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Vice President, Credit Risk, Financial Institutions Group
Institutional Banking and Markets (IB&M) is responsible for managing the Group's relationships with major corporate and government clients and institutional investors, and provides a full range of capital raising, transactional and risk management products and services.
Risk Management, Institutional & Business Banking (I&BB) is a divisional Risk group providing IB&M and Business & Private Banking (B&PB) with specialist risk oversight and advice.
Risk Management International, Institutional Banking & Markets is responsible for providing holistic risk oversight to IB&Ms offices outside Australia.
Working closely with Relationship and Product teams to primarily measure and assess credit risk. And also assist in structuring transactions and help deliver innovative solutions that ultimately provide a high level of customer service to both our internal and external clients.
Your team is responsible for the risk management activities for all Financial Institutions including support of Treasury liquidity and funding management.
As the new Risk Associate you will perform credit analysis on private equity transactions, with relationship managers (sales) and PE product experts, wherein all 3 groups work together to produce a deal approval paper for senior business and credit officers to read, question and approve, or decline.
The types of transactions you will be responsible for include but are not limited to subscription finance loans.
Producing a credit analysis entails reading the private placement memos of the fund, the limited partnership agreements of the fund, annual reports of the funds, and the deal term sheets produced by the agent banks to put together the bank syndications to finance the fund. This also entails due diligence calls and meetings with the agent banks and with the PE fund managers.
You will need to need to write up the credit point of view of each deal, pointing out the aspects that are not within the banks risk appetite, and saying why you are OK with the deal, or not, and why.
Each deal requires an analysis of the limited partners' capital commitments, with best and worst case possibilities re payback modelled on an excel spreadsheet with some manipulation required. We look at how diversified the LPs are, how they are rated externally or rated by you. Each deal takes two weeks, on average, to put together, as commitments range from $50mn to $150mn and may be only borderline investment grade. Some of the deal team members are in Sydney, Australia which means a longer day to speak directly with them, or overnight email exchanges.
After the deals are approved some monitoring by credit is required. Also each year the loans need to be reviewed, together with the relationship managers and the product experts. Periodic portfolio report production is necessary to inform seniors and note trends.
To succeed you will need the ability to parse through finance documents (the PPMs, LPAs, term sheets as described above), as well as be able to decode a balance sheet and income statement, hence financial accounting knowledge is important. Word and strong excel skills are also very important and a curious and inquiring mind is essential for the research element.
You should have four years of credit analysis experience, ideally some exposure to private equity transactions, and must have an approval authority where you have previously produced deal approval papers.
As mentioned before, you will have the opportunity to work in a small and dynamic team, with a lot of international mobility opportunities. PE is a growth area and could provide great development opportunities. This role will also provide direct exposure to senior corporate credit professionals within the business to learn from and some diversity in the deals you will be analysing.