The International Monetary Conference has elected Terrence Murray, the president and chief executive of Fleet Financial Group, to its board of directors.

Mr. Murray replaces Ira Stepanian, the former chairman and chief executive of Bank of Boston Corp.

Mr. Murray, who is one of three American bankers on the 16-member board, is responsible for evaluating conference membership and ensuring appropriate representation among the leading multi-national banks.

The International Monetary Conference, formed in 1954 under the guidance of the American Bankers Association, consists of 102 banks, including 25 from the U.S.

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