Tommaso Padoa-Schioppa Appointed Chairman of Promontory Europe

Former Italian Finance Minister to Oversee Expansion of Operations Throughout Continent

MILAN--()--Tommaso Padoa-Schioppa, former Finance Minister in the Italian government, has been appointed Chairman of Promontory Europe. In his new position, he will oversee Promontory’s expansion of operations throughout continental Europe, a pivotal role in the premier consulting group for global financial services companies composed of former senior regulators.

Mr. Padoa-Schioppa will be based in Milan. In addition to developing the firm’s continental European operations, he will provide Promontory clients in Europe with strategic advice and counsel on emerging international risk-management, control standards and regulations.

One of the world’s most knowledgeable experts on regulatory and control matters for financial institutions, including the Basel rules, accounting standards, and other prudential and compliance standards, Mr. Padoa-Schioppa rejoins Promontory after serving for two years as the Finance Minister of the Italian government. He was a Senior Adviser to Promontory’s Founder and CEO, Eugene A. Ludwig, for the first five months of 2006, immediately preceding his appointment as Finance Minister.

From 1993 to 1997, Mr. Padoa-Schioppa was Chairman of the Basel Committee on Bank Supervision, where he led the work to extend capital requirements for market risks and to elaborate and adopt the Core Principles on Banking Supervision, which are now applied worldwide. Mr. Padoa-Schioppa was a member of the European Central Bank's six-member Executive Board from its founding in 1998 until 2005, Chairman of the Commissione Nazionale per le Società e la Borsa (CONSOB) Italy’s securities regulator (1997-98), Deputy Director General of the Banca d'Italia (1984-97), Director-General for Economic and Financial Affairs at the Commission of European Communities (1979-83).

Mr. Ludwig stated:

“Promontory Financial Group has a reputation for providing international clients with exceptional advice and support. Tommaso’s return as Chairman of Promontory Europe marks a giant step forward in our ability to assist European-based clients. With his unparalleled experience, influential idea leadership and extraordinary career at the forefront of regulatory developments, Tommaso will help us to build on existing capabilities in this region and offer clients the same exceptional depth of service and regulatory insight that has driven the success of our firm around the world.”

Mr. Padoa-Schioppa can be reached at tps@promontory.com.

About Promontory Financial Group

Promontory Financial Group is the premier financial services consulting firm, and was founded in 2001 by former US Comptroller of the Currency Eugene A. Ludwig. Promontory is headquartered in Washington, D.C., and has nine offices across North America, Europe, and Asia.

Tommaso Padoa-Schioppa

Tommaso Padoa-Schioppa, one of the world’s most knowledgeable experts in regulatory standards for financial institutions is Chairman of Promontory Europe, responsible for leading the global consulting firm’s expansion of operations on the Continent.

Mr. Padoa-Schioppa was Italy’s Minister of the Economy and Finance from 2006 to 2008. In that capacity, he was elected Chairman of the International Monetary and Financial Committee of the International Monetary Fund.

Mr. Padoa-Schioppa is a former Chairman of the Basel Committee on Banking Supervision and of the Trustees of the International Accounting Standards Committee (IASC) Foundation. He is also president of Notre Europe, a European think tank based in Paris, and is widely recognized as the intellectual impetus behind the creation of the Euro. He served as Senior Adviser to the Founder and CEO of Promontory Financial Group, LLC from January 2006 until May of that year, when he became Minister.

Mr. Padoa-Schioppa provides strategic advice and counsel on emerging international risk-management and control standards and regulations for Promontory’s European-based clients. He operates out of Promontory’s office in Milan, where he is also Chairman of Promontory Italy s.r.l.

From 1993 to 1997, Mr. Padoa-Schioppa was Chairman of the Basel Committee on Bank Supervision, where he led the work to extend capital requirements for market risks and to elaborate and adopt the Core Principles on Banking Supervision, which are now applied worldwide.

Mr. Padoa-Schioppa was a member of the European Central Bank's six-member Executive Board from its founding in 1998 until 2005, Chairman of the Commissione Nazionale per le Società e la Borsa (CONSOB) Italy’s securities regulator (1997-98), Deputy Director General of the Banca d'Italia (1984-97), Director-General for Economic and Financial Affairs at the Commission of European Communities (1979-83).

He served as Chairman of the G-10 Committee on Payments and Settlement Systems from 2000 to 2005, where the committee assumed a key new role as a standard-setting body under his leadership. In particular, it adopted in 2001, the Core Principles for Systemically Important Payment Systems. Together with the International Organization of Securities Commissions (IOSCO), it also adopted in 2001, the Recommendations for Securities Settlement Systems, and in 2004, the Recommendations for Central Counterparties.

He is the author of, “The Road to Monetary Union in Europe,” (2000), “The Euro and Its Central Bank: Getting United After the Union” (2004), “Regulating Finance,” (2004), and other books, essays, and articles.

Mr. Padoa-Schioppa graduated from Bocconi University, Milan, and the Massachusetts Institute of Technology. He began his financial services career in 1968 at the Bank of Italy.

June 2009.

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Contacts

Promontory Financial Group
UK and European Media
Alex Brown, 011-44-20-70670732
or
Natasha Trendall, 011-44-20-70670735
or
Americas Media
Debra Cope, 1-202-384-1011

Tommaso Padoa-Schioppa Chairman, Promontory Europe (Photo: Business Wire)

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Contacts

Promontory Financial Group
UK and European Media
Alex Brown, 011-44-20-70670732
or
Natasha Trendall, 011-44-20-70670735
or
Americas Media
Debra Cope, 1-202-384-1011