MANILA - Japan's former top currency diplomat Masato Kanda assumed office as the 11th president of the Asian Development Bank (ADB) on Monday, the international lender said.

Kanda, Japan's former vice-minister of finance for international affairs, succeeded Masatsugu Asakawa, another former senior official of Japan's Finance Ministry.

Founded in 1966, the Manila-based ADB is owned by 69 members, 49 from Asia and the Pacific.