Italy's Padoan pulls out of race to be EBRD president

Italy's former Economy Minister Pier Carlo Padoan has pulled out of the race to be president of the London-based European Bank for Reconstruction and Development (EBRD), a source close to the matter said on Wednesday. Poland's Finance Minister Tadeusz Koscinski is also in the race. The EBRD's board of governors will elect a new president to succeed Britain's Suma Chakrabarti during its annual meeting on Thursday.

Italy's former Economy Minister Pier Carlo Padoan has pulled out of the race to be president of the London-based European Bank for Reconstruction and Development (EBRD), a source close to the matter said on Wednesday. Padoan and French Treasury head Odile Renaud-Basso had been seen as the front runners for the position. Poland's Finance Minister Tadeusz Koscinski is also in the race.

The EBRD's board of governors will elect a new president to succeed Britain's Suma Chakrabarti during its annual meeting on Thursday. To be elected, a candidate has to receive the votes of a majority of governors, who should represent not less than a majority of the total voting power of members. The EBRD was set up in 1991 to invest in the ex-communist economies of eastern Europe and now operates in 38 economies across three continents.

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