JEFF KANDELLA

I provide front office functionality, manage NATSAVE liquidity, investment proposals, and funding for all investment activities, investing surplus funds, advising ALCO committee on balance sheet strategy. Performance of monthly portfolio review for management and quarterly for the Board ALCO. I also coordinate the operations of the treasury function for enhanced efficiency and effective service delivery.

Achievement:

• Developed the Treasury strategy as part of the 2022-2024 CSP, delivering a reduction in the cost of funds (from 20% to 7%). Coordinated the development of the Strategic Plan for the whole bank, as well as the alignment of Treasury and other departments' strategic objectives into performance contracts for all staff.
• Lead the alignment of the annual budget to the annual work plan for the Bank. I support budget development with market expectations, as well as investment and funding plans for the annual investment target for the Bank, delivering a K78Mn profit and a K260M profit in 2023, a 333% YoY increase, while arranging funding for a K1bn growth (77% YoY) in earning assets.
• Presenting proposals for investments in money markets for short-term and long-term needs, for liquidity, risk management, and compliance with ALCO. We fund all the investments. I ring-fenced circa K1 billion capital injection (in 2020) for investment into short-term then long-term assets resulting in profit; K78Mn in 2023, and K260Mn in 2024.
• Developed the Treasury operating manual, updated policies, as well as desk manuals and procedures for the new revamped Treasury front office, and managed unit even with a 75% reduced workforce.
• Conduct a monthly review through ALCO of balance sheet performance, including all investments for return and risk, and present recommendations to ALCO for adjustments or changes. Some changes supported such as the development of a higher-yielding short-term loan product to match our liquidity profile, as well as to shift into medium-term securities, led to profits seen in 2023 and 2024 of K78Mn and K260Mn.
• Developed a compliance matrix for the Treasury function embedding all requirements into policies and procedures.
• Developed a daily, weekly, monthly, and annual cash flow forecasting system to manage cash needs and surpluses. Reduced the amount of idle cash by 50%.
• Monitor market conditions and make recommendations for changes or adjustments in the portfolio of investments during monthly ALCOs.
• Treasury produces the quarterly bank and non-bank competitor analysis, utilizing published financials, and we use this information to decide how to allocate counterparty limits to the commercial banks with which we deal.
• Developed a new unit structure, complete with job descriptions and desk manuals, including coaching and capacity building for team members. I also carry out the performance management process for the front office team. Successfully kept the unit running, even with the head count reduced by 75%.
• Revamped the Treasury cash management system and processes across the entire bank, reducing bank accounts from over 80 to only 5, and centralizing the liquidity management, improving cash availability for branches, and increasing customer satisfaction with payment and transfer services.

The role deputizes the Head of Treasury, with responsibility for front office functionality, covering the investment process, fund management, and placement of funds, strategy development, budgeting and the performance management of the unit.

Achievements:

• Strategy development for the unit and devising new foreign currency trading and sales strategies in order to meet strategic objectives. We exceeded the target in 2020 with a completely new team.
• Budget preparation for the unit, including funding the investment activities for the Bank for the full year, and executed through the ALCO committee.
• Developed new policies for the unit to ensure service delivery and compliance with BOZ directives, and reduced compliance risk.
• Monitored the performance of all investments, including developments in the market, and made recommendations in the monthly report to ALCO on modifications to the portfolio in order to meet objectives.
• Managed the day-to-day cash flows, making placements and borrowings to cover shortfalls in available currencies (i.e., FX funding through swaps). Managed a year-long short position utilizing BOZ funding under difficult liquidity conditions.
• Prepared quarterly bank competitor analysis for monitoring counterparties and managing exposures.

• Head of Treasury as well as the key Relationship manager for large institutional depositors i.e. Pensions funds, Fund Managers etc providing funding 60% of total bank deposits as well as managing treasury operations reporting to Managing Director
• Member of Executive committee (EXCO) and Management ALCO committee

Achievements

• Developing an investment program and raising the USD $3 million Group borrowing to fund it.
• Assisting the CEO in managing a stressful liquidity position, along with developing capital preservation plans for the group office and liaising with the BOZ to keep the bank afloat.
• Developing and managing key customer relationships, funding the majority of the bank's deposits, and successfully funding all investment assets.
• Board ALCO presentation, along with ad hoc reporting to the group CEO.

Business development and sales covering the Copperbelt and Northwestern Province for FX, credit, and banking business.

Achievements

• Executing deposit mobilization campaigns and new product development dealing with fund managers, i.e., Mukuba Pension, Workers Compensation, NAPSA, and mining corporates CEC ($5m), Barloworld, FQM, Chambishi Metals, etc. Increasing FX revenues by 10% from the Copperbelt region.

Shared Business Services Head (2006-2008)

• Managed all shared services covering administration, procurement, facilities, logistics, security, etc.
• Implemented a vendor management program for all support services. We outsourced the majority of administrative services, i.e., maintenance, distribution, transport, and developed service level agreements (SLAs), to manage the service from these vendors.
• Successfully conducted service reviews with all vendors to ensure that the service was up to standard, and made corrective actions for non-compliant vendors.

Financial Reporting Manager (2005-2006)

• Reporting to the CFO, responsible for monthly business unit and product profitability reporting.
• Managing the expense side of the country budget, including expense control management and cost allocation to business units and products.
• Assisted in the implementation of the expense allocation program for Zambia and Tanzania, for business performance analysis purposes.
• Development of Treasury middle office risk monitoring for Citi Zambia. My Excel model was adopted for use in three countries.

Cash Management Operation Unit Head (2004-2005)

• Led the unit responsible for the execution of all local funds transfer transactions, DDACC, inwards, outwards, bank check processing, as well as internal funds transfers.
• Supervised the SPEEDCOLLECT program for Citibank, collecting customer deposits (among them, Shoprite chain stores) countrywide into their Citibank accounts daily.
• Led the development of a local South African Rand draft product to complement our USD, EUR, and GBP bank drafts.
• Facilitated the reconciliation and resolution of items in the managers' checks and FCY drafts suspense accounts.