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."