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UPDATE: World Bank Group president to leave, join PE firm

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UPDATE: World Bank Group president to leave, join PE firm

President of the World Bank Group, Jim Yong Kim, will leave the institution, effective Feb. 1.

World Bank CEO Kristalina Georgieva will become interim president on the same day.

Kim will join private equity firm Global Infrastructure Partners, the Financial Times reported. According to the report, Kim will not be permitted to interact with the World Bank during his first year at the New York-based firm. Global Infrastructure Partners recently sold a 50.01% stake in London's Gatwick Airport Ltd. to VINCI Airports SAS for approximately £2.9 billion.

Kim will also rejoin the board of Partners in Health.