BIS Board elects new Chairman

The Board of Directors of the Bank for International Settlements (BIS) today elected as its new Chairman, Guillermo Ortiz, Governor of the Bank of Mexico. His term is for a period of three years, commencing on 1 March 2009.

Mr Ortiz will succeed Jean-Pierre Roth, who has served as Chairman of the Board since March 2006. Among Mr Roth's main achievements are the enhancement of the global dialogue within the BIS and the integration of the Governors from the central banks of China and Mexico and of the President of the ECB into the Board in 2006. Furthermore, he established a new structure of Board committees, thereby significantly enhancing the governance and effectiveness of the work of the BIS Board.

At their meeting today members of the Board of Directors expressed their sincere gratitude to Mr Roth for the outstanding services he has rendered to the Bank over the past three years.