The members of the Monetary Board (JM) will know the schedule of the selection process for the new superintendent of Banks, who will hold office for a period of four years, since the current superintendent’s term ends on September 30.
The JM learned of the preliminary schedule of the different phases of the process, which will culminate with the presentation of a shortlist on September 10. The appointment will correspond to the President of the Republic, based on the shortlist presented to him by the JM.
Terna will be on September 10
Álvaro González Ricci, president of the Monetary Board (JM), explained to Free press that the calendar for the process is already available and that it will begin in August.
The schedule states that On Wednesday, August 12, the call for candidates who will participate in the process will be proposed to the members of the JM.
The secretary of the JM must inform the members of the Monetary Board about the requirements that interested professionals must meet to present the corresponding documentation.
On Friday, August 28, at 4 p.m., the deadline for receiving documentation from professionals interested in participating in the call will expire.
On September 2, the information received from applicants will be consolidated, as well as the review of compliance with the requirements and documentation. This phase will be in charge of the JM Secretariat.
The selection of the shortlist was scheduled for the September 9 session, and on Thursday, September 10, the General Secretariat of the Presidency will be notified of the resolution of the Monetary Board.
Regulations will mark the transition
When explaining the profile of the applicants, the president of the Monetary Board (JM) emphasized that the new superintendent must have the necessary experience in banking legislation.
He recalled that this selection process will coincide with the issuance of the regulations of the Comprehensive Law for the Prevention and Repression of Money Laundering or Other Assets and the Financing of Terrorism, Decree 15-2026, which must be presented by the Superintendence of Banks (SIB) and the Special Verification Intendancy (IVE).
Profile requires banking experience
In the session scheduled for Wednesday, August 12, the members of the Monetary Board (JM) will begin the selection process for the new Superintendent of Banks. To do this, they must propose professionals from economic sciences or legal sciences who demonstrate knowledge of banking supervision and who meet the requirements established by law.
Decree 18-2022, Financial Supervision Law, establishes that the person who holds the position of superintendent of Banks must meet the following eligibility requirements:
- Be over 30 years old.
- Be a person of recognized integrity and accredit, at least, a bachelor’s degree in the area of accounting and auditing, economics or legal and social sciences, with knowledge of the financial or economic area.
- Possess notable competence in banking and financial supervision techniques.
Subsequently, the Monetary Board will elect a shortlist, which will be submitted to the General Secretariat of the Presidency so that the President of the Republic, Bernardo Arévalo, can make the appointment.
The chosen professional will replace the current Superintendent of Banks, Saulo De León Durán, whose term ends on October 1.
Arévalo will appoint new authorities
With the shortlist raised by the Monetary Board (JM), the President of the Republic will have the necessary time to appoint the new Superintendent of Banks.
In addition, he must appoint the president and vice president of the Bank of Guatemala (Banguat) and the Monetary Board (JM), who will serve a four-year term. This replacement must take place on October 1.