Kundapur Vaman Kamath’s appointment as the head of BRICS bank (now renamed New Development Bank) is perhaps a testimony to his ability to build an institution.
His colleagues, mentees, and peers in the corporate world say that the new stint is apt for the eminent banker, who is now returning to take up an executive role after a long gap.
K Ram Kumar, Executive Director on the Board of ICICI Bank, who has worked closely with Kamath for over 15 years, told
“He is my mentor...Anyone who walks into his room, comes out inspired and there are very few people like this. You come out of his room and think, ‘Am I really that good?’ — he has that skill to fire you up,” he adds.
Past stints Kamath is not new to working in a multi-lateral agency. He spent eight years at the Asian Development Bank in Manila between 1988 and 1996.
He also worked briefly with Indonesia’s Bakrie Group before returning to India to take over as the Managing Director and CEO of ICICI Bank in 1996. Kamath was widely known to be instrumental in expanding the Group’s retail services.
He initiated a process of a series of acquisitions of non-banking finance companies between 1996 and 1998.
Over his 13-year stint till 2009, Kamath led ICICI Bank’s transition from a largely industrial lender to a retail banking giant, a transition that made ICICI Bank the largest retail lender in the country even though it came with its fair share of troubles.
Under Kamath’s watch, ICICI Bank’s advances and deposits grew from a base of ₹650 crore and ₹728 crore respectively, to over ₹2.18 lakh crore by 2009, rising over 50 per cent each, when he remitted office.
Kamath, a holder of Padma Bhushan, has won many accolades including leadership, tech-savvy and multiple businessman of the year awards.
A Formula One fan, Kamath (67), was born in Mangaluru, Karnataka.
His organisational skills and ability to inspire prompted NR Narayana Murthy to appoint him, in May 2011, as the Non-Executive Chairman of Infosys, India’s second-largest software exporter.
Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, and an independent director on the Infosys’ Board said that Kamath’s appointment as BRICS bank Chief was a huge recognition for his leadership in banking.
Describing Kamath in three words Ramkumar said, “I would say he is an institution builder, a caring human being and a liberator.”