{African Development Bank,Accra,Full-Time, GH,N/A, N/A,30 Jul-2014};
Objectives
2 positions at Principal grade level and 1 position at Chief grade level.
The Private Sector (OPSM) is responsible for all private sector operations falling within the umbrella of the Bank Group’s private sector development strategy. The Portfolio Management (OPSM5) department plans, organizes and carries out the activities related to private sector project identification, preparation, appraisal, implementation and portfolio management. OPSM5 provides financial and technical assistance for private sector projects and programs. It also supports the Bank’s diagnostic and enabling environment reform programs to improve the investment climate in Africa. The Portfolio Management Division (OPSM.5) is in charge of the overall portfolio management activities including monitoring and supervision of all projects after first disbursement until they close out of the portfolio.
With the growth of the NSO portfolio over the past five years, the Bank needs to establish a dedicated Corporate Recovery Unit (CRU) tasked with corporate recovery and the proactive monitoring and supervision of non-performing assets. The CRU will initiate and lead the recovery process if it determines that restructuring is the best course of action to protect AfDB’s interests.
Duties and responsibilities
Under the supervision of the Division Manager the Corporate Recovery Chief Officer will:
• Draft and maintain the implementation guidelines of the CRU;
• Take over assets deemed nonperforming or impaired or in risk of becoming nonperforming or impaired, from Portfolio Officers in a structured and documented fashion;
• Analyse nonperforming and impaired or potentially nonperforming and impaired transactions. This includes financial and legal due diligence and analysis; interaction with senior management of obligor/investee; construction of financial and valuation models as required; as well as other essential tasks;
• Determine, document and present the best course of action in terms of exit strategy (e.g. sale, restructuring, liquidation, or any combination thereof) in the form of a Problem Account Memorandum to the respective approval authority within the Bank;
• Supervise in executing the approved workout strategy. Initiate and contribute to all phases of the corporate recovery process in conjunction with all stakeholders involved. Negotiate with the obligor and other creditors as required;
• Prepare corporate recovery plans to include recommendations on when to realize losses, release any rights/security interests, and make material changes in transactions;
• Recommend inputs to new policies, systems and processes in immediate work area;
• Create knowledge products endorsed for wider distribution based on lessons and multi-country experience;
• Consider current and future client needs in proposing ideas;
• Help internal and external clients achieve quality results beyond presenting problems and precedent;
• Highlight possible solutions for project issues based on relevant multi-country and/or multi-client experience;
• Regularly contribute insights and experiences to colleagues in the Division to help them achieve quality results;
• Overcome unexpected difficulties and challenges to produce desired outcomes;
• Share knowledge on new international best practice trends in comparator situations;
• Convince to adopt international best practice by explaining the situational relevance and benefits;
• Create knowledge products endorsed for wider distribution based on lessons and multi-country experience.
Qualification Required & Experience
Including desirable skills, knowledge and experience
• Master’s Degree or equivalent, in economics, finance, accounting or related fields. University degree combined with specialized experience in similar organization/s may be considered in lieu of a Master’s degree. Preferably a Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA);
• A minimum of six (6) years of relevant experience for the PL4 position, and seven (7) years for the PL3 position, in an international bank, multilateral/bilateral development organization, or consulting firm;
• Familiarity with portfolio management concepts and the analytical tools needed to perform the associated analyses;
• Experience in managing corporate and capital restructurings, including but not limited to remedial management activities such as debt re-profiling, recapitalization, pre-and post-default operational restructuring, distressed asset management, sale and liquidation;
• Proven ability to evaluate distressed loans, guarantees, and direct and indirect equity transactions. Familiarity with industry best practice in corporate recovery and corporate restructuring;
• Excellent knowledge and demonstrated track record in all areas of credit risk management of individual transactions. Proven ability to capture the essence in terms of risks of transactions under review;
• Familiarity with risk rating methodologies, risk management frameworks, and relevant risk-related policies;
• Experience in valuation of listed and unlisted equities and ability to assess proposed exit strategies, and experience with Private Equity Funds would be an advantage;
• Knowledge of financial institution and project financings/structured finance would be an advantage;
• International experience working in several countries;
• Strong analytical and creative problem solving skills;
• Excellent interpersonal and communication skills; good memo composition, editing skills, and strong presentation skills;
• Proficiency in English and/or French, with a working knowledge of the other language;
• Competence in the use of Bank standard software (Word, Excel, Access, PowerPoint), and graphics software.
Location: Ghana
How To Apply For The Job
Interested and qualified candidates should
Closing Date: 16 July, 2014
Only applicants who fully meet the Bank’s requirements and are being considered for interview will be contacted. Applicants will only be considered if they submit an online application, and attach a comprehensive Curriculum Vitae (CV). The African Development Bank is an equal opportunities employer and female candidates are strongly encouraged to apply