India nominates KV Kamath as first chief of Brics' New Development Bank

Date published on source: 
11 May 2015
Jerin Mathew
Source organisation: 
International Business Times
Keyword tags: 

India has nominated ICICI Bank chairman KV Kamath as the first chief of the New Development Bank – the IMF and World Bank rival established by the Brics nations.

While China got the new bank's headquarters set in Shanghai, India had the right to nominate the first president. India will hold presidency of the $100bn (£64.7bn, €89bn) bank for the first six years. Other countries in the Brics group are Brazil, Russia and South Africa.

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached among the members.

Kamath, one of the well-known bankers in India, headed the country's private banking giant ICICI Bank until April 2009. He currently serves as non-executive chairman at the bank. He also worked at the Asian Development Bank, led by Japan and the US.

Extract:  the complete article, as published by International Business Times, can be accessed here.

Related: Related: An old hand in Indian banking will head the new BRICS bank (Quartz)