Joachim Nagel to join the BIS as Deputy Head of Banking

• Joachim Nagel sits on the Executive Board of Germany's KfW Bank
• Former member of the Executive Board of the Deutsche Bundesbank
• Five-year term begins on 1 November 2020

The Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, has appointed Joachim Nagel as Deputy Head of the Banking Department.

Mr Nagel is a member of the Executive Board of German state-owned development bank KfW Bank. Before joining KfW in 2016, he spent 17 years at the Deutsche Bundesbank, serving as a Member of the Executive Board for six years.

BIS General Manager Agustín Carstens said: "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."

The BIS offers a wide range of banking services to help central banks and other official monetary institutions manage their foreign exchange reserves.

Mr Nagel was a member of the BIS Markets Committee for 10 years and was an alternate member of the BIS Board of Directors from 2011 to 2016. He 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. He holds a PhD in economics from the Karlsruhe Institute of Technology.

Mr Nagel will begin his five-year term on 1 November 2020. He succeeds Jean-François Rigaudy, who retires from the Bank on 31 August. Mr Carstens thanked Mr Rigaudy for his contributions over his 31-year career at the BIS and wished him well in his future endeavours.