Robert Zoellick is President George Bush's final choice to replace Paul Wolfowitz as president of the World Bank, according to a high-ranking Washington source.

Zoellick will take charge on June 30 as Wolfowitz steps down over a nepotism scandal.

An internal World Bank panel found that Wolfowitz, a favorite of Bush's and one of the architects of the Iraq war, violated the rules by arranging a promotion and huge raise for his lover, Shaha Riza.

Although Wolfowitz argued that his moves had been transparent, European members of the World Bank and World Bank employees called for his head.

Bush's choice of Zoellick must be approved by the World Bank's 24-member board. The White House expects the board to agree.

Zoellick resigned as deputy Secretary of State last June to join a Wall Street firm.

The World Bank was founded in 1945 to rebuild Europe after World War II. It has since morphed into a poverty-fighting institution that lends more than $20 billion a year for projects.