The Central Depositary/Settlement Bank which is the Central Depositary of the securities of the West African Economic and Monetary Union (WAEMU) has a new Managing Director. His name’s Birahim DIOUF.
It was at the end of the meeting of the Board of Directors held on Tuesday, June 7, 2022 at the headquarters of the institution that Mr. Birahim DIOUF was appointed Chief Executive Officer of the Central Custodian/Settlement Bank, according to the press release. The new Managing Director of the Central Custodian/Settlement Bank has some thirty years of experience in the financial sector, particularly in the financial markets and investment banking. It should be noted that the appointment has been effective since1 July 2022 and marks an important step in the process of empowerment of the central structures of the WAEMU Regional Financial Market. The DC/BR is the structure of the WAEMU Regional Financial Market in charge of centralization, custody of securities, the successful completion of clearing operations on the financial market, off-market operations as well as securities transactions. Prior to his appointment as Chief Executive Officer of the DC/BR, Mr. Birahim Diouf was Deputy Chief Executive Officer of the DC/BR since January 2021, after having held the positions of Director of the Research, Strategy and Market Development Department of the BRVM and of the DC/BR, Director of Operations of the DC/BR. He began his career at Citigroup and, for the first time in February 1998 until 2003, joined the central structures of the Regional Financial Market as Director of Operations of the DC/BR. He then joined BMCE Capital respectively, working for the Economic Commission for Africa as Senior Capital Markets Consultant and then, the African Alliance Investment Bank based in South Africa. This is proof that the CEO of the Central Depositary/Settlement Bank, Birahim Diouf, is well acquainted with the institution he is now in charge of. It must be said that the new Director General of the DC/BR is a technocrat, an outstanding financier. Mr. Birahim DIOUF holds an MBA from the Sorbonne Graduate School of Business, an Executive MBA from the INSEEC Business School, and a Master’s degree in Economics from Paris-I Panthéon-Sorbonne. In addition, he holds a postgraduate degree in Islamic finance from the Institute of Islamic Banking and Insurance (IIBI) in London and a Master’s degree in Applied Economics from Paris IX Dauphine. He has several certifications, particularly in leadership and sustainable development and green finance.
Brief overview of the Central Custodian/Settlement Bank
The Central Depositary/Settlement Bank is the Central Depositary of WAEMU Securities. It ensures the centralisation of the custody of securities for its members, the successful completion of settlement/delivery operations following transactions on the stock exchange as well as the payment of security events. As a full member of the Association of National Numbering Agency (ANNA), it is responsible for the codification of securities in the WAEMU. The Regional Securities Exchange (BRVM) and the Central Depositary/Settlement Bank (DC/BR) were created on 18 December 1996 at the Constituent General Meeting in Cotonou, Benin. They are common to the eight WAEMU states, namely Benin, Burkina Faso, Côte d ‘Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.The DC/BR and the BRVM are today successful models of financial integration and a single stock exchange belonging to several countries that attracts investors from all over the world.