Looking forward to establishment of BRICS bank: KV Kamath

New Delhi: ICICI Bank non-executive chairman KV Kamath has said he looked forward to the establishment of the BRICS (Brazil, Russia, India, China and South Africa) New Development Bank and commencing operations as the bank's first head.

The veteran banker will have a five-year term at the BRICS bank, which is likely to be operationalised within one year.

He is expected to take over as the first president of the $100 billion BRICS Bank within a span of 10 days post his resignation from various board positions which he currently holds.

"I look forward to the establishment of the bank and commencement of its operation for the service of the BRICS nations," said Kamath, 67, who is also the non-executive chairperson of Infosys.

Previously, he served as ICICI Bank's managing director and chief executive from May 1996 until his retirement from executive responsibilities on April 30, 2009.

Kamath said in a statement that he was honoured and humbled by the government of India's decision to nominate him as the first president of the new development bank for the BRICS nation.

The BRICS bank is promoted by the five major emerging global economies (Brazil, Russia, India, China and South Africa) to cater to the financial needs of these countries for developmental purposes.

With an authorised capital of $100 billion, it has been christened New Development Bank (NDB) and will start its operations with an initial capital of $50 billion with each of the five member nations contributing $10 billion.
Leaders from the BRICS countries agreed upon the NDB at a meeting last year.

It was agreed that the new bank will be set up in the Asian financial powerhouse, Shanghai with India being given the right to nominate its first president.

The BRICS nations together account for nearly $16 trillion in gross domestic product and house 40 per cent of the world population.