bachchan as its brand ambassador. Under the agreement, Mr Bachchan was to endorse and promote the products and services offered by ICICI and its group companies for a period of two years.

As per the agreement, Mr Bachchan would be endorsing the main products offered by ICICI group distributed to customers through its technology-enabled network of more than 100 branches, about 343 ATMs, round-the-clock call centres and on-line banking offered by the bank, close to 100 ICICI Centres spread throughout the country and various offices of the group companies.

The products endorsed by him would include ICICI Bank credit cards, which were launched in January 2000 and have more than 90,000 customers; home loans and car loans, both of which have shown `remarkable' growth recently; ICICI Safety Bonds; ICICIDirect.com - the country's largest online broking site, etc. Mr Bachchan would also be endorsing proposed product launches such as Insurance during his term.

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