India chooses private banker to head Brics bank
by Agency Staff,
2015-05-11 12:48:55.0
NEW DELHI — India has named private banker KV Kamath as the first head of a new development bank being set up by the Brics (Brazil, Russia, India, China and SA) group of emerging-market economies, Finance Secretary Rajiv Mehrishi said on Monday.
The Brics countries agreed to set up the $100bn development bank last July in a step towards reshaping the Western-dominated international financial system.
It was agreed that the New Development Bank, which will fund infrastructure projects in developing nations, would be based in Shanghai. It would be headed by an Indian for a first five-year term, followed by a Brazilian and then a Russian.
"Kamath has been appointed as the head of the Brics bank, the appointment will become effective when he becomes free from his current assignments," Mr Mehrishi told reporters in New Delhi.
Mr Kamath, 67, is a veteran banker who was credited with developing ICICI Bank into India’s second-largest lender. He headed the bank for 13 years until 2009 and is now its nonexecutive chairman.
He is also nonexecutive chairman of India’s second-biggest software services exporter Infosys.
Atul Tiwari, a senior official in Prime Minister Narendra Modi’s office, said India had conveyed the decision to nominate Mr Kamath for the Brics bank presidency to partner countries.
"They have been notified about it," Mr Tiwari said. "There is no scope for any partner country to raise an objection to Mr Kamath’s appointment because it was already decided that India will choose the first Brics bank head."
Reuters
NEW DELHI — India has named private banker KV Kamath as the first head of a new development bank being set up by the Brics (Brazil, Russia, India, China and SA) group of emerging-market economies, Finance Secretary Rajiv Mehrishi said on Monday.
The Brics countries agreed to set up the $100bn development bank last July in a step towards reshaping the Western-dominated international financial system.
It was agreed that the New Development Bank, which will fund infrastructure projects in developing nations, would be based in Shanghai. It would be headed by an Indian for a first five-year term, followed by a Brazilian and then a Russian.
"Kamath has been appointed as the head of the Brics bank, the appointment will become effective when he becomes free from his current assignments," Mr Mehrishi told reporters in New Delhi.
Mr Kamath, 67, is a veteran banker who was credited with developing ICICI Bank into India’s second-largest lender. He headed the bank for 13 years until 2009 and is now its nonexecutive chairman.
He is also nonexecutive chairman of India’s second-biggest software services exporter Infosys.
Atul Tiwari, a senior official in Prime Minister Narendra Modi’s office, said India had conveyed the decision to nominate Mr Kamath for the Brics bank presidency to partner countries.
"They have been notified about it," Mr Tiwari said. "There is no scope for any partner country to raise an objection to Mr Kamath’s appointment because it was already decided that India will choose the first Brics bank head."
Reuters
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