- Position title: Consultant - Special Operations Unit (SOU)
- Grade: N/A
- Position N°: N/A
- Reference: ADB/16/054
- Publication date: 06/04/2016
- Closing date: 25/04/2016
Objectives
The Special Operations Unit (SOU) forms part of the Infrastructure, Private Sector and Regional Integration Vice Presidency (OIVP) which is responsible for all private sector operations falling under the Bank’s private sector development strategy. The SOU provides specialized knowledge and services to resolve distressed and underperforming investments and assists with the identification and management of investments on the Bank’s watch list.
Accountability and Objectives:
The SOU’s main responsibility is assessing underperforming and problem investments and leading the workout, restructuring, turnaround or in some cases re-capitalization of these companies. The SOU is currently seeking consultants with expertise in active, hands-on distressed investment workout and NPL management including financial restructuring, refinancing or other recovery solutions for jeopardy as well as potentially distressed investments that preserve to the extent possible, the Bank’s development impact in Africa. SOU undertakes its work either independently or jointly with portfolio management units, with SOU often taking the lead on major and complex underperforming investments and restructurings. The SOU consultancy assignment will initially be for a 6 month period.
Duties and responsibilities
Under the supervision of the Head of SOU, the SOU consultant will:
1. Preparation of 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 of companies and determine, document and present options for approaching investment resolutions (e.g. trade sale, restructuring, refinancing, turnaround, workout, enforcement and insolvency processes, debt for equity swaps or any other rescue approaches);
2. Conduct business reviews to understand the issues facing companies and offering practical solutions; interact with accountants, legal, financial and sectoral consultants; interact with senior management of investee companies; liaise with other co-investors and DFIs and construct financial and valuation models with sensitivities as required;
3. Prepare action plans and different resolution options for each non-performing or impaired investee company to be presented to the internal Credit Risk Committee including recommendations to resolve problem investments whilst understanding the need to protect the over-arching developmental mandate of the Bank;
4. Monitor the financial and operational performance of impaired investments and effect execution and implementation of agreed workout strategies;
5. Prepare regular reports as required on all investment resolution activities;
6. Identify lessons learned to disseminate SOU’s workout experience to other investment departments within the Bank.
Selection Criteria
Including desirable skills, knowledge and experience
1. A minimum of a Master’s degree in Finance, Accounting, Investment or in a relevant area.
2. Demonstrable track record and professional experience of working either in a workout or recovery team for a bank or financial institution or having worked for a major accounting or consulting firm advising clients on workouts, restructurings, or non-performing investments or portfolios;
3. At least 10 years relevant recovery and turnaround experience involving single underperforming debts in the private sector;
4. Sectoral skills in Infrastructure, Power, Natural Resources, Aquaculture and Hotels and Leisure would be ideal;
5. Strong technical knowledge and proven track record of debt resolution of individual investment transactions;
6. Demonstrable experience of acting as a consultant to problem investments.
7. Ability to quickly understand the issues and inherent risks of specific investments under review and advising on the most appropriate course of action and the associated consequences of each action;
8. Diverse experience both geographically and sectorally of investing and divesting across different types and sizes of businesses. International investment experience is a must. Understanding cultural sensitivities is key to this role;
9. Ability to assess the effectiveness and efficiency of incumbent management teams, making recommendation on how to change or improve teams in investee companies;
10. Knowledge and experience in valuation of listed and unlisted equities and ability to assess proposed exit strategies. Experience with Private Equity Funds adding value to investments would be an advantage;
11. Strong analytical and modelling abilities and ability to lead transactions from inception to completion;
12. Sound business judgment, with creative problem solving skills and ability to think laterally in order to solve problems;
13. Ability to build effective client relationships (both internally and externally);
14. Advanced corporate negotiating and influencing skills in workout environment;
15. Ability to work under pressure and deliver high-quality work within tight deadlines;
16. Excellent oral and written communication skills, in English and/or French, including demonstrated ability to communicate complex ideas clearly and concisely.
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HOW TO APPLY
1. Candidates should submit their applications online on the Bank’s e-recruitment system, attaching their comprehensive Curriculum Vitae (CV) and Motivation letter as one document, demonstrating relevant qualifications and experience.
2. Applicants should also ensure that they are registered in the African Development Bank’s Consultant Database, in the DACON System (http://dacon.afdb.org/dacon/ ).
