Credit: BIL

Banque Internationale à Luxembourg (BIL) has announced the resignation of Luc Frieden as Chair of the Board of Directors of BIL.

Luc Frieden stepped down from the position on Thursday 16 March, following his decision to stand as head of list of his party (CSV) in the upcoming Luxembourg general elections.

During Thursday's ordinary board meeting, the Board of Directors of BIL decided that Luc Frieden would be replaced ad interim by the Director and Chair of the Board Strategy Committee Jing Li until the ongoing nomination process of a new chair is finalised.

Luc Frieden joined the Board of BIL as Chair in 2016 and has been playing a leading role in the governance and long-term development of the bank. Under his chairmanship, according to BIL, the bank has strengthened its risk framework, embarked on its sustainability journey and diversified its management bodies.

The bank added that its shareholders, Legend Holdings and the State of Luxembourg, respect Luc Frieden's decision and have thanked him for his steering of the board: "Thanks to his deep knowledge of the banking sector and its regulatory framework, Luc Frieden has layed the groundwork for BIL to continue its journey towards long-term success. We are grateful for his contributions and wish him all the best for his future."