Division Manager, Financial Technical Services, FIST2
Position title: Division Manager, Financial Technical Services, FIST2
Position N°: 50092454
Publication date: 10-Jul-2020
Closing date: 10-Aug-2020
Duty station: Abidjan, Côte d’Ivoire
Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 81 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2013 – 2022) and ensure greater developmental impact, five major areas (High 5s), all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa. The Bank is seeking to build a management team that will lead the successful implementation of this vision.
The Vice Presidency for Finance (FIVP) oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group. The Vice Presidency for Finance is also responsible syndications, co-financing as well as the innovation, development and marketing of the Bank’s financial products and services. In addition, the Administrator of the Staff Retirement Plan reports to the Vice-President Finance.
THE HIRING DEPARTMENT:
The Syndication and Financial Technical Services Department (the “Department”) is responsible for the design and introduction of new financial products as well as the provision of structured finance solutions to the Bank’s clients. Additionally, the Department is responsible for the syndication and co-financing of all the Bank’s transactions including but not limited to balance sheet management through secondary market sales and securitization of the Bank’s asset portfolio.
The role of the Financial Technical Services Division (the “Division”) is the innovation, development and marketing / dissemination of the Bank Group’s financial products as well as its local currency funding operations. The Division also provides financial technical expertise and advisory services on project teams supporting task managers in originating, structuring, appraising, negotiating, restructuring, secondary sales and closing of transactions. The Division has the additional responsibility for the lending rate management of the Bank and in assisting Bank’s clients to manage market related risk through derivative based hedging solutions.
Under the Supervision of the Director, the Division Manager has the responsibility to :
- Design products and financial services that are competitive, responsive to the evolving needs of the clients and consistent with the development objectives of the Bank and specifically the High5s;
- Design and develop Balance Sheet Optimization instruments to enhance the management of the Bank’s capital, and lead the efficient and effective deployment of the Bank Group’s risk instruments.
- Provide financial technical expertise and advisory services to project teams, support task managers in originating, structuring, appraising, negotiating, restructuring, secondary sales and closing of transactions.
- Assist Bank’s clients to manage risk through customized derivative based hedging solutions.
- Lead the Bank’s initiative to develop African capital markets through the provision of long-term local currency funding solutions and swaps.
- Lead the general dissemination and implementation of the Bank Group’s financial products, including developing and delivering training workshops, awareness and capacity building for Bank’s staff and clients
Duties and responsibilities
The Division Manager will undertake the following functions:
A. People management
- Manage staff performance in line with the Bank’s guidelines, ensuring that clear objectives are set and agreed upon with the team in the work program and that annual performance cycles are effectively managed in line with the Bank’s calendar;
- Mentor, coach and guide staff ensuring their clear understanding of their roles and promote a supportive work environment that is responsive to personal development of staff, ongoing feedback and development, including long term career development.
B. Development of innovative Financial Products and Balance Sheet Optimization Products
- Design and implement new and/or enhanced financial products for financing, leverage of Bank Capital and for risk management purposes; write product specifications, technical guidelines and implementation modalities for the Bank’s financial products.
- Design and Implement innovative balance sheet optimization structures including but not limited to cash and synthetic securitization, insurance, complex guarantee structures, credit default swaps etc..
- Monitor the performance of products and services, and where necessary, analyze, develop and implement changes to existing product range to ensure that they continue to adequately meet borrower needs.
- Manage the preparation of product competitor analysis and keep abreast of financial innovation, monitor economic and political trends in the international capital and money markets, and assess their impact on the Bank’s competiveness
- Support the general dissemination of the Bank’s financial products. This involves developing and delivering training, marketing and communication modules, helping to resolve important funding and risk management issues, and applying a broad knowledge of financial markets and operational issues of each product to ensure high quality outcomes for the Bank and its clients.
- Provide financial advisory and technical services including debt management and an understanding of Bank products and financial services to clients.
- Build and maintain highly effective and successful relationships with key internal and external stakeholders, including financial advisors, investment banks, multilateral development banks and other financial institutions.
C. Financial Solutions, Advisory on Finance and Technical Expert Support
- Provide financial technical expertise and advisory services on project teams in originating, structuring, appraising, negotiating, restructuring, secondary sales and closing of transactions in various sectors utilizing the breadth of available instruments.
- Lead the expansion of Bank’s project pipeline targeted to mobilize private sector financing. This includes (i) identification of opportunities and candidates, and (ii) relationship building and management with both internal clients and external clients (banks, institutional investors, private project participants etc.).
- Review and negotiate complex project documentation, including mandate letters, term sheets, loan agreements and common term agreements.
- Lead the Divisions interventions in supporting task managers developing guarantee transactions (for e.g. but not limited to infrastructure projects and capital market financings), including support during upstream preparation, structuring, negotiation, and closing of the transactions. Draft, as appropriate, project related documentation, including guarantee term-sheets and in collaboration with Legal Counsel, finalize the terms and conditions of Bank’s support. Contribute to the operational documents and provide support for internal processing, review transaction agreements, and coordinate across project components with other team members.
