Director, Local Currency and Capital Market Development recruitment
Role Overview
The European Bank for Reconstruction and Development (EBRD) was set up in 1991 to ease the transition to a market economy for the countries of central and eastern Europe and the former Soviet Union. It currently operates in 29 countries and, through its investments, promotes private sector activity, the strengthening of financial institutions and legal systems, and the development of the infrastructure needed to support the private sector. It works in close cooperation with other international financial institutions and international and national organisations.
The Bank is a multinational organisation employing approximately 1,600 people (1200 in London and 400 in a network of 36 Resident Offices in 26 of its 29 countries of operations) from 63 nationalities.
The EBRD embarked on a major initiative (in collaboration with the IMF and the World Bank) to support the development of local financial markets in our countries of operations, to reduce one of the key vulnerabilities exposed by the crisis which was an over reliance on hard currency lending largely driven by a lack of developed domestic capital markets.
Local currency and local capital market developments are recognised as important contributions to the sustainability of the economies and financial sector of our countries of operations. The link to sustainable economic development is undeniable. The EBRD is in a unique position to play an important role in such developments because of its country knowledge, access to a broad range of stakeholders including governments, its operational capacity and experience in Banking and Treasury.
The Local Currency and Capital Market Development Initiative ('the Initiative') was established two years ago with the multiple objectives of promoting and developing policy dialogue, strengthening legal, regulatory and institutional environments, enabling the local currency funding (and hedging) of the EBRD and local currency financing of its clients' projects. Recently the Bank decided to create a Local Currency and Capital Market Development team fully accountable for the strategy, prioritisation, execution plan and coordination of deliverables. The team will act as a centre of excellence and a harbour of knowledge on all matters related to this.
The Director will lead the Local Currency and Capital Market Development Initiative, one of the key priority areas for the EBRD in responding the impact of the financial crisis on the Bank's countries of operations. The role will report to the Vice President, Finance and Chief Financial Officer as Chair of the Initiative's Steering Committee.
Key Responsibilities and Deliverables
- Further develop and implement the Initiative's overall strategy, objectives and work programme and success criteria / performance measurement, coordinating with the relevant departments across the Bank. Develop clear 'product' offering.
- Working with new Project teams, lead implementation and execution of projects that form part of the Initiative's overall strategy in partnership with Treasury (Funding, Client Risk Management, Asset Liability Management), Banking (sector and Resident Offices), Office of the Chief Economist and Office of the General Counsel.
- Lead missions and coordinate engagement with governments, regulators, central banks and the private sector issuers and investors in countries of operations in Central and eastern Europe and the Southern and Eastern Mediterranean (SEMED) region in coordination with the respective resident offices as agreed in the strategy.
- Lead and coordinate relationships with all relevant local and international banking community, capital market associations with respect to the Initiative, as well as with the other IFI's.
- Promote the Initiative objectives and achievements internally and externally; produce web based and/or published report on the Initiative.
- Coordinate and prioritise Technical Cooperation (TC) activities related to the Initiative.
- Submission of the Initiative's annual report to ExCom and the Board.
- Organise and actively participate (as a full member) in the Initiative's Steering Committee meetings.
- Lead and manage the related scorecards, budgets and appraisals.
- Manage and develop the team's members.
Competencies and Experience
- Strong understanding of the issues the promotion and development of local currency and local capital markets entail (related to macro-economic conditions, institutional, legal and regulatory environment, creation of a sustainable base of investors and product development).
- 10+ years experience in working in the banking industry with specific knowledge of the financial and capital markets and emerging markets in particular.
- Understanding of the type of activities the EBRD engages in (in terms of clients, products, funding and processes) and knowledge of and experience in the EBRD countries of operations.
- Demonstrated experience in leading policy dialogue with country authorities.
- Strong managerial, communication and interpersonal skills in working with external and internal clients, counterparties and stakeholders. Ability to work in a multi stakeholder environment across departments and Banking sector and country teams translating into ability to create strong engagement while exerting leadership and showing decisiveness.
- Proven track record of successfully managing teams and developing people.