Former Japanese Vice Finance Minister for International Affairs Takehiko Nakao has been named new president of the Asian Development Bank, the organization said Friday. The former top Japanese financial diplomat, who was the sole candidate, will formally take the helm of the ADB on Sunday, according to the Manila-based institution. The 57-year-old Nakao succeeds Haruhiko Kuroda, who assumed the post of Bank of Japan governor on March 20, and will serve out the latter's remaining term through November 2016.

VTB, the second biggest Russian bank, announced Monday a stock offering worth $3.3 billion that should result in the state's share in the lender slipping to 60.9 percent from 75.5 percent as part of an effort by the Kremlin to boost Moscow's stature as a financial hub. The placement would allow the sovereign wealth funds Qatar Holding and Norges Bank Investment Management to take minority stakes alongside Azerbaijan's State Oil Fund and a small group of other foreign investors.

Russia's number two bank VTB announced Monday a stock offering of $3.3 billion that will see the state's share in the company reduced to 60.9 from 75.5 percent amid an effort by the Kremlin to boost Moscow's stature as a financial centre. The placement will allow sovereign wealth funds Qatar Holding, Norway's Norges Bank Investment Management and Azerbaijan's State Oil Fund to take on minority stakes.

Takehiko Nakao, a former Japan vice minister for finance, has been elected president of Asian Development Bank, the Philippines-based lender announced Friday. Nakao, 57, replaces compatriot Haruhiko Kuroda, who stepped down last month to become governor of Japan's central bank. Nakao, a former vice minister of finance for international affairs, will assume office as ADB's ninth president on Sunday, P. Chidambaram, chairman of the ADB board of governors, said in a statement.