India has named private sector banker KV Kamath as head of the New Development Bank, the so-called Brics bank of the big emerging economies of Brazil, Russia, India, China and South Africa, according to government officials in New Delhi.
The bank, one of a group of new institutions backed by China and reflecting Beijing’s increasing political and economic influence in Asia and beyond, will be based in Shanghai, while member states, starting with India, will take turns to lead it.
Mr Kamath, 67, is seen as an uncontroversial choice and a safe pair of hands as the bank’s debut leader.
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