(Il Sole 24 Ore Radiocor) - Milano, 12 mag - The Bank of International Settlements said its board of directors has elected Fabio Panetta, the governor of the Bank of Italy, as its new chair.

Panetta will serve a three-year term as chair of the board, starting on June 3. The BIS board is responsible for determining the strategic and policy director of the BIS, supervising its management and fullfilling specific tasks given it in the bank's statutes.

He will succeed Francois Villeroy de Galhau, governor of the Bank of France, who previously announced his decision to leave the Bank of France and will step down as BIS chair on.

June 2.

(RADIOCOR) 12-05-26 14:07:08 (0437) 5 NNNN