What are my responsibilities?
Consulting in all areas of Letter of Credit such as issuance of LC drafts, support for wording of payment terms, clearance of Discrepancies, implementation of electronic notification of LC’s to SFS from financial institutions, checking and processing of LC documents to Financial Institutions as well as negotiation of bank charges for LC business.
Maintain proper records on all incoming Letter of Credits, LC amendments, SBLCs’ advised via SFS as well as direct from Bankers and co-ordinate with respective Sectors/ Divisions/BU’s this is done in order to ensure that Siemens risk is hedged and Divisions delivered goods in line with LC terms & conditions.
On requests from Divisions shop around with different banks for best possible rates for Letter of Credit Discounting and negotiate with bank the term & conditions and get approval from TFA Head accordingly. This is done to improve Division cash flows.
In receipt of LC documents/collection order/ ESCROW documents for further negotiation with banks; from Sectors/ Divisions, ensure to process them all on time with proper Bill of Exchange and company covering letter with complete company bank account details of the credit at maturity and make sure all the documents are presented as per LC T&C.
Monitoring and ensuring to get an update on all documents submitted to bank, on time as per UCP 600 and make sure that the bills has got accepted and credited into company account on time and Divisions cash inflows targets are met timely
Ensure and negotiate with all banking partners to get their best and excellent services on time with lowest bank charges including LC advising, confirmation charges, Discounting charges, SOR Charges and LC negotiation commission etc.
Follow up with divisions for all upcoming LC expiration, shipment dates and LC document presentation period to ensure smooth working of LC Business and there by achieving the Divisions targets from both technical and commercial aspect
Validation and SAP booking of Letter of Credit processing and handling charges from banks
Ensure all forecasted cash-inflows got actual under Letter of Credit business with close follow-ups and tracers with banking institutions in order to meet the cash-inflow target.
Provide all required details under LC business to Accounting team for proper AR adjustments/AR clearings in SAP and also for provision bookings during closing time
Support in Bank Guarantee Business in co-ordination with banking partners and also regularising GREAT as a TFA Team member
Reporting to TFA Hub on volume of Letter of Credits got issued by our customers with Siemens as the beneficiary for the projects, products, and services business with its total values. LC monthly/quarterly cash inflows including LC discounting done on division wise
What do I need to qualify for this job?
6-8 years of hands on experience in dealing complex letters of credit and guarantees
Very good command of both spoken and written Arabic and English languages
Experience handling / structuring complex Letters of credit to mitigate payment risk knowledge on Guarantees.
Experience of Negotiation of Credit facilities with Global and Regional banks
Very Good command of MS Excel and Word
Strong communication skills
Organized, systematic and tidy
Experience from international exposure preferred
Focus on quality and accuracy
Intercultural Sensitivity and customer service orientation
Employer want to submit job applications through their website at: Apply Online