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First president of BRICS Bank to take office in 10 days — India’s deputy finance minister

May 14, 2015, 21:58 UTC+3 NEW-DELHI
Kundapur Vaman Kamath is currently non-executive Chairman of the board of directors of ICICI and leading Indian software maker Infosys
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Kundapur Vaman Kamath

Kundapur Vaman Kamath

© EPA/JAGADEESH NV

NEW-DELHI, May 14. /TASS /. The first president of the new BRICS Development Bank Kundapur Vaman Kamath will take office in 10 days, India’s Deputy Finance Minister Rajiv Mehrishi said On Thursday.

The BRICS countries are Brazil, Russia, India, China and South Africa.

Born in 1947, Kamath headed the largest private bank in India, ICICI until 2009.

He is currently non-executive Chairman of the board of directors of ICICI and leading Indian software maker Infosys.

The agreement on the establishment of the bank was signed on July 15, 2014 in Fortaleza, Brazil.

It provides for the establishment of the new BRICS Development Bank to finance infrastructure and sustainable development projects of these member-states and other developing countries.

The organization has a three-tier system of corporate governance - the Board of Governors, Board of Directors and the President.

A representative of Brazil has become the first chairman of the board of directors.

Russian Finance Minister Anton Siluanov has been appointed as the chairman of the Board of Governors.

The bank’s authorized capital will amount to $100 bln, paid-up capital is $ 10 bln /paid "on-demand" - $40 bln/. Paid-in capital will be formed within seven years. The capital is distributed proportionately among the members of the bank. Russia's share will amount to $2 billion.

The company's headquarters will be located in Shanghai, which is obliged to provide the office and all the necessary equipment for its operation.

Earlier Russian Deputy Finance Minister Sergei Storchak told TASS that the first meeting of the bank’s Board of Governors can take place before the group’s summit that will be held in Ufa in July.

The bank must start operation in the end of 2015 - beginning of 2016, after China and Brazil should ratify the relevant agreements. Russia was the first to ratify the agreement on the establishment of the bank among the BRICS countries earlier this year.

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