The British Bankers’ Association (BBA), battered by the Libor Scandal, has announced at its annual conference that Sir Nigel Wicks, the present chairman of the Euroclear clearing group, is to be its new chairman. The previous incumbent, Marcus Agius, has been tainted by his role as chairman of Barclays Bank when the Libor rate-rigging scandal broke, making the move almost inevitable.
According to the BBA chief executive Anthony Browne, "Sir Nigel combines expertise in driving the strategy of an important financial company with comprehensive knowledge of policy-making in the UK, the EU and globally.
“He is highly respected in the City, Whitehall and Brussels,” he added. “There is no one better qualified to help restore trust and confidence in banking at this critical time for the industry. I very much look forward to working with him."
The man himself said that he was honoured to have been asked to take on the role of BBA chairman, but it will be no easy take to repair the damage down to the banking lobby group. The Financial Services Authority (FSA) has already outlined its plans to introduce direct Libor regulation and the BBA is only too willing to relinquish its previous co-ordinating role, which should make Wicks’ ascension easier.
“In this country and at this time, this vitally important industry is working to rebuild its reputation with its customers and to play its full part in restoring the UK's financial stability and helping to drive its economic recovery,” said Wicks. “I am delighted to take on this challenge, and look forward to working with Anthony Browne and his team."