BRICS bank presidency to be for five years -source

BRASILIA, July 15 Tue Jul 15, 2014 3:39pm EDT

BRASILIA, July 15 (Reuters) - India will hold the presidency of the new BRICS development bank for five years, a senior official involved in the negotiations said on Tuesday.

The source added Brazil is expected to be the second country to hold the bank's presidency, according to a preliminary agreement between the members of the group which also includes China, Russia and South Africa. (Reporting by Alonso Soto; Editing by Walter Brandimarte and Meredith Mazzilli)

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