China-backed AIIB taps former British minister

The China-initiated Asian Infras-tructure Investment Bank (AIIB), viewed by some as a rival to the World Bank, on Friday announced executive appointments including a treasury minister from Britain's former coalition government.

The bank, which started business in January, is already led by its president Jin Liqun, formerly a Chinese finance official who has also worked at the Asian Development Bank (ADB).

Liberal Democrat Sir Danny Alexander was number two at Britain's Treasury between 2010 and 2015 but lost his seat in parliament at last year's general election as his party was almost wiped out.

He will be one of five vice presidents for the AIIB, the lender said in a statement, as well as its corporate secretary, a role co-ordinating between the bank's management and members.

Britain was the first major Western country to announce its intention to join the AIIB. The United States, and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank.