Pablo Hernández de Cos, the former Governor of the Bank of Spain, will take over from Agustín Carstens starting 1 July 2025.
The Bank for International Settlements (BIS) has announced the appointment of Pablo Hernández de Cos as its next General Manager, effective from 1 July 2025 for a five-year term.
Hernández de Cos, Governor of the Bank of Spain from 2018 until June 2024, was previously a member of the European Central Bank’s (ECB) Governing Council and, from January 2019 to June 2024, the Chair of the Basel Committee on Banking Supervision (BCBS).
During his tenure as Bank of Spain’s Governor, he was also a member of the Financial Stability Board (FSB) and the BIS Group of Governors and Heads of Supervision (GHOS).
Hernández de Cos is also the Chair of the Advisory Technical Committee of the European Systemic Risk Board (ESRB) and a member of its Board and Steering Committee.
“Mr Hernández de Cos is a person of remarkable calibre and global experience, and we are fully confident that he will embody the spirit of international trust and technical excellence on which the BIS is built,” said François Villeroy de Galhau, Chair of the BIS Board of Directors. “The Board looks forward very much to working closely with him when he assumes his new role in July 2025.”
Hernández de Cos will take over as BIS General Manager from Agustín Carstens, whose term concludes at the end of June 2025.
The BIS Board recognised Carstens’ outstanding contribution and thanked him for his continued leadership until the end of his term.
Under Carstens, the BIS delivered on its Innovation BIS 2025 strategy, which included collaborating with members on financial innovation, exploring the development of public goods through the BIS Innovation Hub, and advancing its analytical, capacity-building and banking services to support central banks.