Manager, Physical Commodities

ICBC STANDARD BANK PLC Singapore Branch; Singapore; On-site; SGD 70,000 - 100,000; Full time

Job summary

ICBC Standard Bank is seeking a manager for its Global Physical Base Metals Business in Singapore. This role involves overseeing client management, logistics, and operational controls, ensuring compliance with risk frameworks while interacting with a diverse array of stakeholders. The ideal candidate will have a strong background in physical commodities and excellent communication skills, particularly in Mandarin.

Qualifications

• Experience in physical commodities support, particularly base metals.
• Logistics experience in handling physical commodities including risks and controls.
• Strong communication skills, ideally with Mandarin.

Responsibilities

• Manage day-to-day operations of the Global Physical Base Metals Business.
• Primary contact for client issues and logistics.
• Draft and manage contracts aligning with risk frameworks.

Skills

Client Management

Logistics Management

Risk Management

Strong Communication

Numeracy Skills

Education

Banking Knowledge

Job description

ICBCS) is 60% owned by Industrial and Commercial Bank of China and 40% by Standard Bank. ICBCS benefits from a unique Chinese and African parentage and an unrivalled global network and level of expertise.

ICBCS is a leading financial markets and commodities bank, driven to deliver the right outcomes for our stakeholders, clients, counterparties and the markets in which we operate. We deliver products in an environment which considers the appropriate needs of our clients, whilst providing guidance and expertise to ensure our employees understand our business and uphold the highest levels of conduct.

Headquartered in London, ICBCS also has operations in Shanghai, Singapore and New York.

At ICBC Standard Bank, we share the same values, challenges and opportunities. We are a diverse, close-knit, global team with a unique heritage and purpose. We put people first, and give talented, self-driven professionals the flexibility, rewards and freedom to grow their expertise, seek new opportunities and realise their potential.

https://www.icbcstandardbank.com/

Division Summary:

ICBC Standard Bank has offices in London, New York, Singapore, and Shanghai.

The branch’s products include Precious Metals, Base Metals, Energy and Local Markets Trading.

Consumers, producers and traders in base metals need to adequately manage commodity-specific pricing and inventory management exposures due to volatile resource markets and fluctuating exchange rates.

Our long-standing experience in base metals positions us well to provide price risk management solutions across the base metals spectrum, including aluminium, copper, lead, nickel, tin and zinc.

ICBC Standard Resources China (SRC) in Shanghai is a non-banking Wholly Foreign Owned Enterprise (WFOE), which can engage in the trading and consulting activities as stipulated in its business licence and activities incidental to its existence and operation. The business licence is issued by the Shanghai Administration for Industry and Commerce. Therefore, SRC does not conduct business requiring special licenses (e.g. banking services, securities/futures advisory, and brokerage services, etc.) and does not provide financial services or act as agent for other ICBC Standard Bank Plc (“ICBCS Plc”) Group Entities.

Job Purpose:

• To provide day to day management to the Global Physical Base Metals Business within Asia operating hours.
• Manage Contract and physical flows from Trade inception through to handover to Operations team for processing.
• Own and manage risks and implement corrective actions as 1st line of defense
• Maintain effective controls and take responsibility for performance of controls
• Ensure activities are consistent with business objectives

Key Responsibilities:

Client Management

• Primary point of contact for Asia client base to handle logistical and trade lifecycle issues

• Organize new financing requests

• Liaise with Trading, Operations & Risk teams to conclude client requests

• Client position management

Physical Stock Management

• Trade booking

• Managing inspection schedules

• Travel and physical inspection of Global warehouse locations

• Perform due diligence around warehouse locations

• Arrange physical shipment of material – source freight rates, vessel vetting

• Liaise with warehouses to handle issues and ensure stock is being managed as per Bank expectations

• Track storage/sale of all shipped material

• Scheduling of Contract / Inventory movements

• Insurance monitoring, review and renewal

Warehouse Management

• Based on Business’s need, onboard the warehouses that meet the criteria set out in the ICBCS Physical Inventory Policy

• Maintain the warehouses in the system and make sure the warehouse detail are correct all the time

Contracts

• Draft new contracts to meet Trade Request and ensure contract fits with the bank’s Risk framework

• Confirm that the due diligence around transactions in regards to insurance, location, product etc. is adequate and conforms to internal policy.

• Review of contract and associated physical commodity risks to ensure trades are compliant with contractual terms.

Pre Trade Management

• Sign off on all payment requests against Base Metals purchases fit in with Policy and Procedures

• Check and approve Draft Bill of Lading

• Originate 3rd Party Payment approvals

• Confirm Letter of Undertaking, Conditional Releases, Letter of Credit, or any other document potentially committing the bank to a course of action fit within agreed frameworks.

• Review incoming quality / lab reports / analysis are in accordance with contractual requirements.

• Ensure all the new cargoes under the repo must comply with the existing risk parameters and must not breach any established limits.

• Ensure all documents are in line with contractual terms and associated risks have been managed.

Additional Responsibilities

• Manage clear handover with London Physical Commodities Logistics Team on a daily basis

• Provide daily ad hoc reporting around the physical business

• Point of escalation for agreed risk incidents and issues

• Account executive for Documentary Credit/LC Banks, Logistical partners and other agreed entities relating to the physical business.

• Support the team with additional responsibilities and ad hoc tasks as necessary to meet business need.

Required Skills, Knowledge, Experience and Values:

Experience required to successfully perform the role:

• Experience of a physical commodities support focused position, preferably across base metals

• Experience with logistics and storage of physical commodities

• Evidence of managing physical risk and implementing controls

• Experience of facing clients and dealing with solving issues and disputes

• Experience in bulk commodities such as Copper Concenrate, including handling, storage, quality parameters, laytime and demurrage

Knowledge, technical skills and expertise:

• Strong communication skills are essential - Mandarin speaker with ability to liaise comfortably with clients and internal risk teams whilst reporting into London to update on Asia business

• Understanding of Risk and Control

• Banking Knowledge (preferably few years working experience in Repo Bank)

• Strong Numeracy Skills

• Exposure and solid understanding around finance/repo transactions

• Import/Export and physical shipment knowledge

• Proactive and self-motivated; indetifies and takes ownwership of tasks

Personal attributes:

• Global mindset

• Lateral thinker

• High level of integrity

• Ability to function with a stressful and fast paced environment

• Team work focused

• Enthusiastic fast learner with attention to detail