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Washington, D.C., United States (AHN) – World Bank President Robert Zoellick plans to leave his post after five years when his term expired on June 30.

Zoellick began his term under President George W. Bus. He previously served the Bush administration as deputy secretary of state and U.S. Trade Representative.

In announcing he was leaving, Zoellick mentioned that some key reforms had made the WB more open and effective.

The World Bank offers financial help to nation. Lately it has been focusing on trying to help eastern Europe and central Asia as concerns over the European sovereign debt crisis continues to create chaotic economic conditions.

Although the bank’s new leader is technically selected by the bank’s global membership, by tradition, the president of the United States generally appoints the head of the World Bank because the U.S. helped to found the bank after World War II. That means the task falls on President Barack Obama.

The White House has not made public the name of potential candidates under consideration by the president.

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