The Bank for International Settlements (BIS) announced this Wednesday that it has appointed Joachim Nagel as Deputy Head of the Banking Department for a term lasting five years.
The BIS is a hub for central banks, financial regulators and supervisory authorities. Nagel’s five-year term commences on the 1st of November, succeeding Jean-François Rigaudy, who retires from the Bank on the 31st of August, after more than 31 years with the BIS.
The Banking Department of the BIS offers a range of services to help central banks and other official monetary institutions manage their foreign exchange (forex) reserves.
At present, Nagel is a member of the Executive Board of German state-owned development bank KfW Bank, which he joined in 2016 and was General Manager from 2016 until 2017, his Curriculum Vitae shows.
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Prior to this, he was at the Deutsche Bundesbank, where he spent 17 years at, with six of those years being a Member of the Executive Board. In this role, he was responsible for the Markets Department, IT Department, Controlling Department, Banking Supervision and was the head of the Deutsche Bundesbank’s financial crisis management team.
Joachim Nagel returns to central banking community
Commenting on the appointment, BIS General Manager Agustín Carstens said in the statement: “I am delighted to welcome Joachim back to the central banking community. His deep knowledge of markets, leadership experience and international expertise will be valuable contributions to our banking activities and to the senior management team.”
During his career, Nagel had previously spent time with the BIS, as a member of its Markets Committee for 10 years. He was also an alternate member of the BIS Board of Directors from 2011 to 2016.
He also sits on the Supervisory Board of Deutsche Börse and last year co-headed a group examining ways to deepen capital market integration in the European Union, the statement from the BIS said.