NEW DELHI: The creation of Brics bank was achieved after hard negotiations and tough bargaining between key stakeholders India and China as they agreed on equal share holding in return to headquartering the bank in Shanghai , three key MEA officials who accompanied Prime Minister Narendra Modi to Fortaleza , Brazil, for the Brics summit, told ET."It was not easy to get China agree to equal share holding. South Africa, which found it difficult to pay $10 billion, bargained with China for establishing the headquarters at Johannesburg . The South Africans wanted to divide their $10 billion by partly hosting bank and paying the remaining amount. But China finally prevailed.South Africa will pay its full share. We stuck to our position that the bank of five will function on the basis of equality," one official told ET.Modi had made it clear to the Indian negotiators that bank should have equal share holding.This was the main point of difference among India and China since the idea for the Bank was floated in 2012. None of the five member states can increase their share without approval of the other four and the maximum additional share for any of the five stakeholders will be $7 billion.Indian officials dismissed the notion that hosting headquarters will give China an advantage over others. "Philippines has not received any special assistance by hosting the Asian Development Bank Similarly, Ethiopia has not benefited by hosting African Development Bank. We will head the bank for the first five years, followed by Russia and Brazil. China will get its turn after 15 years. We will be have to shape the course of the bank for the initial years," another official said.However, India, did also try to have the headquarters by citing its central location and prevalence of English language. "After all, we must also accept the fact that China is a huge economy. While they are a seven trillion economy , we are twotrillion economy. There cannot be absolute equality on all issues," said a third official.It was India and Brazil who were prime movers behind the bank having equal capital among the stakeholders, official sources pointed out."These two countries require the support of the bank which provide loans at an easier rate compared to the World Bank to improve their infrastructure, industry, smart cities that will overall boost the economy," an official pointed out.