- Support task managers to design appropriate structures and solutions to meet the growing and evolving needs of clients;
- Develop a fair and equitable pricing of the Bank’s lending products and assist Bank’s clients in their debt management strategies through the design of customized derivative based hedging solutions.
- Assist clients in developing expertise and maintain appropriate systems for identifying and assessing risks associated with their external liabilities.
D. Domestic Capital Markets Funding
- Lead the Bank’s initiative to issue domestic bonds in African Capital markets and on-lend to projects.
- Manage the process of local currency papers preparation to seek President’s approval to designate specific regional member countries currencies as approved lending currencies of the Bank and thereafter establish medium term note programs in the underlying countries.
- Lead the development of local currency funding strategies for Bank’s projects utilizing domestic bond issuance, cross currency swaps or synthetic derivative structures.
- Design structured transactions (partial credit guarantees, securitizations, credit enhancements, and risk sharing facilities) to assist clients mobilize local currency in domestic capital markets or through syndicated loan structures or commercial lenders.
E. Management of the Division – Contributing to the Development and Adaptation of Financial Policies and Programmes
- Ensure that the division’s operations, processes and controls are strong and effective to ensure positive compliance of audit outcomes.
- Mitigate operational risk by ensuring that the division’s procedure manual is updated at all times and ensuring compliance with internal procedures and practices.
- Lead the design and implementation of a marketing strategy for the Division, both to internal and external clients.
- Chair or participate as a key member of all the Asset and Liability Management Committee working groups and in technical working groups.
- Provide input on strategic issues and policy dialogue concerning the Bank’s corporate business.
- Perform other duties as assigned by the supervisor.
- Hold at least a Master’s or equivalent degree in Finance / Banking, Business Administration, Economics, Accounting or related discipline. A professional qualification in one of the aforementioned fields is an added advantage.
- A Chartered Financial Analyst (CFA) charter holder or ICMA will be a plus.
- Have a minimum of eight (8) years of relevant professional experience with good market knowledge – particularly in relation to transaction structures, products, balance sheet optimization structures, fixed income, derivatives, equity, African capital markets, due diligence and financial analysis of project finance and corporate finance lending and equity investments, risk management instruments.
- Proven experience in structuring at least 3 balance sheet optimization transactions.
- Knowledge of market instruments and market sources of financing (sovereign bond financing, municipal/sub-sovereign financing, syndicated lending/infrastructure finance), other sources of financing (e.g., other IFIs, export credit agencies, concessionary bilateral financing, etc.); and risk management/hedging products (e.g., swaps, forwards, futures, options, etc.).
- Knowledge of fund raising and on-lending activities in developing capital markets, particularly in Africa.
- Excellent understanding of financial issues affecting sovereign and non-sovereign clients in developing countries and policy associated with the Bank’s mandate.
- A full understanding of the capital markets and demonstrated understanding of project finance and the use of risk mitigation instruments to catalyze private capital.
- Strong customer focus, ability to interface effectively with clients and business contacts at a senior level and work successfully as part of a team.
- Demonstrated leadership in creative financial engineering and a track record of supporting various financing structures utilizing various financial instruments.
- Strong background in investment and development banking with experience in working with private sector projects, state owned entities, utilities/infrastructure authorities and government
- Competence with standard MS Office software applications, particularly Word, PowerPoint, and Excel including SAP.
- Competence in the use of Treasury Systems – Summit, Reuters and Bloomberg applications
- Ability to communicate effectively (written and oral) in English or French, preferably with a working knowledge of the other language.
THIS POSITION IS CLASSIFIED INTERNATIONAL STATUS AND ATTRACTS INTERNATIONAL TERMS AND CONDITIONS OF EMPLOYMENT
Should you encounter technical difficulties in submitting your application, please send an email with a precise description of the issue and/or a screenshot showing the problem to: HR Direct HRDirect@AFDB.ORG(link sends e-mail)
To apply for this position, you need to be national of one of AfDB member countries.
Applicants who fully meet the Bank’s requirements and are considered for interview will be contacted. Only online applications submitted with a comprehensive Curriculum Vitae (CV) and copies of the required degrees will be considered. The President, AfDB, reserves the right to appoint a candidate at a lower level. The African Development Bank is an equal opportunities employer. Female candidates are strongly encouraged to apply.
The African Development Bank Group (AfDB) does not ask for payments of any kind from applicants throughout the recruitment process (job application, CV review, interview meeting, and final processing of applications). In addition, the Bank does not request information on applicants’ bank accounts. The African Development Bank Group declines all responsibility for the fraudulent publications of job offers in its name or, in general, for the fraudulent use of its name in any way whatsoever.