Kamath leaves ICICI, set to join BRICS bank

The ICICI Bank on Thursday said its non-executive chairman K.V. Kamath has relinquished his position to take over as the head of the BRICS' New Development Bank (NDB).

"Effective close of business hours on June 30, K.V. Kamath ... has relinquished office consequent on his nomination and acceptance of full-time executive position based in Shanghai as the president of the New Development Bank," ICICI Bank said in a stock exchange filing.

The bank said it has appointed M.K. Sharma as non-executive part-time chairman for three years, effective July 1, post approval by the Reserve Bank of India.

Kamath will be the first head of NDB set up by the BRICS (Brazil, Russia, India, China, South Africa) grouping.

Last week, Kamath said the NDB was looking to consider some Indian infrastructure projects for funding when it starts functioning next April.

"I hope to work with BRICS and other member countries over the next few months so as to build project pipelines by April 2016.

"I am engaged with the government to ensure that there are some Indian projects in the infrastructure space that can be taken up then," Kamath said at a Confederation of Indian Industry meeting here.