At its meeting on 7 January 2002 the Board of Directors elected Nout Wellink, President of the Netherlands Bank, to the positions of Chairman of the Board and President of the Bank for International Settlements for a period of three years commencing on 1 March 2002.
Nout Wellink will succeed Urban Bäckström, whose term of office as Chairman of the Board and President of the Bank for International Settlements expires end February 2002.
At its meeting today the Board of Directors expressed to Urban Bäckström its deep gratitude for the outstanding services he has rendered to the Bank during his three years as Chairman of the Board of Directors and President of the Bank.