YEREVAN, July 3. / ARKA /. ICICI Bank said earlier this week its non-executive chairman KV Kamath had relinquished his position at the bank to take over as the head of the BRICS-promoted New Development Bank (NDB).

"...effective close of business hours on June 30, 2015, KV Kamath, non-executive chairman of the bank, 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.

Kamath will be the first head of NDB set up by the BRICS Group of emerging market economies. His five-year term is to be followed by a Brazilian and then, a Russian. The 67-year-old banker Kamath, known among his friends as KV, began his career at ICICI in 1971.

Kamath will attend a BRICS summit scheduled for July 8-10 in Russian Ufa. Prior to it he will be present at New Development Bank's Board of Directors meeting in Moscow on July 7. -0-