BRICS bank chief: The Indian banker and Infosys Chairman KV Kamath has been named as the first chairman of the new BRICS Development Bank, the country’s Finance Secretary Rajiv Mehrishi told reporters today. 67-year-old Kamath made his name during his time at ICICI Bank which he grew into the India’s second-largest lender and which he headed for 13 years. He is stepping down from his position at Infosys with immediate effect.
The $100bn bank has been set up to fund infrastructure projects in developing nations and will be based in Shanghai. Chairmanship of the bank will rotate every five years.
Source: The Moscow Times