Business
ICICI's K.V Kamath named BRICS bank president
New Delhi, May 11
Banker K.V. Kamath was on
Monday appointed head of the BRICS New Development Bank being set up by
the group of emerging economies formed by Brazil, Russia, India, China
and South Africa.
Kamath, currently the non-executive chairman of
ICICI bank, will have a five-year term at the BRICS bank, which is
likely to be operationalised within one year, Finance Secretary Rajiv
Mehrishi told reporters here.
At the BRICS summit in Brazil last
year, the leaders had reached an agreement to establish the $100 billion
New Development Bank, with its headquarters in Shanghai. As per the
agreement, India got the right to nominate the first president.
India will preside over the bank's operations for the first six years, followed by five-year terms for Brazil and then Russia.
Kamath
retired as managing director and chief executive of ICICI bank in April
2009, and has also spent several years in southeast Asia working with
the Asian Development Bank.
He was conferred with the Padma Bhushan - India's third highest civilian honour - in 2008.