New World Bank chief to be named

NEW YORK (CNNMoney) -- The World Bank is expected to announce its next president on Monday, and for the first time ever, it's got a competition on its hands.

Throughout its more-than-60-year history, the bank has been led by an American, part of a tacit agreement between the United States and its Western European allies. Europe, in turn, has maintained control of the top spot at the bank's sister organization, the International Monetary Fund.

Now, candidates from the developing world are trying to shake things up. Dartmouth University President Jim Yong Kim, nominated last month by President Obama, is facing off against Nigerian Finance Minister Ngozi Okonjo-Iweala.

A third candidate, former Colombian finance head José Antonio Ocampo, withdrew Friday and threw his support behind Okonjo-Iweala's candidacy.

With these challengers has come renewed complaints about the U.S. monopoly on the presidency and calls for the bank's leadership to better reflect the world's evolving economic order. Read More