A new managing director has been appointed to lead the Central Depository/Settlement Bank, an important entity in the West African Monetary Union’s (WAEMU) financial ecosystem. The appointment was announced at the end of the meeting of the Board of Directors of the bank held on Tuesday, June 7, 2022, at the institution’s headquarters. He is Mr. Birahim Diouf.
The appointment effective from 1 July 2022 marks an important step in the process of empowering the 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.
Mr. Diouf has about thirty years of experience in the financial sector, particularly in capital markets and investment banking.
Prior to his appointment as Director General of the DC/BR, Mr. Diouf was Deputy Director General of the DC/BR since January 2021, after having held the positions of Director of the Department of Studies, Strategy and Market Development of the BRVM and the DC/BR, Director of Operations of the DC/BR.
He began his career at Citigroup and joined the Regional Financial Ombudsman for the first time in February 1998 until 2003 as Director of Operations of the DC/BR. He then joined BMCE Capital, worked for the Economic Commission for Africa as a Senior Consultant for capital markets, and then the investment bank African Alliance Investment Bank based in South Africa.
Mr. Birahim Diouf holds an MBA from the Sorbonne Graduate School of Business, an Executive MBA from INSEEC Business School, a Master’s in economics from Paris-I Panthéon-Sorbonne, a Postgraduate in Islamic Finance from the Institute of Islamic Banking and Insurance (IIBI) in London and a Maîtrise in Applied Economy from Paris IX Dauphine. He holds several certifications in leadership, sustainable development, and green finance.
The Central Depositary/Settlement Bank is the Central Depository of WAEMU securities. It ensures the centralization of the custody of securities for its members, the successful completion of settlement/ delivery operations following stock exchange transactions as well as the payment of events on securities. As a full member of the Association of National Numbering Agency (ANNA), it ensures the codification of securities in the WAEMU.
The DC/BR was created in 1996 and started its activities on September 16, 1998, at the same time as the WAEMU’s Regional Stock Exchange (BRVM).