BIS Announces New Leadership for Banking and Monetary Departments – Fintech Singapore

by Fintech News Singapore January 15, 2024

The Bank for International Settlements (BIS) has announced the appointment of Luis Bengoechea as the new Head of its Banking Department and Hyun Song Shin as the upcoming Head of the Monetary and Economic Department (MED).

Luis Bengoechea

Bengoechea, currently serving as Deputy Head of the Department and Head of Treasury, will succeed Peter Zoellner effective June 2024. Zoellner has led the department since 2013 and is set to retire at the end of May this year.

During his time with BIS, Bengoechea has played a key role in executing the Bank’s ‘Innovation BIS 2025’ strategy, aimed at enhancing its banking services. In his new position, he will be responsible for completing this strategic initiative.

Bengoechea’s background includes joining the BIS in 1998 from the private sector and holding various leadership roles, including Head of the Interest Rates group.

Hyun Song Shin

Additionally, Hyun Song Shin will take over as Economic Adviser and Head of MED, effective January 2025, upon Claudio Borio’s retirement as Head of the Monetary and Economic Department (MED) at the end of 2024.

This move will revert the MED’s management structure to its previous format, with the Economic Adviser also serving as Head of the Department.

BIS said in a statement,

“The Board acknowledged that MED had clearly strengthened its performance across its entire policy and research portfolio under the joint leadership of Mr Borio and Mr Shin. They further expressed their confidence that this high standard could be continued under Mr Shin’s leadership.

Finally, the Board also recognised Mr Borio’s excellent work and outstanding contributions to economic and financial research and central bank cooperation during his long career at the BIS.”

Featured image credit: Edited from Freepik

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