Private sector representative to step down

City A.M. Reporter
CHARLES Dallara, managing director of the Institute of International Finance (IIF) and a key negotiator in the restructuring of Greece’s debt this year, is to step down from the banking lobby group, a person familiar with the matter said.

Dallara has told the IIF’s board and plans to announce his plans at an IIF conference in Copenhagen, Denmark, this morning, the source said. He will not leave immediately, and plans to stay for several months while a successor is sought.

Dallara, 62, has been managing director of the IIF for 19 years and was heavily involved in the protracted talks on the Greek debt restructuring, where the IIF represented private sector creditors.

The IIF declined to comment. Its board met here yesterday and Josef Ackermann, former Deutsche Bank boss, steps down as IIF chairman this week.