Job Vacancy for VAF Sales and Credit Support at Standard Bank, Lagos, Nigeria

Job Title: VAF Sales and Credit Support

• Division: Personal and Business Banking


• Position: Category Client & Business Solutions


• Employment Type: Full Time - Permanent


• Regulatory Approval: Yes


• Post Closing Date: Feb 29, 2012

Position Description

Job Purpose

- Liaising with credit unit of the bank on behalf of VAF RMs and Branch RMs to facilitate quick approval of facilities. Representing and presenting facility paper in Business Assessment Committee (BAC) and Credit Committee on transaction relating to VAF on behalf of VAF unit and branches.
- Preparation of departmental reports and updates to Head, Business Banking VAF., and regular recommendation on the review of Business Banking VAF product parameters, changes necessary in the unit’s marketing strategies in line with changes in Bank’s credit unit appetite.
- The job run through the front,  middle and back office which requires sound understanding of Leasing vis a vis lease law in country of operation, credit risk, risk management and good knowledge of other bank’s  products parameters.

The job is necessary because VAF is a specialized bank product governed by special law and required special skills and experience in its administration.

Pre-Approval support

• Ensure the effective and efficient supports of Sale and Credit team to the Sales team of Vehicle and Asset Finance Unit in growing the unit portfolio by conducting credit evaluation interviews during deal negotiation to obtain sufficient information to evaluate business risk and deal viability from a credit risk perspective.
• Reviewing all credit paper prepared by the sales and credit team for the sign-off of the Head, Business Banking VAF.
• Preparation of BAC papers on transactions relating to VAF on behalf of VAF and Bank RM’s.
• Liaising with credit department on the credit paper that relates to VAF on behalf of VAF and branch RM’s., with the view of getting a speedy approval.
• Ensuring that Sales and Credit Support team collect adequate information and documentation from VAF Relationship Managers necessary to put up a credit motivation strong enough to win the approval of the central BB evaluation unit.
• Preparing credit applications and providing sound financial and business justification for proposals within acceptable risk parameters relative to profitability.
• Evaluating whether proposal meet sound business criteria and counter-party credit risk falls within acceptable parameters and recommends appropriate business credit facilities including terms and conditions of the facilities
• Evaluate branch credit motivation on specialized asset and offer specialist advice.
• Enlighten the branch Relationship Managers on the process and procedures of VAF from time to time

Post- Approval support
• Review credit approval and ascertain that the asset to be financed falls within VAF product parameter and that the conditions attached to the finance are suitable for the asset of the specific nature.
• Ensure timely preparation of offer letters and review to ensure that all the conditions precedents are captured for all BB approved facilities.
• Ensuring that clients meet all the condition precedent to draw-down of the facility before issuing Authority to register.
• Supervise the getting of registration papers from the Vendor and ensure that the papers are in the name of the bank and to also ensure the correctness of the data therein.
• Supervising and ensuring the proper Drawing-up of lease agreement according to the pattern of payment approved by credit evaluation.
• Ensure Assets are comprehensively covered before they are release for client’s use.
• Supervise the prepare facility documents with draw-down ticket for disbursement.
• Supervise the issue Authority to release goods to the vendor through the RM and ensure goods are delivered to the client by confirming from the RM and the return of the signed copy of Authority to release document which has been duly executed by the client.
• Supervise the preparation of “To Whom It May Concern” document for the client to afford him exclusive right to the usage of the asset.

Key Performance Measures

• Adequate support of the VAF RM’s will increase the portfolio size of the Bank.
• Knowing exactly what document to collect and collecting of adequate and necessary document from client right at the point of interview reduce going back and fort and improve turn around time which will boost the client’s rating on the bank’s professionalism.
• Specialist input ensures good asset quality in the banks books.
• Specialist input ensures the bank does not act ultra-vires to the rule and laws governing lease in the country.
• Keeping of adequate and faultless documentation assist the Bank with a sound fall back position in litigation.

Key Dimensions of the Job

- Educating Business Banking RM on VAF products and ensuring the bank’s interest is adequately protected in all VAF transaction.

Important Relationships

Internal Relationship
• Central Credit Evaluation:
Sales and Credit Support submits credit motivation to central credit evaluation for approval.
• Credit Deal Fulfillment :
Sales and Credit support submit s all documentation for draw-down for safe keeping and signing of draw-down ticket.
• VAF and Branch RM’s:

Problem Solving

• Inadequate experience on VAF procedures on the side of the branch RMs. This is normally confronted by on the spot enlightenment by way the explanation. We believe regular course scheduled by the department will continue to get the RMs informed On VAF procedures.
• Undue interference from the RMs in guise of following up their transaction. VAF need to come up with a procedure that will allow transactions approval online. It will necessarily follow that each of the branches will have a residence VAF officer which will follow up with post approval procedures.
• Problems of determining the existence of Asset.
• Problem of over-invoicing. Every of the asset to be purchased are cross checked by the VAF officer in-charge of dealers and vendors. More so, the bank has put in place  Service Level Agreement with the vendors.

Planning

• There is need for planning as the Unit is persistently seeking to reduce turnaround time by working more effectively and efficiently. This will involve training and brainstorming sessions on VAF procedures.

Decision making

• The jobholder has a level of authority to decline transaction through the head of VAF Sales if such transaction does not conform with :
VAF product parameter§
The Asset involve falls out of assets approved for VAF dealing.§
When the financials shows obvious financial weakness.§
When there is confirmed  negative information about the client integrity§

Required Skills and Qualifications

• B.sc /HND in a relevant field.
• The jobholder must have a deep and vast experience in Leasing with a bias to the leasing Law and practices in the country of operation.
• The jobholder must be conversant and have a good knowledge of other bank’s products that are often jointly demanded with VAF products.
• The jobholder must be conversant with the VAF product parameters.

Skills

• The jobholder must be computer literate with a moderate knowledge of Excel.
• The jobholder must have accounting skills good enough to compute financial ratios, interpret and understand them for decision making.
• The jobholder must possess credit risk skill and the ability to mitigate against risk.
•The jobholder must possess evaluating skills.

Experience

• The jobholder must have a minimum 5 years credit and lease related experience.

Required Competencies

• Attention to details
• Methodical
• Good numerical ability
• People management skills
• Self –motivated
• Good analytical skill

We are an equal opportunities employer and are totally opposed to discrimination in any form. It is our policy to provide equal employment opportunities for all employees regardless of race, sex, colour, nationality, national or ethnic origin, sexual orientation, marital / partnership status, religion, age or disability.

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