Besieged World Bank President Paul Wolfowitz will resign by the end of June, both Wolfowitz and the bank said on Thursday.

"I am announcing today that I will resign as president of the World Bank Group effective at the end of the fiscal year, namely June 30, 2007," said Wolfowitz in a statement.

The leader, who had fought the pressure to resign for weeks, said he was pleased the World Bank executive board "accepted my assurance that I acted ethically and in good faith in what I believed were the best interests of the institution, including protecting the rights of a valued staff member."

"I have concluded that it is in the best interests of those whom this institution serves for that mission to be carried forward under new leadership," he said.

"He assured us that he acted ethically and in good faith in what he believed were the best interests of the institution and we accept that," said the bank executive board in its own statement.

"The executive directors acknowledge Mr. Wolfowitz's decision to resign as president of the World Bank Group, effective end of the fiscal year (June 30, 2007). The Board will start the nomination process for a new president immediately," said the statement.

(Xinhua News Agency May 18, 2007)