Kiara Richardson, Trade Manager at the Gibraltar International Bank, is the only qualified Trade specialist in Gibraltar. With over 7 years of experience in banking, she recently enrolled herself in several different Trade qualifications to become an expert within her field.
Kiara joined the Gibraltar International Bank in December 2014 which she claims to have been “an amazing opportunity to start working in a brand new bank with new colleagues who were all working together to achieve the same goal, the success of our new bank”.
Almost immediately after joining the new business she undertook six different qualifications to qualify herself as a Trade Manager. She obtained five Trade certificates in the period of two months which included exams based on ICC trade rules, Uniform Customs and Practice for Documentary Credits, International Standby Practice, Uniform Rules for Demand Guarantees and Uniform Rules for Collections. In May 2015 Kiara successfully attained a Certificate in Trade Finance and is now currently studying towards a Specialist Certificate in Demand Guarantees.
When asked what she would say has been her greatest achievement to date, Kiara answered, “It would definitely be successfully passing all my Trade exams and becoming the
only qualified Trade specialist in Gibraltar”. However, the hard work did not end after the exams were over, as she then faced the challenge of having to set up the Bank’s new Trade Desk from scratch. “I wouldn’t say it was a struggle”, says the Trade specialist, “But it did take us some time to have everything ready for when we officially opened our doors in May 2015. I am happy to say that everything is up and running and working as it should be”.
The Gibraltar International Bank currently offers four different Trade products to its clients. The first being Documentary Credits. This is used to offer clients protection against non-payment from abroad, legal issues and financial risk which can affect a company’s working capital. Kiara advises, “If you are an exporter looking for security of payment or an importer wishing to strengthen your credit worthiness, this is definitely a product you should look into”.
Demand Guarantees, also known as bonds, are also offered. This product will provide assurance that you can meet your contractual obligations and will enable you to demonstrate your financial capability. Kiara advocates that “If you are being requested by a new trading counterparty to provide assurance that you too will meet your contractual obligations, you should consider this product”. A standby letter of credit (SLOC) is also offered and works like a Demand Guarantee. Standby Letters of Credit are created as a sign of good faith in business transactions, and are proof of a buyer’s credit quality and repayment abilities.
Documentary Collections are another trade product option for clients. In using this product, instead of the seller sending documents directly to the buyer, they will send them via the banking system. Kiara highlights “If you are looking to settle payments for your exports and imports via a recognised and secure method you should consider our Documentary Collections option. Here the seller can ensure that he will receive payment and the buyer will obtain the assurance that the shipment will arrive”.
Kiara is working on increasing the amount of Trade products offered by the Bank. Kiara says “We are currently looking to expand our range of products, but for a bank that has been up and running for less than a year we already have a good variety of products available for our clients”.
When asked about the best part of being a Trade Manager at the Gibraltar International Bank, Kiara told B2B, “The best part of my job is that we have no head office we need to report to. All decisions are made locally with a fast turnaround which is very important in Trade deals due to the time sensitivity usually involved.”
Whilst Kiara is the only qualified Trade Manager within the business she is not alone as she has a great team supporting her. Kiara concludes, “I love working with my team, they are all talented and amazing, and I can honestly say that I now have my dream job as Trade Manager at the Gibraltar International Bank”