BIS General Manager to step down

Malcolm D Knight, General Manager and chief executive officer of the Bank for International Settlements (BIS), today announced that he will leave the BIS at the end of September 2008. He has been BIS General Manager since April 2003. His term of office was due to end in June next year.

Mr Knight said "I will resign as BIS General Manager as of 30 September in order to accept an appointment as non-executive Vice Chairman of Deutsche Bank Group, with responsibility for coordinating Group-wide issues on regulation, supervision and financial stability for the Management Board. I have also accepted an appointment as Visiting Professor in Finance at the London School of Economics and Political Science, beginning 1 October 2008". He continued, "In making this announcement, I would like to say what a great honour it has been for me to serve as General Manager of the BIS over the past five years".

Jean-Pierre Roth, Chairman of the BIS Board, warmly thanked Mr Knight for his outstanding service to the Bank. "Mr Knight's achievements as General Manager have been manifold. He has overseen major enhancements in the management of the BIS, particularly in the areas of governance, risk control and economic analysis. During his tenure, the BIS's role as a forum for central bank cooperation has been further strengthened. I, along with the other Board members and the BIS's shareholding central banks, wish him all the very best for the future".

The BIS Board of Directors has initiated the search process for a new General Manager.