The European Bank for Reconstruction and Development on Friday selected British top civil servant Suma Chakrabarti as its president to 2016, replacing German incumbent Thomas Mirow after a shock vote.
Chakrabarti, 53, is the first EBRD president who is neither German or French.
His candidacy raised eyebrows as it broke a supposed unwritten rule that a Briton would not run for the presidency in return for the bank being headquartered in London.
Founded in 1991 to help former Soviet bloc countries switch and adapt to a market economy, the EBRD is hoping to soon start investing across Arab regions.
Chakrabarti, 53, is the first EBRD president who is neither German or French.
His candidacy raised eyebrows as it broke a supposed unwritten rule that a Briton would not run for the presidency in return for the bank being headquartered in London.
Founded in 1991 to help former Soviet bloc countries switch and adapt to a market economy, the EBRD is hoping to soon start investing across Arab regions.