Durban – President Jacob Zuma on Friday spoke out on the recalling of Nhlanhla Nene as finance minister, saying his name had been put forward to head the African Regional Centre of the New Development Bank/Brics bank.

In a statement, Zuma said the urgency of the change in leadership of the National Treasury was "occasioned by the need to send nominations to Shanghai, of the head of the African Regional Centre of the New Development Bank/Brics Bank, to be based in Johannesburg".

Zuma said Nene had been earmarked as a candidate for the position.