Pierre Francotte, Chief Executive Officer of Euroclear Bank SA/NV since its creation in 2001, has been appointed the first CEO of Euroclear SA/NV, the new holding company established as the parent of the group's national and international central securities depositories (CSDs).
Mr Francotte joined Euroclear in 1993 as head of the Legal division. He also served as head of the Transaction Processing division before being appointed Chief Operating Officer in 2000. Earlier in his career, Mr Francotte was Assistant General Counsel at the International Monetary Fund in Washington, D.C.
In a similar vein, Ignace R. Combes, Deputy CEO of Euroclear Bank, becomes Deputy CEO of Euroclear SA/NV, with specific responsibility for the group's Technology and Business Model & Harmonisation divisions. Mr Combes started his career in 1976 and has held senior positions in operations, marketing, banking and strategy in Brussels and other international locations.
Martine Dinne, meanwhile, replaces Mr Francotte as Chief Executive Officer of Euroclear Bank. Previously Executive Director of the Bank, Ms Dinne joined Euroclear in 1969 and has held a variety of positions over the years, including head of the Commercial, Operations, Strategic Research & Product Management divisions.
Following the untimely death on 7 October 2004 of Theo Van Engeland, Euroclear Bank's Chief Financial Officer, Frédéric Hannequart, currently Managing Director and head of the Financial Division, has been appointed the new CFO of Euroclear SA/NV. Mr Hannequart joined Euroclear in 1998 and previously served as head of Treasury & Collateral Services.
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions. Market owned and market governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear France, Euroclear Nederland and CRESTCo, the central securities depositories of France, the Netherlands, and the UK and Ireland, respectively. The CSD of Belgium, CIK, is expected to join the group later in 2005. The total value of securities transactions settled by Euroclear is in excess of EUR 250 trillion per annum, while assets held for clients are valued at more than EUR 12 trillion. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.
