Luigi Passamonti is the Founder and Head of the Convergence Program. He fought hard to build this program because he realized that authorities and bankers could achieve a great deal in terms of modernizing financial systems in many emerging and transition economies by joining forces with the help of an “honest broker” with a gift for analysis and compromise. This program is the fruit of a 25-year career in banking, strategy consulting, emerging market investments and public policy. Below is a summary of Mr. Passamonti’s published speeches and articles.
| “How the SPI Platform helps create connectivity between authorities and market participants”, Presentation at an Assonime Workshop, Rome (Italy), November 20, 2009. |
| “Public-Private Financial Sector Modernization and the SPI Platform” , Presentation at the Central Bank of San Marino and the Financial Community (Rep. of San Marino), September 2009 |
| "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 |
| “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” |
| “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 |
| “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 |
| “Alti rischi senza governance" |
| World Bank Leader of IMF-WB Financial Sector Assessment Program assignments in Qatar (2007), Sudan (2004) and Tunisia (2006). |
Romania
1. Structured and negotiated IFC’s participation as investment co-sponsor in the Foreign and Colonial Romania Country Fund.
Tanzania
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.
Mozambique
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.
Ghana
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.
Senegal
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.
Guinee
10. Negotiated IFC’s divestment from a BNP-managed bank, following unsatisfactory shareholding structure changes. Placed IFC shares in local market and repatriated proceeds.
Zimbabwe
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.
Nigeria
15. Structuring work for an investment in a bank. Deal closed by my successors.
Cameroon
16. Structuring work for an investment in a bank. Deal dropped.
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