€1.2bn
Large Corporate & GRE Portfolio
Assigned credit-risk responsibility.
Zagreb, Croatia European Union
Credit Risk Special Assets Restructuring
Experience across both sides of the credit cycle.
15+ years across corporate credit risk, special assets and restructuring, combining performing portfolio management with hands-on workout, recovery and asset resolution. From credit assessment and early warning through restructuring, recovery and final resolution.
€1.2bn
Assigned credit-risk responsibility.
€1.5bn
Complex workout and asset resolution.
€450m
Transaction analysis and due diligence.
15+
Performing credit through final resolution.
02
Executive Profile
Operating range
Daniel Vnuk is a Credit Risk, Special Assets and Corporate Restructuring professional with 15+ years of experience across performing and distressed exposures.
His career spans both sides of the credit cycle. He began in institutional credit risk, managing Large Corporate, Government-Related Entities, public finance, project finance and commercial real-estate exposures before moving into the restructuring, workout and resolution of complex distressed assets at HETA Asset Resolution.
He subsequently experienced financial stress from the corporate side of the table as Head of Finance & Accounting of a 500-employee state-owned enterprise, leading finance through restructuring, liquidity stabilisation and restored profitability. His current work combines restructuring advisory, Board-level digital-transformation advisory and professional thought leadership through Restructuring.Insights. His professional interests extend across European and GCC banking markets, particularly the DACH region, UAE, Saudi Arabia and Qatar.
That combination of performing credit, distressed resolution and corporate financial leadership shapes how Daniel approaches credit deterioration, restructuring and recovery.
Performing to distressed
Experience spanning performing credit, deterioration, restructuring and final resolution.
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Career Record
Professional progression
From performing credit risk through special assets, corporate-side restructuring and selected advisory mandates.
Restructuring.Insights
Advisory work across corporate restructuring, recovery, distressed real estate, valuation, downside analysis and credit-sensitive situations across IT, real estate, energy and services.
Selected assignments include cross-border restructuring, distressed real-estate transactions and management advisory in situations requiring liquidity assessment, stakeholder alignment and disciplined execution.
Narodne novine d.d.
Led Finance, Accounting, Treasury, FP&A and Payroll for a 500-employee state-owned enterprise, managing a 24-member team during a period of significant financial stress.
Designed and executed a restructuring programme that restored profitability, stabilised liquidity and supported going-concern status despite approximately €15m in accumulated losses.
Provided regular reporting to the Management Board, Audit Committee, Supervisory Board and institutional stakeholders.
Special Assets / Asset Resolution
HETA ASSET RESOLUTION AG
Managed complex distressed credit cases within a €1.5bn special-assets portfolio in a wind-down and asset-resolution environment.
Negotiated and executed restructuring and recovery strategies across €350m+ of distressed exposures, including bilateral and multi-creditor restructurings, creditor negotiations, settlement structures, insolvency proceedings, collateral enforcement, loan sales and debt-equity conversions.
Contributed to a €450m NPL portfolio transaction through portfolio segmentation, valuation analysis, data-room preparation and buyer due diligence.
Provided management-level input into portfolio restructuring, recovery priorities, resolution paths and exit strategies based on expected recovery, collateral value, legal position, execution risk and time to recovery.
Credit Risk Management / Performing Credit Foundation
Addiko Bank AG / former Hypo Alpe-Adria-Bank
Managed credit risk across an assigned €1.2bn Large Corporate and Government-Related Entities portfolio covering corporate lending, public finance, project finance and commercial real estate.
Responsible for credit analysis, annual reviews, portfolio monitoring, deterioration assessment, watchlist management and escalation to local and group-level credit committees.
Restructured €250m+ of corporate and project-finance exposures through revised repayment structures, covenants, security arrangements, stakeholder negotiations and case-specific recovery measures.
Supported the transfer of €1.5bn of NPL exposures to a dedicated Croatian SPV as part of a wider balance-sheet restructuring and asset-resolution programme.
Also oversaw credit-risk management and portfolio monitoring for two group leasing companies under an SLA arrangement.
Republic of Croatia — Ministry of Finance
Conducted tax audits, financial analysis and compliance reviews across corporate and public-sector entities and contributed to public-sector financial and restructuring initiatives.
04
Core Expertise
Professional focus
Credit judgement, execution discipline and governance across the full lifecycle of institutional exposures.
Credit analysis, portfolio monitoring, annual reviews, financial performance, cash-flow assessment, debt capacity, collateral coverage, early warning and watchlist management.
Problem credit management, stressed and distressed exposures, remedial management, workout execution, restructuring monitoring and recovery strategies.
Bilateral and multi-creditor restructuring, repayment restructuring, covenant resets, security arrangements, settlement structures and stakeholder negotiations.
NPE/NPL management, portfolio segmentation, NPL sales, buyer due diligence, distressed-debt negotiations and portfolio exit strategies.
Provisioning and loan-loss reserves, valuation review, Asset Quality Review, IFRS 9, IFRS 16, credit controls and audit interface.
Board and committee reporting, senior-management decision support, supervisory interface, multidisciplinary case management and policy discipline.
05 · Institutional validation
The figures below describe the scale of assigned portfolios, operating environments and transactions—not sole individual ownership.
€1.5bn
Management advisory on restructuring, resolution and recovery priorities within a €1.5bn special-assets portfolio.
€1.2bn
Credit risk management across corporate lending, public finance, project finance and commercial real estate.
€450m
Portfolio segmentation, valuation analysis, data-room preparation and buyer due diligence.
€350m+
Restructuring and recovery strategies across complex distressed exposures, including creditor negotiations, settlement structuring, multi-creditor workouts and cross-border wind-down coordination.
€250m+
Repayment structures, covenants, security arrangements and stakeholder negotiations.
€100m+
Transaction and recovery support across aggregate distressed real-estate exposure.
Corporate-side experience
Narodne novine d.d. 2019–2022
As Head of Finance & Accounting, Daniel led finance through a period of significant financial stress at a 500-employee state-owned enterprise, managing a 24-member team across Finance, Accounting, Treasury, FP&A and Payroll.
A restructuring programme restored profitability, stabilised liquidity and supported going-concern status despite approximately €15m in accumulated losses.
06
Professional judgement
Good credit decisions preserve options. Good restructuring decisions recognise when those options are disappearing.
Complex credit situations are rarely resolved by analysis alone. They require timely recognition of deterioration, credible recovery assumptions, clear ownership, disciplined escalation and decisions that preserve optionality while it still exists.
07 · Selected Thinking
Independent thinking on credit risk, special assets and restructuring.
Restructuring.Insights is an independent professional platform by Daniel Vnuk exploring the governance, incentives and decision disciplines behind credit deterioration, special assets, restructuring, workout and asset resolution.
Credit Risk · Special Assets · NPL · Workout · Restructuring · Insolvency · Recoveries · Governance
Secondary practice
Selected advisory work in complex credit, restructuring and distressed situations is presented separately through DVNUK.
DVNUK Advisory08
Qualifications
Academic record
2010
Cotrugli Business School
2006
University of Zagreb
Private Equity & Venture Capital
Executive Education Program in Leadership
Specialization in Risk Management
Specialization in Leasing Company Management
Specialization in Corporate Finance and Risk Analysis
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Professional contact