Washington, D.C., October 6, 2016 - The Institute of International Finance (IIF) today announced that Axel A. Weber, Chairman of the Board of Directors of UBS Group AG will become Chairman of the IIF in 2017, having been elected unanimously by the IIF Board of Directors. Dr. Weber, a member of the IIF's Board since 2012, will succeed Douglas Flint, Group Chairman of HSBC Holdings, plc., who concludes his five-year term as Chairman at the end of the year. Dr. Weber's five-year term will begin in January.

"I am honored to become Chairman of the IIF and look forward to working with my fellow Board M embers and the IIF leadership," Weber said. "I would like to thank Douglas Flint for his strong leadership of the Institute over the last five years. The financial industry continues to evolve through ongoing regulatory efforts and technological advances that are now combining to transform business models and the very structure of our financial system. The IIF's depth of expertise and its ability to bring all stakeholders to the table is needed now more than ever. The IIF will continue work on key trends that will shape the future of our industry, such as Fintech and Green Finance."

"It has been an honor to serve as Chairman of the IIF, an institution that truly represents the entire financial industry," said Douglas Flint. "Our industry has undergone tremendous change and continues to face many challenges. The IIF remains at the intersection of the global financial system, helping to bring together the public and private sector and promoting policies that support financial stability and growth. With Axel as its new Chairman, the IIF will go from strength to strength."

"I am delighted to continue working with Axel Weber as the IIF's new Chairman," said Tim Adams, president and CEO of the IIF. "xel's extensive public and private sector career gives him a unique perspective that will help chart an evolving course for the IIF." Remarking on outgoing Chairman Douglas Flint, Adams said: "Douglas Flint has been a friend and guide from the minute I became CEO of the IIF. I have valued his wisdom and advice as we continue to transform the Institute into an organization that brings together the global financial industry to ensure a safer, sounder and more robust financial system that facilitates economic growth and prosperity."

The Board also voted today to elect Scotiabank President and CEO Brian Porter as its new Treasurer. Mr. Porter replaces Marcus Wallenberg, who is retiring as Chairman of SEB and stepping down from the IIF Board. Mr. Wallenberg was IIF's Treasurer for nine years and also served as Vice Chair since 2012. Mr. Porter has been an IIF Board Member since 2014. '  '

Prior to his role at UBS, Dr. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund and as a member of the G7 and G20 Ministers and Governors. Prior to that, Mr. Weber served as a member of the German Council of Economic Experts. He was a professor of international economics and Director of the Center for Financial Research at the University of Cologne from 2001 to 2004, and a professor of monetary economics and Director of the Center for Financial Studies at the Goethe University in Frankfurt am Main from 1998 to 2001. From 1994 to 1998, he was a professor of economic theory at the University of Bonn. Mr. Weber holds a PhD in economics from the University of Siegen, where he also received his habilitation. He graduated with a master's degree in economics from the University of Constance and holds honorary doctorates from the universities of Duisburg-Essen and Constance.

Mr. Porter joined Scotiabank in 1981, and has progressed through a series of increasingly senior positions across the Bank, including executive roles with Global Banking and Markets, Global Risk Management, Group Treasury and International Banking. Mr. Porter served as the Bank's Chief Risk Officer from 2005 to 2008, as Group Head of Risk & Treasury from 2008 to 2010 and as Group Head of International Banking from 2010 to 2012. He was appointed President of Scotiabank in November 2012, and was elected to the Scotiabank Board of Directors in April 2013. He assumed the role of Chief Executive Officer on November 1, 2013. Along with the IIF, Mr. Porter sits on the boards of the Business Council of Canada and the Council of the Americas. Mr. Porter earned a Bachelor of Commerce degree from Dalhousie University, and was awarded an Honorary Doctor of Laws (LLD) degree from Dalhousie University in 2008. He is a graduate of the Advanced Management Program of the Harvard Business School.

A full list of the IIF Board of Directors can be found here: https://www.iif.com/bod.

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The Institute of International Finance is the global association of the financial industry, with close to 500 members from 70 countries. Its mission is to support the financial industry in the prudent management of risks and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.