K.V. Kamath, former MD and CEO of ICICI Bank and currently its non-executive chairman, has been appointed to head the BRICS Bank that is being set up by the BRICS countries. Union finance secretary Rajiv Mehrishi said Kamath has been appointed to the position and the appointment becomes effective when he becomes free from other assignments. India has already conveyed the decision to nominate Kamath for the BRICS Bank presidency to other BRICS nations – Brazil, Russia, China and South Africa. Kamath will have a five-year tenure. The BRICS countries had agreed to set up the $100 billion development bank, which will fund infrastructure projects in developing nations with headquarters in Shanghai. Kamath, a veteran banker, with an eight-year stint at the Asian Development Bank, spent 13 years as ICICI Bank’s head during which it went on to become India’s second largest bank. He retired as ICICI Bank’s MD and CEO in 2009. At present, besides being the non-executive chairman of the bank, he is also non-executive chairmanb of Infosys.
