Bank of France nominee to fend off BNP conflict questions

Francois Villeroy de Galhau, the former BNP Paribas executive who was nominated on Tuesday to run the Bank of France, will now have to fend off questions about conflicts of interest.

Bloomberg News reports that Villeroy spent 12 years at France’s biggest bank, joining the executive committee in 2008 and becoming chief operating officer in 2011 before leaving this year.

His new role would put him on the Governing Council of the European Central Bank, giving him a say in bank supervision and regulation as well as its $1.3tril bond-buying program.

'He’ll have to show that the separation from BNP is watertight', Gilles Carrez, president of the finance committee in France’s National Assembly that must approve the appointment, said in an interview. 'He’ll be asked questions about this and his answers will have to be as firm as possible'.

To access the complete Bloomberg News article hit the link below:

Bank of France Nominee Villeroy to Be Grilled on BNP Links

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