Trump likely to name Treasury official Malpass as his pick to lead World Bank

US President Donald Trump is expected to name Treasury Department official David Malpass as his pick to lead the World Bank, according to senior administration officials. Former World Bank President Jim Yong Kim stepped down abruptly on January 7, three years before the end of his term. Nominations for his replacement open on Thursday and close on March 14, reports Politico news.

The Trump administration plans to announce its selection on Wednesday, the officials said on Monday. Malpass, the Treasury's Undersecretary for International Affairs, drove the negotiations on a capital increase and reform package for the World Bank last year.

He was part of the US delegation that headed to Beijing last month for trade talks, according to the officials. Before joining the administration, Malpass was an economic adviser to Trump during the 2016 presidential campaign. He previously served as the chief economist at Bear Stearns, reports Politico. Malpass was also a deputy assistant Treasury secretary under President Ronald Reagan and deputy assistant secretary of State under President George H.W. Bush.

He later founded Encima Global, a market research firm focused on global economic and policy issues. Since its founding at the end of World War II, the World Bank has been led by Americans, all of whom were appointed by the US President. The US is the bank's largest shareholder.

(With inputs from agencies.)