Director, Special Credits EMEA

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Overview of the Department / Section

Special Credits EMEA is responsible for corporate banking and structured finance credit for Corporates, FIs, and Sovereigns. The department is entity agnostic and acts on behalf of MUFG Securities (EMEA) Plc and MUFG Bank EMEA. Its major functions are outlined as follows:

• Management of problematic assets
• Analysing, approving, sanctioning and monitoring the credit quality of corporate credit risks and related risks;
• Monitoring, reporting and early action
• Portfolio analysis and management

Our Credit Team is part of a global organisation located in London, New York, Singapore and Tokyo. The London Credit team is responsible for the EMEA region and we work closely with other regions, and MUFG Group entities and subsidiaries within the region, to ensure global consistency in credit management.

Main Purpose of the Role

• To be responsible for the effective management of a portfolio of distressed and problem assets where MUFG may have exposures across different layers in the capital structure, in different products and in various industries/sectors and jurisdictions across EMEA.
• To optimize the credit costs, and recoveries on problem assets in EMEA on behalf of MUFG.
• To make balanced, timely and thoughtful recommendations and credit decisions on behalf of EMEA and exercise delegated credit authority appropriately.
• To support in the strengthening and developing of the risk appetite portfolio monitoring, and early warning frameworks in line with internal policies and senior management and regulatory expectations.
• To maintain a broad network of relevant external stakeholders in the recoveries/workout space in other banks, advisors, law firms etc., to ensure that MUFG remains at the leading edge of market practice/information.

Key Responsibilities

• Responsible for developing and assessing action plans and workout strategies under the various restructuring options, and providing periodic updates to senior management.
• Provide recommendations on the most appropriate strategy, supported by relevant options analysis, to protect the Bank’s exposure.
• Workout/recoveries credit counterpart to front line leadership, coverage bankers and credit managers, and applicable product origination and distribution businesses, and support the second line credit officers on deteriorating names, as appropriate.
• Actively engage with borrowers, sponsors, financial creditors and other third parties (including financial advisors and external legal counsel) as appropriate, and active involvement in the negotiation of terms and structures in order to manage, workout and restructure the problem assets with the aim to enhance the Bank’s position and maximize the recovery of problem loans.
• Represent MUFG on CoCom’s where appropriate.
• Assessment, review and negotiation of waivers, lender consent requests and restructuring/amendment legal documentation.
• Undertake directly or oversee VP’s work in preparing high quality, concise credit papers and update memos which clearly present the current situation, options analysis and strategy recommendation.
• Make balanced, timely and thoughtful recommendations and credit decisions on behalf of EMEA and exercise delegated credit authority appropriately.
• Presentation of, and timely communications to relevant internal forums and committees and to senior management both in London and Tokyo.
• Liaise with other risk functions within EMEA to support effective risk management of the region’s overall credit risk and ensure the early identification of deteriorating situations and distressed assets.
• Active involvement in relevant Watch Forums and Early Warning assessments.
• Responsible for representing Special Credits EMEA at internal forums within the regions and globally.
• Inline with MUFG’s risk culture: take accountability for identifying and mitigating risk; actively managing risk within the department; remaining curious by taking proactive ownership; role modelling the risk partnership with colleagues and being willing to challenge existing practice and be proactive and positive to change.
• Active involvement in strengthening and developing the problem asset framework.
• Maintain and enhance good working relationships with stakeholders across the region and globally to share best practices, provide support and develop effective local policies and procedures.
• Complete other related duties and participate in special projects, forecasting, and reporting, as needed.
• Provide guidance and direction to the junior members of the Special Credits EMEA and assist in their development.
• Act consistently and adhere with the Bank’s regulatory and compliance responsibilities and fully comply with relevant policies and procedures especially in relation to problem assets and credit cost planning.
• Identify risk-related issues needing escalation to management.

Work Experience

• Essential: Proven experience in financial restructuring/workout/recoveries gained across more than one credit cycle, and likely to have been gained in more than one institution.
• Proven experience of being the lead representative of their institution in substantial financial restructuring/workout/recoveries transactions, and in multi-bank/creditor syndicates.
• Proven experience of being the lead representative of their institution in financial restructuring/workout/recoveries transactions across a wide range of industries and sectors and in multiple EMEA jurisdictions, and via multiple insolvency tools.
• Experience of making balanced, timely and thoughtful recommendations and credit decisions on behalf of their institution and exercising delegated credit authority appropriately.
• Experience in the assessment, review and negotiation of legal documentation including but not limited to waivers, lender consent requests and restructuring/amendment documentation.

Skills and Experience

• Functional / Technical Competencies: Extensive relevant product/industry experience with a deep area of credit specialism in restructuring, recoveries, and workout likely to have been gained from more than one institution.
• In depth knowledge of credit and risk principles, products, legal documentation and insolvency frameworks.
• Experience in dealing with regulatory matters associated to credit risk and problem assets.
• Outstanding credit assessment and credit risk management skills based on experience of exposure to more than one credit cycle.
• Experience of engagement with key stakeholders on a cross-regional, cross-functional, global basis.
• Experienced coaching and mentoring skills and actively managing and developing talent.

Extensive Experience

• Assessing the financial performance of the Borrower/Company including analysing relevant financial statements (and 13-week cash flows, as applicable), the trading performance and any turnaround plan, and the reason(s) for default/financial distress;
• Determining borrower’s financial ability to make debt service payments;
• Assessing repayment ability/recovery prospects under various restructuring options, and prepare valuation/recovery analysis to determine potential impairment borrower ratings and credit costs.
• Negotiation of financial and legal structures, terms and documentation.

Education / Qualifications

• Essential: Bachelor Degree
• Preferred: Masters Degree or equivalent, CFA qualification, recognized accountancy qualification, or recognized legal qualification.

Personal Requirements

• Excellent communication skills demonstrating the ability to articulate clear and concise information and messages.
• Results driven, with a strong sense of accountability.
• The ability to manage large workloads and tight deadlines, and to operate with urgency and prioritise work accordingly.
• A calm approach, with the ability to perform well in a pressurised environment.
• Strong decision making skills, the ability to demonstrate sound judgement.
• A structured and logical approach to work with strong problem solving skills and flexibility of thinking.
• Excellent attention to detail and accuracy.
• Ability to build and maintain healthy stakeholder relationships.
• Excellent interpersonal skills.
• Ability to provide guidance and direction to the junior members of a team.

Performance and Duties

The role holder will be assessed in accordance with their employing entity’s performance framework and process with relevant input obtained from the dual hatting entity as relevant. As duties and responsibilities change, the job description will be reviewed and emended in consultation with the role holder. The role holder will carry out other duties as are within the scope, spirit and purpose of the role as requested by their line manager or Department Head.

Managing Conflicts of Interest

The role holder will have responsibilities for both MUFG Bank and MUFG Securities EMEA plc. The role holder will be required to perform their duties and responsibilities on an entity neutral basis, without favour. The role holder is required to follow regulatory requirements applicable to ensure each business is appropriately supported and to maintain the legal entity integrity of each of MUFG Bank and MUFG Securities EMEA plc.

We are open to considering flexible working requests in line with organisational requirements. MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.

We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law. At MUFG, our colleagues are our greatest assets. Our Culture Principles provide a roadmap for how each of our colleagues must think and act to become more client-obsessed, inclusive and innovative. They reflect who we are, who we want to be and what we expect from one another. We are excited to see you take the next step in exploring a career with us and encourage you to spend more time reviewing them!

Our Culture Principles

• Client Centric
• People Focused
• Listen Up. Speak Up.
• Innovate & Simplify
• Own & Execute