ICICI Bank`s non-executive chairman KV Kamath has been elected as the chief of BRICS Development Bank. At the BRICS summit in Brazil last year India was accepted as the head of the $100-billion development bank.
Mr Kamath is also the chairman of Infosys Limited. He has a degree in mechanical engineering and did his management studies at the Indian Institute of Management, Ahmedabad.
The 67-year old Mr Kamath started his career in 1971 at ICICI, an Indian financial institution that founded ICICI Bank and merged with it in 2002. 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.
He retired as MD and CEO in April 2009, and took up his current position as non-executive chairman.
The BRICS Development Bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai, China, and India will preside over its operations for the first six years, followed by five-year terms for Brazil and then Russia, leaders of the five-country group announced at the 6th BRICS (Brazil, Russia, India, China and South Africa) summit.