PRINCIPAL SPECIAL OPERATION OFFICER at African Development Bank

ADB/15/ ADB/15/111

Department/ Division:
Special Operation Unit

Context:

The Infrastructure, Private Sector and Regional Integration Vice Presidency (OIVP) is responsible for all private sector operations falling within the umbrella of the Bank Group’s private sector development strategy. Within this complex, the Special Operations Unit (SOU) provides timely specialized services to resolve distressed assets. The SOU works closely with OPSD and OFSD to plan, organize and implement the activities related to private sector project identification, preparation, appraisal, implementation and portfolio management.

Accountability and Objectives:

The Special Operations Unit (SOU) main responsibility is designing and implementing workouts in the form of financial restructurings, or other recovery solutions for jeopardy as well as potentially distressed investments that preserve to the extent possible the Bank’s development impact.  SOU will undertake its workouts either independently or jointly with portfolio management units, with SOU always taking the lead.

Duties and Responsibilities:
Under the supervision of the Head of Unit, the incumbent will:

• Develop and implement policies, procedures, guidelines, and manuals for SOU’s continuing operations;
• For impaired transactions, prepare financial forecasts and perform cash flow analysis to determine the debt carrying capacity of borrowers and the return potential for equity investments, participate in due diligence visits, and determine, document and present courses of action in terms of asset resolution (e.g. sale, restructuring, liquidation, or any combination thereof);
• Conduct financial and legal due diligence and analysis; interact with accountants, legal and financial consultants; interact with senior management of obligor/investee; construct financial and valuation models as required;
• Prepare an action plan for each nonperforming or impaired transaction to be presented to the Credit Risk Committee including recommendations on when to realize losses, release any rights/security interests, and make material changes in transactions;
• Calculate loan loss provisions and equity impairment estimates for each nonperforming or impaired transaction;
• Monitor the financial performance of impaired accounts and the implementation of workout strategies;
• Prepare monthly, quarterly, or annual report on all asset resolution activities;
• Analyse and process waiver, amendment, and consent requests for impaired transactions;
• Prepare lessons learned papers and presentations to disseminate workout experience to other departments within AfDB;
• Assist line divisions to identify and manage deteriorating projects before they develop into impaired accounts;
• For unimpaired transactions, review and evaluate monitoring reports of transactions, review waiver and amendment requests, validate the risk rating of debt and guarantee transactions as well as valuation of equity investments, and evaluate exit recommendations; and
• Perform other asset resolution relevant tasks as and when assigned.

Selection Criteria (including desirable skills, knowledge and experience):

• At least a Master's Degree or equivalent in economics, finance, accounting or related fields.  An additional qualification such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) will be an added advantage;
• At least 06 years of relevant experience in an international bank, multilateral/bilateral development organization, or consulting firm. Strong experience in managing corporate and capital restructurings, preferably in the areas of credit is required; in addition to financial analysis, debt re-profiling, recapitalization, pre-and post-default operational restructuring, and management/sale/liquidation distressed asset;
• Excellent technical 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, using the concepts and tools available;
• 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;
• Strong analytical abilities and transaction execution skills
• Sound business judgment, with creative problem solving skills
• Ability to build effective client relationships (internally and externally), to represent SOU effectively within and outside the AfDB, and to play an active role in knowledge sharing;
• Ability to work under pressure and deliver high-quality work within tight deadlines individually as well as in team.
• Excellent oral and written communication skills, in English and/or French, including demonstrated ability to communicate complex ideas clearly and tactfully to a variety of audiences within and outside the AfDB;
• International experience working in several countries;
• Knowledge of financial institution and project financings/structured finance would be an advantage; and
• Be conversant with Bank’s software, i.e., Word, Excel and PowerPoint.

Closing date:
31^st August

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 President, AfDB, reserves the right to appoint a candidate a lower level.  The Development Bank is an equal opportunities employer and female candidates are strongly encouraged to apply. http://www.afdb.org