The former governor of the Bank of Spain already has a professional destiny. He Bank for International Settlements (BIS) announced this Monday that Pablo Hernandez de Cosgovernor until June, will be his new director general, replacing the Mexican Agustin Carstens from July 1, 2025 for a period of five years.
“The board of directors is pleased to announce the appointment of Pablo Hernández de Cos as the next director general of the BIS,” said the president of the Banque de France and the governing body of the BIS, François Villeroy de Galhau.
“It was essential for the board to find an excellent leader to succeed Mr. Carstens […]. Hernández de Cos is a person of remarkable reputation and experience around the world, and we are fully confident that he will embody the spirit of international trust and technical excellence on which the BRI is based,” he said. explain.
Hernández De Cos, once he assumes office for a renewable period of up to five years, will become the second Spaniard to lead the BRI after Jaime Caruanaanother former governor of the Bank of Spain, did the same between 2009 and 2017.
For its part, the BIS also recognized Carstens’ “exceptional contribution” to the organization through his “highly successful” leadership and the “significant transformations” undertaken during his tenure.
The possibility that Hernández De Cos would finally chair the BIS emerged on November 8, when the Financial Times reported that the entity was finalizing the details of his appointment.
Founded in 1930, the BIS is the oldest international financial institution in the world. It helps central banks promote global monetary and financial stability by acting as a first-party counterparty in the financial transactions of the issuers themselves, and as an agent or trustee. international financial operations.
In addition, the BIS is home to the Basel Committee on Banking Supervision, which sets global standards for banking supervision, giving its director a key role in developing a global consensus on financial rules.
