Institute of International Finance
Encyclopedia
The Institute of International Finance, Inc. (IIF) is the world's only global association of financial institution
s. It was created by 38 bank
s of leading industrialised countries in 1983 in response to the international debt crisis
of the early 1980s. The IIF now serves its membership in three distinct ways:
The Institute's 30-member Board of Directors is led by Chairman Josef Ackermann; Vice Chairmen Francisco González
, Roberto Setúbal, and Richard E. Waugh
; and Treasurer Marcus Wallenberg
. The IIF's Managing Director is Charles Dallara, who has held the position since 1993. The Institute is headquartered in Washington, D.C.
, and in November 2010 opened its Asia Representative Office in Beijing
.
s and investment bank
s, as well as a growing number of insurance
companies and investment management
firms. Associate members include multinational corporations, trading companies, export credit agencies, and multilateral agencies.
Approximately half of the Institute's members are European-based financial institutions, and representation from the leading financial institutions in emerging market countries is also increasing steadily. By 2010, according to the The Financial Times , the Institute's members now include over 420 of the world's leading banks and finance houses, headquartered in more than 70 countries.
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s. It was created by 38 bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s of leading industrialised countries in 1983 in response to the international debt crisis
Latin American debt crisis
The Latin American debt crisis was a financial crisis that occurred in the early 1980s , often known as the "lost decade", when Latin American countries reached a point where their foreign debt exceeded their earning power and they were not able to repay it.-Origins:In the 1960s and 1970s many...
of the early 1980s. The IIF now serves its membership in three distinct ways:
- Providing analysis and research to its members on emerging markets and other central issues in global finance.
- Developing and advancing representative views and constructive proposals that influence the public debate on particular policy proposals, including those of multilateral agencies, and broad themes of common interest to participants in global financial markets.
- Coordinating a network for members to exchange views and offer opportunities for effective dialogue among policymakers, regulators, and private sector financial institutions.
The Institute's 30-member Board of Directors is led by Chairman Josef Ackermann; Vice Chairmen Francisco González
Francisco González
Francisco González may refer to:-Sports:*Francisco González , Spanish Olympic fencer*Francisco González , Paraguayan professional tennis player*Francisco González Lucas, Spanish footballer, defender...
, Roberto Setúbal, and Richard E. Waugh
Richard E. Waugh
Richard E. Waugh , born in Winnipeg, Manitoba, is a Canadian banking executive. He is currently the President and Chief Executive Officer of Scotiabank. In 2007, he was appointed by government officials to offer views at the summit talks regarding business prospects in Latin America. He holds an...
; and Treasurer Marcus Wallenberg
Marcus Wallenberg
Marcus Wallenberg, born 2 September 1956 in Stockholm, is a Swedish banker and industrialist, B. Sc of Foreign Service. Son of the banker Marc Wallenberg, and his wife Olga Wehtje, he is a member of the prominent Wallenberg family. His nickname "Husky" came from his grandfather, Marcus "Dodde"...
. The IIF's Managing Director is Charles Dallara, who has held the position since 1993. The Institute is headquartered in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, and in November 2010 opened its Asia Representative Office in Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
.
Membership
IIF members include most of the world's largest commercial bankCommercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s and investment bank
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
s, as well as a growing number of insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies and investment management
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
firms. Associate members include multinational corporations, trading companies, export credit agencies, and multilateral agencies.
Approximately half of the Institute's members are European-based financial institutions, and representation from the leading financial institutions in emerging market countries is also increasing steadily. By 2010, according to the The Financial Times , the Institute's members now include over 420 of the world's leading banks and finance houses, headquartered in more than 70 countries.
Former Board Chairmen
- William S. Ogden (Chairman of the formation committee and Interim Board, 1983)
- Richard D. Hill (1984-1986)
- Barry F. Sullivan (1986-1991)
- Antoine Jeancourt-Galignani (1991-1994)
- William R. RhodesWilliam R. RhodesWilliam R. "Bill" Rhodes is the Senior Vice Chairman of Citi. and the Chairman of Citigroup and Citibank.He is also Chairman of the Board of both the Americas Society and its affiliate, the Council of the Americas, which were originally founded by David Rockefeller in 1965, and is a board member of...
, Acting Chairman (April - October 1994) - Toyoo Gyohten (1994-1997)
- Georges Blum (1997-1998)
- Sir John R.H. BondJohn Bond (banker)Sir John Reginald Hartnell Bond retired as chairman of HSBC Holdings plc on 26 May 2006, after spending 45 years with the bank. He took up the position of Chairman of Vodafone in July 2006....
(1998-2003) - Josef Ackermann (2003 - present)