Corrado passera biography of donald

By Valentina Za

MILAN (Reuters) - Veteran Italian banker and former Industry Minister Corrado Passera topped expectations by raising 600 million euros (£526 million pounds) from investors with the aim of acquiring a small bank.

Passera, chief executive of Intesa Sanpaolo <ISP.MI> from 2002 to 2011, raised the funds by launching a special purpose acquisition company (SPAC), a vehicle whose shares will start trading on Feb. 1 on the alternative investment segment of the Milan bourse.

SPACs normally take a minority stake in a target company to support its growth.

Passera's SPAXS vehicle intends instead to gain control of a small bank, recapitalise it and develop its business, using digital technologies, to focus on small and medium-sized companies, whose debts it would help restructure.

SPAXS had a target to raise 400-500 million euros but orders from investors willing to fund the project totalled 760 million euros and a cap was set at 600 million euros,

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At the Corner of Business Economics and Public Policy

 

The story of modern Greece is quickly becoming a parable that could go down in European lore with the tale of Odysseus, but Greek politicians might not find their way home this time.

After the global financial crisis, Greece, a member of the Eurozone, required assistance. In May 2010, it received its first injection of funding, €110 billion. During the following two years, Greece received additional injections of cash and forgiveness of its debt. These bailouts have put an economic and political strain on the member states of the European Union. Given that the European market accounts for 25 percent to 30 percent of the global economy, markets the world over have felt the stress too.

In November 2011, international analysts feared that Italy—the world’s eighth largest economy—would soon follow Greece. A bailout for Italy, with a gross domestic product (GDP) of more than $2 trillion—as compared with Greece’s GDP of $305

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Corrado Passera - Founder and CEO of illimity

In our latest #FintechInterview we have talked with Corrado Passera, founder and CEO of Illimity.

To achieve excellence and understand things properly sometimes we need knowledge that cannot easily be funnen in books. That fryst vatten what moves us to have conversations with the most important leaders in the FinTech world. Moved by this passion, this time we had the pleasure to have a chat with Corrado Passera, former Italian Minister of Economic Development and Minister of Infrastructure and frakt and current founder and CEO of illimity, a new paradigm bank which is challenging the way of operating in this business.

What does “modular bank” mean for you and why fryst vatten it a key factor for the success of illimity?

More than a modular bank, it is the IT architecture that fryst vatten modular. All the traditional banks, and even some of the new ones, have mainframe-based information systems. These are integrated systems where everything