Puerto Rican banker Richard Carrion on Wednesday announced his bid to become president of the International Olympic Committee.

Carrion, an IOC member since 1990 and chair of the finance committee for the last 11 years, touted his "broad knowledge of the (Olympic) Movement," as well as of "its essential needs to ensure its independence."

"We have a lot at stake in this election. Our place in the world is not guaranteed. We must have a leader that knows how not just to manage the coming change but also make it work for the IOC and the movement," he said.

The 60-year-old chairman of Puerto Rican financial institution Popular Inc. will vie for the IOC presidency with Singapore's Ser Miang Ng and Thomas Bach of Germany - both IOC vice presidents - as well as with Taiwan's CK Wu, the president of the International Boxing Federation.

They, and the other people aspiring to become the IOC chief, must announce their candidacies before June 10. The winner will replace Belgian surgeon Jacques Rogge, who has been IOC president since 2001.

Carrion, a director of the Federal Reserve Bank of New York, has headed the negotiations for the television broadcast rights for the Olympic Games for the Americas, Asia, Africa and Australia, which together exceed $8 billion in income for the IOC.

Broadcast rights represent two-thirds of the IOC's income and almost 50 percent of the funds authorized by the entity for organizations via the Olympic Movement, funds which support the presentation of the Games and the development of sports around the world.

The election for the new IOC chief will take place Sept. 10 in Buenos Aires.

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