K.V. Kamath, former CEO of ICICI Bank, India's largest private bank by assets, has been named as the first head of a new development bank being set up by the BRICS group of emerging market economies.
The BRICS - Brazil, Russia, India, China and South Africa - agreed to set up the $100 billion development bank last July, in a step toward reshaping the Western-dominated international financial system. It was agreed then 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," finance secretary Rajiv Mehrishi told reporters in New Delhi.
Kamath also served as the chairman of Infosys, among India's largest software firms, until 2013 when founder NR Narayan Murthy returned to the company.