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Asian Development Bank president tenders resignation

Asian Development Bank said Takehiko Nakao resigned as president, effective Jan. 16, 2020.

Nakao assumed the role in April 2013.

Japan, the largest investor in the Philippines-based policy bank along with the U.S., plans to nominate Masatsugu Asakawa, a special cabinet adviser and former vice minister of finance for international affairs, to succeed Nakao, The Nikkei reported Sept. 17, citing a Japanese Finance Ministry official.

The official added that China, the third largest investor in Asian Development Bank, may nominate a rival candidate for the role.