Vice President – Remedial Loans recruitment

Job Purpose

The RLU is responsible for assessing all possible outcomes with the aim of identifying, quantifying and minimizing the loss that could be incurred on impaired assets at the ABC Group level. This normally requires extensive research and investment of time. The jobholder reports directly to the Head of Remedial Loans Unit and interacts closely with the Remedial Loan Units and Credit Risk departments at other ABC centers and at other Banks.

The biggest challenge in this job is to maximise the npv of recoveries at the minimum cost on impaired assets, while pro-actively managing exposures to ensure that in the event that the Bank decides to exit, that the most opportune timing is chosen and the most cost effective exit strategy is implemented.

 Principal Accountabilities

Account Management:

1) As the primary Account Manager for impaired assets delegated to him/her, proactively manages the impaired asset portfolio by employing a variety of intensive remedial management loan work out techniques to improve credit quality, maximize recoveries/reduce provisions and reduce ultimate losses and costs to the Bank.

2)Participates and represents the bank in bank syndicates/creditor group meetings, Steering Committees and other forums established for co-ordinated recovery action on large impaired asset exposures at a work-out and/or dissolution phase.

3) Prepares Annual/Interim Action Plan for administration of impaired assets managed by the Remedial Loans Unit (RLI).

4) Evaluates, negotiates, recommends, implements and monitors workout and recovery strategies approved by the HOCC, including legal action, debt settlements, asset swaps, debt for equity swaps and disposals at best realizable values through private sale, public auction and secondary market trades.

 ABC Group Portfolio Control:

1) Reviews Annual/Interim Action Plans required to be submitted to the Head Office Credit Committee (“HOCC”) /Board by ABC BSC units for the administration of impaired assets, including a critical evaluation of Action Steps and recommended/possible Exit Strategies.

2) Assists in preparing the RLU Business Plan for close supervision of all impaired assets in ABC (B.S.C.) and supervision of all impaired assets in core ABC Group units with exposures of large (over US$ 5mm) impaired assets emanating from the Investment Group companies. The Business Plan should include formats and procedures for each unit to submit detailed Action Steps and Exit Strategies on a regular basis, and for regular update reports to be made to the HOCC and the Board as required.

3) Assist RLU staff in ensuring the timely submission and accurate compilation of all periodic reports submitted by the RLU to ABC senior management, the Central Bank of Bahrain and where appropriate external rating agencies; including:-

• Loan Portfolio Review Provision Forecasting report (“LPR”).

• 20 Largest Impaired Asset report for ABC Group.

• Impaired Assets (ex. Criticised (or classified) summary reports for ABC Group.

• Portfolio Stress Testing and EL Portfolio analysis to compile CIP needs review.

Secondary responsibility for evaluating the quarterly submissions from each of ABC Group Units and discussing the provisioning implications with external auditors.

Knowledge, Skills and Experience

Graduate degree/MBA, preferably in Finance and or Accounting subjects. At least 10-15 years banking experience, of which at least the last 5 years should be in holding a senior credit or remedial position, involving the hands-on management of impaired assets.

Well-developed credit/workout skills including an understanding of the major risk factors that impact on impaired assets in today’s changing financial and economic environment.

 Key Skills

• Effective communication skills (both written and verbal) for presentations in English.

• Strong credit analysis skills, with experience and exposure to cash flow modeling and present value analyses, asset evaluation techniques, syndicated credits and Eurocurrency and Islamic loan documentation.

• Sound comprehension of key banking law issues. Knowledge/experience of insolvency law, bankruptcy and litigation procedures in developed markets and the MENA region.

• Excellent PC skills, with advanced EXCEL spreadsheet knowledge and good skills in all other MS applications including Outlook.

• Effective negotiation and analytical skills. Ability to work long hours (where required) with Lawyers and Accountants in complex debt restructuring.

• Self-motivated and high level of numerical accuracy.

• Excellent English language skills essential, plus Arabic and French language proficiency would be a distinct advantage but are not essential to the role.