The Asian Infrastructure Investment Bank will also elect the new president at an annual meeting held in Beijing, and China will nominate former Deputy Minister of Finance Zou Jiayi to take the position.

Bloomberg reported that the AIIB spokesman said the AIIB "is exploring the possibility of adding a small number of hub offices in Asia and beyond" but has not "made any final decision".

In order to be closer to the capital market, the AIIB is actively seeking to expand its influence outside of Beijing. The AIIB opened its first office outside China in Abu Dhabi, the capital of the UAE in September 2023.

Bloomberg reported on Wednesday (May 28) that the multilateral lending institution (with 110 countries and regions as of the end of last year) has assets of more than US$57 billion (S$74 billion) and is currently negotiating with relevant parties in Newport to open an office. Because it involves non-public information, people familiar with the matter requested anonymity.

Beijing-based Asian Infrastructure Investment Bank (AIIB, referred to as the Asian Infrastructure Investment Bank), is considering opening new offices in Singapore and Hong Kong, which, according to people familiar with the matter, will be the largest expansion of the Asian Infrastructure Investment Bank since its opening in Beijing nearly a decade ago.

According to the AIIB official website, it has committed to provide nearly US$52 billion (S$67 billion) in funding to 38 member states, of which India is the largest single recipient. Its net profit exceeded US$1.1 billion last year and had approved 252 independent projects as of the end of 2023.

The Asian Infrastructure Investment Bank was first initiated by China and officially established in Beijing in 2015 and opened the next year. It is similar to other international financial institutions such as the World Bank, but focuses on providing funds to Asian governments to support infrastructure construction. Since its opening in 2016, its membership has roughly doubled, including Brazil, Canada, France, Germany, Australia and New Zealand, but the United States and Japan have refused to join.

According to a person familiar with the matter, if the AIIB can finally finalize host member agreements with member governments, it may announce the move at its annual meeting in June.