China on Monday named a former finance minister as its choice to head the Beijing-backed Asian Infrastructure Investment Bank (AIIB) which is being seen as a rival to the US and Europe-dominated banking institutions. Jin liqun has been formally nominated by China as its preferred candidate to head the $100 billion AIIB.Jin, 65, is currently the secretary-general of the interim multilateral secretariat for establishing the China- sponsored AIIB.
He is effectively certain to be appointed as China will initially have a 26.06 per cent share of the votes at the bank, giving it veto power over the choice of the president, which requires a 75 per cent majority. India by virtue of being the second largest shareholder may get the post of Vice President.China, India and Russia are the three largest shareholders, having a 30.34%, 8.52%, 6.66% stake, respectively, in the newly-formed Bank.