The board of directors of the Bank for International Settlements has elected Christian Noyer, governor of the Bank of France, as its new chairman, the BIS announced Monday.

Noyer succeeds Guillermo Ortiz, governor of the Bank of Mexico, who was originally elected as chairman of the BIS board in January last year, for what was supposed to be a three year term. However, Ortiz only served as chairman until the end of December 2009, when he left his post as central bank governor.

The term for Noyer is also scheduled to run for a period of three years, starting March 7.

BIS is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks.

IE