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Villeroy likely to be governor of Bank of France

Former BNP Paribas CCO Francois Villeroy de Galhau is likely to become the governor of Bank of France. French President Francois Hollande has nominated nominated Villeroy to replace Christian Noyer, who retires in November. The finance committees of France’s upper and lower houses of parliament will have to support the nomination. Villeroy will sit on the European Central Bank’s Governing Council and so have a say in the implementation of its 1.14 trillion-euro ($1.3 trillion) bond-buying program. Along with VIlleroy, Holande is also understood to have considered ECB Executive Board member Benoit Coeure, the French president’s economic adviser Laurence Boone and Claire Waysand, the chief of staff to French finance minister Michel Sapin. Villeroy had worked in France’s finance ministry and was chief of staff to then finance ministers Dominique Strauss-Kahn and Christian Sautter. He left BNP Paribas in early 2015 to prepare a report on investment for prime minister Manuel Valls.

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