National Asset Reconstruction Company begins search for senior executives

The National Asset Reconstruction Company (NARCL), operationalised in January, has begun its search for senior executives in investment and operational roles. The bad bank is looking to hire 13 full-time employees, including a chief investment officer (CIO) and a chief operating officer (COO).

All the positions will be based in Mumbai, according to a notice put out by the Indian Banks’ Association (IBA). The CIO will be responsible for leading the trust-level relationships with selling lenders to identify and acquire distressed assets to be transferred to the NARCL. They will collaborate with the chief executive officer (CEO) of India Debt Resolution Company (IDRCL) to implement board-approved policies for the resolution of acquired assets. The CIO will also be responsible for evaluating the recommendations received from IDRCL on resolutions of assets and for submitting the same to the asset resolution committee and the board of NARCL for approval.

Applicants for the role must be between 45 and 55 years of age, and have over 20 years of experience in the financial sector, and over 10 years in corporate relationships or resolution.

The COO will be responsible for leading multiple enabling functions such as finance, compliance, risk and legal as also for ensuring trust-level payout computations for distribution of consideration among security receipt (SR) holders. They will have to work in close coordination with the government for settlement and processing of government guarantee claims.

The NARCL intends to acquire assets from banks through structured deals with a 15% cash component and 85% as SRs backed by the government.

The CIO and the COO will report to the MD & CEO of NARCL, a post currently occupied by former State Bank of India (SBI) executive Padmakumar Nair.

In addition, NARCL also intends to hire three investment managers and three investment analysts, as well as managers for the human resources (HR), admin, legal, compliance and information technology (IT) functions. 

from Banking & Finance – The Financial Express https://ift.tt/PzM8HLG