You're reading: EBRD elects Briton as new president

LONDON — The European Bank for Reconstruction and Development has elected a British civil servant as its new president.

The London-based bank announced Friday, May 18 that its shareholders had appointed Suma Chakrabarti to serve as president for the next four years.

He replaces Germany’s Thomas Mirow. Chakrabarti is currently a senior civil servant in Britain’s Ministry of Justice.

The European Bank for Reconstruction and Development was created two decades ago to help eastern European economies after the collapse of communism.