India-born Suma Chakrabarti to head European Bank for Reconstruction

India-born Suma Chakrabarti to head European Bank for Reconstruction

India-born Sir Suma Chakrabarti will succeed Germany's Thomas Mirow as the president of the European Bank for Reconstruction and Development (EBRD) from 3 July, after the latter's term expires.

A majority of the bank's board of directors, representing 63 members, voted for Chakrabarti, a British national, at its annual meeting held in London at the weekend.

Sir Suma, currently the most senior civil servant in the British ministry of justice, will be the president of the EBRD for the next four years beginning 3 July 2012.

The development bank is supporting economic transition in the former Eastern Bloc countries and Soviet republics for the last two decades.

Chakrabarti is also the first British national to be at the top of the London-based East European Bank. Until now, the post was held alternatively by German and French nationals. Former German President Horst Koehler led the bank between 1998 and 2000.