President and Vice President of BRICS Development Bank named

The former head of ICICI, one of India's largest private banks, Kundapur Vaman Kamath, will be the first President of the BRICS New Development Bank (NDB), a post he will hold for six years. Later on this position will be transferred to Brazil and then to Russia. According to the agreements reached, the representatives of these countries will head the bank for five years.

Zhu Xian, a representative of China, has been appointed NDB Vice-President. He occupied a number of positions in China's Finance Ministry and international banking agencies. According to China's Foreign Ministry, he has a vast international cooperation experience. "We are confident that he will work with the president and other vice-presidents to establish the bank," a representative of the Foreign Ministry said.