The Bank for International Settlements (BIS) announced on Tuesday that it has added Bank of Korea Governor Juyeol Lee to its Board of Directors. His three-year term will come into effect in January of next year.
At BIS, an elected Director is initially appointed to serve a three-year term which can be renewed. His appointment is part of the bank’s initiative to enhance the diversity of regional representation within the BIS, the statement said.
Lee is the current Governor of the Bank of Korea. He was originally appointed to this role on April 1, 2014, which he served for four years. In April of this year, his position was renewed for a second term, which will end in March 2022.
Lee has held various positions at the bank of Korea including Senior Deputy Governor, from April 2009 until April 2012. Before this, he was Deputy Governor from 2007 until 2009. At the beginning of his career with the bank, he was a Senior Economist at the New York Representative Office, a position he held from 1999 until 2002.
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Juyeol Lee’s appointment reflects the importance of Asia
Commenting on the appointment, Jens Weidmann, Chairman of the Board, said: “this appointment recognises the importance of Asia in the global financial system and in the BIS’s activities and governance. Moreover, it reflects the important role played by Korea in the global economy.”
During his career, Lee served as an Advisor at the Hana Institute of Finance between 2012 until 2014. In this period, he returned to his place of study to teach students in the Graduate School of Economics at Yonsei University.
After completing his mandatory military service in 1975, Lee went on to study Bachelor of Arts in Business Management from Yonsei University, graduating in 1977. In 1988 he studied at the Pennsylvania State University, earning a Master of Arts degree in Economics.
The appointment of Lee follows closely on the heels of Siddharth Tiwari joining BIS, which Finance Magnates reported yesterday. Tiwari will also be serving in an Asia-based role, joining as the Chief Representative for Asia and the Pacific.