First President of BRICS Bank to take office within ten days

The first President of the BRICS New Development Bank Kundapur Vaman Kamath, appointed by the Indian Government, will take office in ten days, India's Deputy Finance Minister Rajiv Mehrishi said.

While the bank's first President represents India, the first Chair of the Board of Directors comes from Brazil. Russian Finance Minister Anton Siluanov will head the New Development Bank's Board of Governors.

The bank will be headquartered in Shanghai, China, where the authorities are ready to provide the premises and equipment required for the bank's operation.

Russia's Deputy Finance Minister Sergei Storchak said earlier that the bank's governors may hold their first meeting even before the BRICS Summit in Ufa in July.

The New Development Bank is expected to go on stream in late 2015-early 2016, after China and Brazil follow Russia's lead to ratify the respective agreements.