KV Kamath, Chairman, ICICI Bank, has been chosen as the first chief of the BRICS bank – which was set up last year to display the growing financial strength possessed by BRICS nation (that includes Brazil, Russia, India, China and South Africa).
The BRICS nations had also agreed last year that the New Development Bank, which will fund infrastructure projects in developing nations, would have its headquarters in Shanghai.
“Kamath’s deep understanding and diverse experience of financial markets, particularly the banking industry, make him a natural choice to head the Brics development bank,” said Shikha Sharma, chief executive at Axis Bank.
Mr. Kamath is a veteran banker, with an eight-year stint at the Asian Development Bank, spent 13 years as ICICI Bank’s head. He retired as ICICI Bank’s CEO and Managing Director in 2009. At present, he is Non-Executive Chairman for ICICI Bank and also software services company Infosys.
We wish him all the best for the new role!
Sources: Eco Times