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K.V. Kamath is Appointed BRICS Bank Chairman
May 13, 2015

Eminent banker K. V. Kamath is appointed as head of the 50 billion dollar New Development Bank (BRICS Bank) being set up by the five emerging economies of BRICS grouping. He will have a five year term of the bank, which is likely to be operationalised within one year.

  • Leaders of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the New Development Bank, with its headquarters in Shanghai.

  • As per the agreement, India got the right to nominate the first president.

  • India’s presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five country-grouping.

  • The BRICS nations account for nearly 16 trillion dollar in GDP and 40 per cent of the world’s population.

  • The bank will start with an initial paid-in-capital of 50 billion dollar with each BRICS country contributing USD 10 billion.

  • K.V. Kamath is the non- executive Chairman of the India’s largest private sector bank ICICI. He retired as ICICI’s managing director and CEO in April 2009, and took up his present position as non-executive chairman.

  • He started his career in 1971 at ICICI, an Indian financial institution that founded ICICI Bank and merged with it in 2002.

  • He has a degree in mechanical engineering and did his management studies at the Indian Institute of Management, Ahmedabad.

  • In 1988, he moved to the Asian Development Bank and spent several years in South-East Asia before returning to ICICI as its managing director and CEO in 1996.

The bank’s launch, along with the setting up of a $100 billion crisis fund to contain currency volatility, is seen as counterweights to the US and Europe dominated financial institutions such as the IMF and World Bank.


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