Head and Founder

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Luigi Passamonti

Emerging Markets Policy and Investment Experience



“Household Financial Services – International Perspectives” (in Italian), Conferenza ABI Credito alle Famiglie, Rome (Italy), June 2009

Public-Private Financial Sector Modernization in South-East Europe”, European Banking Federation, Brussels (Belgium), December 2008

Bank Boards Interface with Shareholders, Supervisors and Management”, SUERF-Central Bank of Cyprus Conference, Nicosia (Cyprus), March 2007

Regional Host Supervisor Cooperation – Why Is It Desirable and How to Make It Happen?” Bank of Albania Regional Financial Market and Financial Stability Conference, Tirana (Albania), October 2006

Role of Directors: Relationship with Management and Supervisors”, Central Bank of Kuwait, Kuwait, November 2005

Financial Sector Development: When and How to Build a Public-Private Partnership”, Central Bank of Armenia, Tshkhadzor (Armenia), May 2005

Non-Executive Directors: A Public-Private Resources”, 2nd Islamic Financial Services Board Summit, Doha (Qatar), May 2005

How to Get the Authorities to Listen to Your Views”, Inter-Balkan Banking Association Forum, Durres (Albania), May 2005

The Evolution of the Firm-Bank Relationship in the Enlarged Europe”, SUERF-Unicredit Forum, Frankfurt (Germany), March 2005

Perspectives from Developing Countries”, Italcementi Group Global Management Meeting, Brussels (Belgium), October 2004

Bank Governance: Between Regulation and Market Discipline” (in Italian), 22nd EBR Conference, Milan (Italy), July 2004

Enhancing Market Discipline”, 1st Islamic Financial Services Board Summit, London (England), May 2004

The Role of Boards in Bank Governance”, OECD-Global Corporate Governance Forum Conference, Paris (France), October 2003

Governance: Several Fronts in Several Worlds”, Italcementi Group Global Management Meeting, Malaga (Spain), October 2003

The Role of Banks in Corporate Governance”, Caribbean Corporate Governance Forum, Eastern Caribbean Central Bank, St.Kitts, September 2003

Financial Sector Development as a Tool for EU Accession”, SUERF-Bank of Estonia Conference, Tallinn (Estonia), June 2003

The Balance between Oversight and Market Discipline”, Central Bank of Barbados, Barbados, April 2003

Lessons from International Corporate Governance Scandals”, AAOIFI, Manama (Bahrein), March 2003

Monetary Policy Transmission: Opportunities for Financial Sector Development”, Bank of Albania, Tirana (Albania), December 2002

How to Build Trust in Russia’s Financial Sector”, Central Bank of Russia, Moscow (Russia), June 2002

Competition and Regulation in European Banking”, SUERF-Italian Banking Association, Rome (Italy), May 2002


The World Economic Outlook: Developments, Sustainability, Opportunities” (in Italian), Ambrosetti Group, Bologna, November 2003

Articles and Chapters

Policies for Financial Sector Development: When and How to Build a Public-Private Partnership”, Chapter in Armenian Journal of Public Policy, 2006

Bank Governance: The Balance between Official Oversight and Market Discipline”,

Chapter in “Corporate Governance of Banks – An Introduction”, ICFAI University Press, 2005

The Materials of Growth”, ArcVision, 2005

The Optimism of Hope”, ArcVision, 2004

Financial-sector development as a tool for EU accession”, Opening chapter in “Financial Markets in Central and Eastern Europe – Stability and Efficiency Perspectives”, Routledge, 2004

Governance bancaria: la relazione fra vigilanza e disciplina di mercato” in Banca, Impresa, Societa’, 2003

Foreword in “Guidance for the Directors of Banks”, Global Corporate Governance Forum, 2003

Financial Times Op-Eds

Boards should not escape the Basel shake-up”, August 2003

How to export risk management: effective corporate governance is vital for banks operating in emerging markets”, August 2002

Corriere della Sera Op-Eds

L’Europa piace a chi non ce l’ha

Capitalisti: attenti al Sud del mondo

Serve un altro Patto di Stabilita’: per le Borse

Formazione carioca: leader locali, finanza internazionale

Celeste impero: come non affogare nei rimasugli maoisti

Quel filo rosso fra trasparenza e sviluppo

La nuova Europa nasce anemica

Quel treno dell’Est che arriva lentamente

C’e’ anche il protezionismo dei poveri

Qui Bucarest: l’officina del Nord-est

Qui Washington: Ora il no global siede al Congresso

Finanza islamica: test di democrazia

I 10 nuovi entranti: non trattiamoli da eterni candidati

Slovenia, vicina all’Euro e all’Europa

Impariamo da Singapore: cosi’ l’isola-stato gestisce la globalizzazione

Sole 24 Ore Op-Eds

Alti rischi senza governance


Policy Advice

World Bank Leader of IMF-WB Financial Sector Assessment Program assignments in Qatar (2007), Sudan (2004) and Tunisia (2006).

Emerging Markets Financial Sector Investments

1. Structured and negotiated IFC’s participation as investment co-sponsor in the Foreign and Colonial Romania Country Fund.

2. Establishment of country’s first leasing company forming an investor group with a Zimbabwean holding company and other international and domestic investment partners. Substantial legal and tax regulatory work to enable investment. Protracted investment structuring discussions with technical partner.

3. Term loan to local investment bank.

4. Acquisition of a minority stake in the third private commercial bank established in the country with provision of a term loan.  Active Board representation. Forced technical partner to cover 100% of recapitalization (3x its equity stake) because of negligent management.

5. Promoted establishment of country’s first leasing company after identifying Portuguese leasing company as technical partner.  Conducted market potential study and detailed feasibility study. Designed Central Bank’s leasing regulations.  Deal did not go through because Portuguese parent absorbed in larger banking group.

6. Negotiated minority stake and provision of term loan to second private commercial bank established in the country by largest Portuguese bank.

7. IFC Board Director in a merchant bank, an investment and securities brokerage company, and a leasing company. 
a. Engineered new strategy and management succession in the merchant bank.
b. Dealt with difficult management and shareholder issues in the investment company.  Had to liquidate the brokerage subsidiary because of irreparable consequences from fraudulent management practices. 
c. Led Board hands-on oversight of the leasing company activities as foreign management was repeatedly deported by immigration authorities and company was under tight liquidity problems.

8. Originated, structured and negotiated innovative Notes Issuance Facility with a bank.

9. Acquisition from a French investor of a majority stake in a leasing company in a consortium with a local commercial bank and another investment partner. Support to raise medium-term regional funding. Active Board membership for four years.

10. Negotiated IFC’s divestment from a BNP-managed bank, following unsatisfactory shareholding structure changes.  Placed IFC shares in local market and repatriated proceeds.

11. Negotiated and executed sale of IFC participation in a finance company through stock exchange block offering.

Southern Africa
12. Preparatory work for the establishment of a regional leasing operator in association with large South African bank. Deal did not go through because of partner’s country risk considerations.

West Africa
13. Structuring work for an equity and debt investment in regional bank. Several deals closed by my successors.

Cote D’Ivoire
14. Negotiated investment in a large bank privatization. Deal not pursued because conditions were not right.

15. Structuring work for an investment in a bank. Deal closed by my successors.

16. Structuring work for an investment in a bank. Deal dropped.