On May 20, the Bank for International Settlements (BIS) confirmed that it appointed Joachim Nagel as Deputy Head of the Banking Department. Nagel’s term is set to last for five years, starting on November 1, 2020, Finance Magnates reports.
By description, the BIS is a hub for financial regulators, central banks, and supervisory authorities. Nagel will succeed Jean-François Rigaudy, who retires from the Bank on August 31 after working at the BIS for over 31 years.
The Banking Department that Nagel will take over serves central banks and many other official monetary institutions. They provide many services that help these financial institutions manage their foreign exchange (forex) reserves.
Nagel’s Working Journey
Currently, Nagel is a member of the Executive Board of German state-owned KfW Development Bank. He joined the bank in 2016, serving as the General Manager from 2016 to 2017.
Before that, he worked at the Deutsche Bundesbank for 17 years. Six of those years, he was a Member of the Executive Board. In that role, he was tasked with overseeing the Controlling Department, Markets Department, Banking Supervision, and IT Department.
He was also the head of the Deutsche Bundesbank’s financial crisis management team. While commenting on the appointment, 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 the senior management team.”
In his career, Nagel had spent time with the BIS, where he worked as a member of its Markets Committee for ten years. He also became an alternate member of the BIS Board of Directors between 2011 and 2016.
Currently, he also serves on the Supervisory Board of Deutsche Börse. According to the BIS, in 2019, he co-headed a group examining ways to enhance capital market integration in the European Union.