Brics Bank Now Open For Business, Recruitment Going On In Joburg


According to a formal announcement made by the National Treasury this weekend, the New Development Bank’s Brics Bank is formally “open for business” and has commenced the recruitment process for its Africa Regional Centre in Johannesburg.

See Also: Nedbank Appoints A New Consumer Banking Managing Executive

National Treasury specified in a statement that the bank is in the process of completely establishing the all new Africa Regional Centre in Johannesburg, which was mentioned in the 2016 National Budget Speech as announced by Finance Minister Pravin Gordhan in the Parliament.

South Africans have been encouraged by the National Treasury to apply for an opportunity to work for the bank.

Formal operations of the Brics Bank as it is called was kick started after an agreement signed on February 27 2016 by the People’s Republic of China and the management of the New Development Bank regarding the headquarters of the New Development Bank.

See Also: South African Reserve Bank Says Rising Interest Rates Could Hurt Banks

The headquarters of the bank will be located in Shanghai, China.

The agreement by the two parties gave rise to the completion of formal legal procedures that eventually led to the commencement of operations in the bank.

The main intentions behind the establishment of the Brics Bank is to finance infrastructure and sustainable development projects in the Brics (Brazil, Russia, India, China and South Africa) along with other emerging economies and developing countries.

President Jacob Zuma In December last year said the Brics New Development Bank is a reality that is certain.

President Zuma also announced that former Finance Minister Nhlanhla Nene whom he removed from office was nominated to head the regional centre of the Brics Bank. This was one of the reasons the president gave for removing a competent and reliable man of the people Finance Minister.