Deposit Relations Director
Toronto / Calgary / Saskatchewan / Vancouver
CB - Strategic Financial Management – CB - Strategic Financial Management /
Full Time /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.
The Work
Wholesale deposit generation is an integral and strategic objective of the Bank to diversify funding sources and provide stable funding for Bank operations. This role is responsible for leading and developing a robust strategy for significant deposit generation from the credit union sector. Credit union deposits are a critical source of liquidity for Equitable Bank and a key product in our credit union offering.
Key accountabilities include a strategic focus on deposit generation through the development of key relationships throughout the credit union and cooperative sector, ensuring a strong and consistent pipeline of deposits from credit unions. This position focuses on the growth of wholesale deposits as a key product through collaborative efforts between the Credit Union Services team, the SFM team, and the Treasury team. A key requirement is to ensure deposit offerings support credit unions in managing excess liquidity while also providing a stable source of funding for the benefit of the balance sheet of Equitable Bank. This role must have a comprehensive understanding of unique provincial regulatory requirements and thorough understanding of any limitations that may affect a credit union's ability to deposit with EQ.
This role is also responsible for managing/providing oversight of the credit union Line of Credit (LOC) product including pricing reviews, funding, and ongoing product management. In addition, credit underwriting of credit union facilities including LOC’s and derivative products are managed by this role. Additional responsibilities include leading complex or specialized ad hoc projects to support credit union needs and support the SFM team.
The core parts of your role would be to:
- Develop a strong and consistent pipeline of credit union deposits– 60%
- Identifies opportunities in the credit union system and develops strategies to increase deposits while strengthening net interest margin and ensuring capital and liquidity requirements are maintained for credit unions Identifies opportunities in the credit union system and develops strategies to increase deposits while strengthening net interest margin and ensuring capital and liquidity requirements are maintained for credit unions
- Document, track, and analyze deposit market intelligence of individual credit unions to determine applicable limitations and opportunities relevant to individual credit unions
- Work with credit unions to address individual ILP’s (investment loan policies) that may need to be reviewed and support credit unions in revising ILP’s as needed
- Understands various CET1 ratings to determine regulatory requirements specific to individual credit unions across differing provincial requirements/regulations
- Recommends innovative and customized solutions to credit union senior management to assist in decision making Builds and fosters strong long-term strategic relationships with credit union clients
- Remains current with changes in regulatory requirements across applicable provinces in aspects that impact balance sheet management including interest rate risk, liquidity, capital, etc. A key focus will be on staying abreast of more complex regulations by provincial regulators (i.e., BC)
- Provides support to SFM team for initiatives to develop and enhance credit union solutions to ensure strength and continued viability of solutions
- Builds and fosters strong long-term relationships with credit union clients and other key stakeholders
- Provides training, leadership, and support to the Credit Union Services team to be proficient in deposit opportunities for credit union clients
- Seeks new business development opportunities and profitability arrangements with a focus on developing and/or providing additional solutions to existing and new clients [TBD if cooperative mandate is larger the CUs]
- Identifying opportunities for cross promoting the Bank’s credit union product offerings.
- Supports the team’s annual business targets for SFM in terms of revenue generation and client engagement
- Liaise with treasury to determine the rates, cadence and structure of deposit offerings and provide feedback/suggestions on various product offerings
- Monitor existing, exiting, and incoming deposits and provide monthly analytic based reporting
- Identifies, assesses, and manages the credits risks associated with credit union underwriting (LOC’s, FX Forwards, Bond Forwards, and Interest Rate Swaps)
- Develops and implements pricing and product specifications for the LOC product
- Oversees credit underwriting to ensure the Bank is following strong credit practices through proper funding, documentation, and monitoring
- Ensure the oversight of financial and credit risks are managed proficiently in conjunction with other internal stakeholders
Contribute to the Bank’s market relevance and revenue generation – 20%
Oversee credit union direct lending product and credit union underwriting – 20%
Let's Talk About You!
- Sophisticated knowledge of the financial services industry and the co-operative system, including provincial and federal regulatory environments.
- Strong knowledge of Bank products, services, corporate and business unit strategies, and marketplace positioning.
- Sophisticated knowledge of financial principles as it pertains to interest rate risk, liquidity, capital, and profitability.
- Strong knowledge of balance sheet management concepts
- Expert skills in building and maintaining relationships with credit union clients.
- Expert knowledge of the credit union system and factors impacting liquidity and profitability
- Comprehensive knowledge of risk management issues related to capital adequacy and regulatory environments.
- Completion of an undergraduate degree preferably in Commerce/Business Administration
- A professional designation in the financial field is preferred i.e., CFA, CPA, MBA, though a combination of education and experience could be considered
- 5-7 years of progressive management experience in the financial services industry.
- Understanding of credit risk processes and guidelines as it pertains to credit union direct lending and derivative products
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy, personal days and even a moving day
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
