October 1, 2018 / 3:09 PM / in 20 days

EIB confirms funding team shake-up

LONDON, Oct 1 (IFR) - The European Investment Bank has announced a shake-up of its funding team effective from the start of 2019, confirming reports that its operations will split into four product groups, rather than by three currency units as it is now.

“Over the past few years, we have noticed plenty of things we do nowadays are not specific to any currency or currency-related at all,” Eila Kreivi, head of capital markets at the Triple A rated supranational, said to IFR.

“Green and sustainable, for example, concerns all currencies. More and more things have become not currency specific, which led us to the situation that we had to delegate tasks on an ad-hoc basis and that is not very easy to manage and for people is not very clear what their responsibilities are.”

Aldo Romani will head up a newly-created sustainability funding team, which will take care of EIB’s climate, sustainability and green funding activities.

The EIB’s biggest source of liquidity will be via a benchmark funding team issuing purely in euros and US dollars, headed by Sandeep Dhawan.

There will be a public markets team with a focus on cost of funding and maturity adjustment, to be run by Carlos Ferreira.

It will execute deals in sterling, Canadian and Australian dollars, and all the Scandinavian and small currencies. This team will also be responsible for non-benchmark euro and US dollar deals and handle trades such as dollar FRNs and ECoops.

Richard Teichmeister will run the new products and special transactions team, targeting new currencies, transactions in currencies that require special work, and deals with new structures.

Irene Sanchez will continue as head of investor relations. (Reporting by Priscila Azevedo Rocha, writing by Helene Durand, editing by Julian Baker)

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