Bank For International Settlements Names Jens Weidmann Chairman

(RTTNews) - The Board of Directors of the Bank for International Settlements has elected Jens Weidmann, President of the Deutsche Bundesbank, as its new Chairman. His term is for a period of three years, commencing on 1 November 2015. Weidmann will succeed Christian Noyer, who will serve as Chairman of the Board until he retires as Governor of the Bank of France on 31 October 2015.

The Bank for International Settlements, or BIS, is the world's oldest international financial organisation. The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP. The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

The customers of the BIS are central banks and international organisations. As a bank, the BIS does not accept deposits from, or provide financial services to, private individuals or corporate entities.