Recent financial sector assignments

• Uzbekistan - technical assistance to the Committee for the Economic Insolvency of Enterprises: Provision of institutional development specialist to support project objective to implement transparent and independent insolvency procedures in the Republic of Uzbekistan and thereby contribute towards improving insolvency and bankruptcy procedures so as to release assets and other resources locked in a bankrupt company and enable these resources to be mobilised for the development of the Uzbek economy. The improved insolvency and bankruptcy procedures would also provide incentives for financial discipline and improved management in enterprises. Trained 100 insolvency professionals including issues of corporate governance.
• Indonesia – micro-finance training certification: Provided the institutional development specialist assisting in the establishment of CERTIF - the micro-finance training certification project – in Indonesia. The project was supported by GTZ and was intended to strengthen the human resources of the Bank Perkreditan Rakyat (BPRs) in Indonesia, focusing on the management levels of the BPRs of East Java and Bali, and to enhance the creation of a sustainable training certification system at national level. Main project outputs include: (i) development of training modules and their materials, (ii) establishment of a pool of accredited trainers, co-developing the training materials, (iii) introduction of a sustainable certification system.
• Russia - Russian Regional Banks Institution Building Programme – Framework Contract: Leading a consortium comprising GBRW, IAAG and the Russian Budgetary Center. The EBRD is working on a number of projects aiming to contribute to the development of medium-sized banks that have the ability to enlarge and improve the range and quality of banking services in the regions of Russia. The EU-EBRD Investment Preparation Facility is providing technical co-operation funds for the Institution Building Programme to finance experts covering a broad range of banking skills focusing on strategy development, lending processes, corporate governance, risk management and internal control, treasury operations, management information systems and organisational efficiency in order to improve regional banks’ abilities for SME lending as well as increase competition within the Russian financial sector.
• Ten Accession Countries - technical assistance to participating banks: Lead firm in consortium undertaking framework contract for EBRD’s municipal finance facility (SMM Facility) together with participating commercial banks in the EU Accession countries (includes Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia) to assist small and medium municipalities to gain access to loan capital for investment and development of their municipal and environmental infrastructure. The technical assistance provided assists the participating banks in strengthening their expertise in municipal lending operations including lending to both municipalities and municipal utility companies and supports the implementation of procedures representing best practices in municipal finance so that they can successfully extend loans to eligible municipal projects.
• Liberia - Standards Review of audit of the Central Bank: The International Monetary Fund requested the review of the audit files for the Central Bank of Liberia after concerns over a new offsetting policy adopted by the Bank in 2003. The review resulted in a report to the Central Bank and IMF regarding an assessment of the policy, as well as overall compliance of the financial statements with International Accounting Standards, the audit files with International Standards on Auditing and recommendations for future audits.
• Romania - technical assistance to commercial banks: Support and specialist assistance to Banca Comerciala Romana (BCR), including: review of present municipal lending operations and draft and agree an overall strategy for municipal credit expansion and the marketing of the SMM facility; specialist assistance to the bank to process initial SMM borrower credit applications, transferring and strengthening skills in the financial technical appraisal of investment projects and SMM borrower credit-worthiness assessment; assisting the bank to put in place the operational procedures for the financial technical appraisal of investment projects, and SMM borrower credit-worthiness assessment; providing training and operational support to assist the bank to implement best industry practices for risk management, loan implementation and loan monitoring; and providing follow-up support for municipal lending and risk assessment tasks and the recommendations on municipal lending and ad-hoc advice on particular municipal local loans and specific related topics.
• Poland - technical assistance to commercial bank: Contract under the EU/EBRD Municipal Finance Facility for Participating Commercial Banks. Team of experts was provided to ING Bank Slaski to work with their Municipal Credit Unit, Corporate Finance and Credit Risk Dept. to improve policies, practice and procedures of financing public sector, including: review of the existing sector policy and procedures; recommend improvement of the sector policy and credit risk approach; improve municipal credit risk assessment and management; prepare Guidelines for Lending to the Municipal Sector; and prepare and deliver series of training programmes for lending officers and credit risk department
• Bangladesh – financial restructuring and privatisation advice: Member of consortium acting as Financial Advisor to Government on the restructuring of Rupali Bank and developing a Transaction Structure for its privatisation. The role of the FA is two-fold: to assist the Bank to strengthen operations and enhance its attractiveness to potential investors; and to prepare Rupali Bank for privatisation, prepare an Info Memo, advise on optimum method of sale, market the sale and assist in the evaluation of bids and negotiation of contract. The sale of the bank has been successfully concluded.
• Sierra Leone – privatisation advice and enterprise valuation: Financial Advisors to the National Commission for Privatisation, assisting in the sale of Government’s majority shareholding in the National Development Bank to an appropriate strategic investor. Target enterprise valuation, Information Memorandum and ITT dossier were prepared and presented to NCP, together with draft advertisement, evaluation criteria and proposed timetable for the privatisation process. The sale of the bank has been successfully concluded.
• The Gambia – privatisation support: Preparation of a privatisation strategy for the government-owned Commercial and Development Bank, including diagnostic study, review of privatisation options and preparation of marketing strategy and sales memorandum.
• Turks and Caicos Islands – competitive market appraisal: In-depth market assessment of demand for off-shore financial services offered by the country, including comparative assessment against providers of similar products, development of marketing strategy and two year marketing plan.
• East Africa – bank restructuring advice: Comprehensive diagnostic study of the management system of the Eastern and Southern African Trade and Development Bank (PTA Bank) including institutional, organisational and operational audits and advice on human resource issues and the application of information technology.
• The Gambia – privatisation support: Comprehensive operational and financial review of Meridien BIAO Bank following collapse of international group and seizure of Gambian operation by Central Bank, including preparation of Statement of Affairs, assessment of viability, review of options for divestiture and development of implementation plan for recommended approach to divestiture. The study included the preparation of an Info Memo designed to promote the bank to potential domestic and international investors.
• Guyana – privatisation support: Market, operational and financial review of the National Insurance Company, preparation of valuation and development of divestiture options for this state-owned enterprise. The study included carrying out an overview of insurance legislation in Guyana.
• Russia – commercial bank audits: Joint signatory to the audits of two banks and reporting to the Banking Review Unit (BRU) of the World Bank which is monitoring the distribution of capital to a selected group of Russian banks, including Long Form Report on the financial standing and operations of these banks.
• Sierra Leone – Central Bank audit: Audit in accordance with ISA and relevant national legislation of the financial statements of the Central Bank, including preparation of detailed management letter recommending improvements to BOSL systems and procedures.
• Slovakia – technical assistance to Financial Regulator: Development of effective enforcement mechanisms within the National Bank and the Slovakian Financial Markets Authority designed to prevent, identify and correct material errors or omissions in the application of International Accounting Standards (IAS) in financial information and other regulatory statements issued to the public

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