He Bank of International Settlements (BIS, for its acronym in English), based in Basel, has appointed the former governor of the Bank of Spain (BdE) Pablo Hernandez de Cos as its managing director from July 1, 2025, replacing the Mexican Agustín Carstens.
As reported this Monday by the organization in a statementHernández de Cos’ appointment will last five years and will take over from Carstens, whose term ends at the end of June 2025. Known as the “bank of central banks”, The BSI is headquartered in the Swiss city of Basel and provides financial services to around 140 central banks and monetary authorities around the world.
“It was essential for the council to find an excellent leader to succeed Mr Carstens […]. Hernández de Cos is a person of notable renown and global experience, and we fully trust that he will embody the spirit of international trust and technical excellence on which the BIS is based,” the entity stated.
De Cos, once he assumes the position for a renewable period of up to five years, will become the second Spaniard to direct the BIS after Jaime Caruana, another former governor of the Bank of Spain, did the same between 2009 and 2017.
Since his departure from the Bank of Spain, Hernández de Cos had been considered for key positions in the field of international banks and, in recent days, he had emerged as the new general director of the BIS, something that was finally confirmed this Monday.
Hernández de Cos’ mandate as head of the BdE ended on June 11 without the Government naming his successor (something that had never happened in the history of the entity) and we had to wait until September for it to be announced that he would replace him the then minister José Luis Escriváwhich caused the clash between the Executive and the opposition.
Precisely, Escrivá to his predecessor in office for his appointment to the BIS. In a publication on his Spain.
Born in Madrid in 1971 and with a PhD in Economics from the Complutense University of Madrid, Hernández de Cos held the position of Governor of the BdE between 2018 and June 2024. During this period, he was a member of the Governing Council of the European Central Bank (ECB). and was also chairman of the Basel Committee on Banking Supervision from January 2019 to June 2024.
Likewise, he was a member of the Financial Stability Council and the group of Governors and Heads of Supervision of the BIS and held the position of vice president of the Spanish Macroprudential Authority Financial Stability Council, among other positions.
De Cos began his career at the Bank of Spain in 1997 and, before assuming the position of Governor, he held various positions of responsibility at the central bank, including General Director of Economy, Statistics and Research.
The oldest international financial institution
The BIS, whose founded in 1930 makes it the oldest international financial institution in the world, assisting central banks in promoting global monetary and financial stability, acting as a first-class counterparty in the financial transactions of the issuing institutions themselves, and as an agent or trustee in international financial operations.
Additionally, the BIS hosts the Basel Committee on Banking Supervision, which establishes global standards for banking supervisiongiving its director a key role in shaping the global consensus on financial rules.
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