The British Bankers’ Association, the lobby group that oversees Libor, said Euroclear SA’s Nigel Wicks will replace Marcus Agius as chairman in the wake of the rate-rigging scandal.
Wicks’s appointment was announced today at the BBA’s international banking conference in London, the group said in a statement. Wicks, a former British civil servant, is chairman of Brussels-based Euroclear and is due to retire from the trade-settlement company in January.
He “is highly respected in the City, Whitehall and Brussels,” BBA Chief Executive Officer Anthony Browne said in the statement. “There is no one better qualified to help restore trust and confidence in banking at this critical time for the industry.”
Agius, 66, stepped down as chairman of Barclays Plc and the BBA after regulators fined his bank a record 290 million pounds ($469 million) in June for rigging the London interbank offered rate. The BBA, which represents more than 200 banks and lobbies policy makers and regulators on behalf of the industry, will be stripped of its role in managing the benchmark rate for more than $300 trillion of securities under plans announced by British regulators last month.
As a civil servant, Wicks, 72, was private secretary to three British prime ministers, Margaret Thatcher, James Callaghan and Harold Wilson. The former U.K. executive director of the World Bank and the International Monetary Fund was also a member of the European Union’s so-called Committee of Wise Men on European Securities Regulation from 2000 to 2001.