Private banker KV Kamath appointed as first president of BRICS bank: All you need to know

India has appointed private banker KV Kamath as the head of the new development bank of the group of BRICS countries, two government sources privy to the decision told Reuters on Monday. K V Kamath was instrumental in transforming ICICI Bank into the conglomerate that it is today. Under Kamath, ICICI Bank undertook a series of acquisitions of non-banking finance companies between 1996-98 that ultimately led to the stupendous growth of ICICI Bank. Kamath serves as an Independent Director on the boards of global oil giant, Schlumberger, Lupin and was former Chairman of Infosys. The BRICS Bank, which will  be called the New Development Bank, will be headquartered in Shanghai, while India has 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 Brics – Brazil, Russia, India, China and South Africa. Here is all you need to know about KV Kamath [caption id=“attachment_366525” align=“alignleft” width=“380”]  KV Kamath[/caption] 1. Kamath began his career in 1971 at ICICI. In 1988, he moved to Asian Development Bank and spent several years in Southeast Asia before returning to ICICI as its Managing Director and CEO in 1996. He achieved the objective of transforming ICICI into a technology-driven financial services group and the first universal bank in India. He retired as the Managing Director and CEO of ICICI Bank in April 2009, and took up his current position as non-executive Chairman. 2. Kamath took charge as the Chairman of Infosys from N R Narayana Murthy on 21 August 2011. Before serving in this position, he was the Non-Executive Chairman of the company from 2 May 2011. 3. Kamath was conferred with the Padma Bhushan, one of India’s highest civilian honors, in 2008. He has received widespread recognition internationally and in India, including being named ‘Businessman of the Year’ by Forbes Asia, ‘Business Leader of the Year’ by The Economic Times, India, in 2007, and CNBC’s ‘Asian Business Leader of the Year’ in 2001. 4. Kamath was President of the Confederation of Indian Industry, the country’s apex industry association, from 2008 to 2009. He is also an Independent Director on the Board of Directors of Schlumberger Limited, Chairman of the Society and Board of Governors of the Indian Institute of Management Indore, and a member of the Board of Governors of Pandit Deendayal Petroleum University, a leading school with primary focus on energy education and research. He has been a co-chair of the World Economic Forum’s annual meeting in Davos. 5. Kamath has a degree in mechanical engineering and did his management education from the prestigious Indian Institute of Management, Ahmedabad.