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SGSS expands Egyptian custody reach
25 July 2012
SGSS’s Yasser Zaazaa will represent Egypt’s custody industry
Societe Generale Securities Services’ (SGSS) head of Egypt and regional director for North Africa, Yasser Zaazaa, has been chosen to represent the Egyptian custodian community.
He was elected at the board of directors of Misr for central clearing, depository and registry (MCDR) which is the authority for post-trading activities in Egypt. Zaazaa will work with market participants in order to develop mechanisms in the capital market.
The appointment is a step forward for Egypt’s custody market after concerns about the country’s political and economic stability following the Arab Spring uprising that hit the region in 2011.
Zaazaa started his career at MIBank in corporate and investment banking, and in 2004 he set up the bank’s custody department where he became head of securities services. He then became country manager at SGSS in Egypt following the merger of MIBank and Societe Generale Group’s Egyptian subsidiary National Societe Generale Bank (NSGB). In that role he was put in charge of implementing Megara, the modular software for clearing, settlement and custody. Zaazaa became regional director for North Africa at SGSS in 2011.