
European finance is in a new era.
Join us in Milan for a full-day symposium on securitisation, focusing on Italian markets, regulatory shifts, expert insights, and cross-jurisdictional challenges.
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Join us for the 4th Annual PCS European Symposia Series
European finance is in a new era.
Join us in Milan for a full-day symposium on securitisation, focusing on Italian markets, regulatory shifts, expert insights, and cross-jurisdictional challenges.
Gregorio Consoli
Managing Partner, Chiomenti
Managing Partner, Chiomenti
Gregorio assists Italian and international clients in extraordinary transactions with a particular focus on transactions involving financial entities and regulated sectors. Gregorio also advises banks, funds and asset managers on regulatory issues concerning the structuring and execution of financial transactions. He has been ranked as a leading lawyer in prominent international legal guides such as Chambers, IFLR 1000 and Legal 500. He was awarded "Lawyer of the Year" at Legalcommunity Finance Awards 2025 and 2019, "Lawer of the Year Structured Finance" at Legalcommunity Awards 2021, "Lawyer of the Year Non-Performing Loans" at Legalcommunity Finance Awards 2020, "Lawyer of the year Banks" at the TopLegal Industry Awards 2018 and “Italian lawyer of the year NPL” at the Legalcommunity Finance Awards 2017.
Playing with possible evolutionary outcomes for European finance, to help decide what is needed from securitisations.
Ian Bell
CEO, PCS
CEO, PCS
Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.
Like the mass of the Higgs determines the structure of our universe, the precise parameters of securitisation regulation define the financial universe - change them even fractionally, and what can exist and how it interacts is completely different.
Harry Noutsos
CTO, PCS
CTO, PCS
Harry Noutsos started working in securitisation in 2000 where, after working in research and structuring at CSFB, he took on responsibilities for modelling and structuring at Bank of America and Santander before taking the position Global Head of ABS for ING.
High-level overview of the current environment — key regulatory developments, market conditions, and immediate challenges/opportunities.
Alexander Batchvarov
Managing Director, Bank of America
Managing Director, Bank of America
Exploring the different scenarios that could unfold, outlining the forces shaping where the market might head in the near to mid-term.
Giulio Brunetti
Executive Director, J.P. Morgan
Executive Director, J.P. Morgan
Gianrico Giannesi
Moderator
Partner, Chiomenti
Partner, Chiomenti
Gianrico regularly advises Italian and international banks, financial institutions, asset managers and investment funds on regulatory matters, securitization transactions and bond loans (including project bonds and minibonds). Gianrico has gained extensive experience in securitization transactions over different asset classes, including loans (non-performing and unlikely to pay), including where secured by state guarantees, and synthetic securitizations. He has also recently worked on the structuring of an innovative digital marketplace model for trading in portfolios of impaired loans. Gianrico has been ranked as a leading lawyer by prominent international legal directories such as Chambers and Legal 500. He was awarded Lawyer of the year - Structured Finance at the Legalcommunity Finance Awards 2023.
Romina Rosto
Head of FIG Italy, Société Générale Corporate and Investment Banking , SGCIB
Head of FIG Italy, Société Générale Corporate and Investment Banking , SGCIB
Vittorio Savarese
Head of Corporate Structured Credit, IMI CIB Division, Intesa Sanpaolo
Head of Corporate Structured Credit, IMI CIB Division, Intesa Sanpaolo
As Head of Cosporate Structured Credit, Vittorio manages a team of professionals structuring and managing transactions that aim at providing financing (via loans or securitisation) to corporate clients of ISP Group and executing transactions to manage the credit risk associated.
Prior to joining ISP/Banca IMI, Vittorio worked for Sanpaolo IMI in the Business Development desk and previously with UniCredit Banca Mobiliare, both in Milan and London, where he worked in the securitisation and debt capital markets businesses. He has also worked in Paris, at Société Générale in the Equity Derivatives Business and at RBS London in the Securitisation desk.
Francesco Piersante
Senior Advisor, Ministry of Economy and Finance, Italy
Senior Advisor, Ministry of Economy and Finance, Italy
Francesco is a Senior Advisor at the Department of Treasury, seconded from the Bank of Italy. He leads negotiations on the European Commission’s proposal on securitisations and represents Italy in the Council of the EU’s working party meetings.
With over twenty years of experience at the Bank of Italy in both micro- and macroprudential regulation and supervision, he recently served as Financial Attaché at Italy’s Permanent Representation to the EU, where he handled a broad range of financial services dossiers.
Representative of CONSOB
Commissione Nazionale per le Società e la Borsa
Commissione Nazionale per le Società e la Borsa
Name of speaker representing CONSOB to be confirmed.
Federica Scialpi
Moderator
Of Counsel, Chiomenti
Of Counsel, Chiomenti
Federica regularly assists Italian and international clients in structuring and executing financial transactions with a focus on structured finance, securitisation, asset finance, non-performing assets, and debt capital markets. She was awarded as “Rising star lawyer of the year" at IFLR International Financial Law Review Awards 2019.
A look at how platforms and alternative lenders are changing the dynamics of risk sharing, the role of non-bank players, and what this shift means for investors, structures, and traditional institutions.
Federico Bonini
Principal, Alternative Credit, Ares Management
Principal, Alternative Credit, Ares Management
Mr. Bonini is a Principal in the Ares Credit Group, where he focuses on alternative credit, including asset-based finance (ABF) investments. Prior to joining Ares in 2024, Mr. Bonini was a Principal at Sixth Street, where he focused on insurance-related and asset-backed investments. Previously, Mr. Bonini was an Analyst on the Media and Telecom M&A team at Morgan Stanley. Mr. Bonini holds a B.Sc. and an M.Sc. from Bocconi University in Economics.
Salvatore Dilena
Director, UniCredit
Director, UniCredit
Matt Jones
Managing Director, GoldenTree Asset Management
Managing Director, GoldenTree Asset Management
Matthew Jones is a Principal in GoldenTree Asset Management’s Structured Credit team, focusing on originating, analysing, structuring, and investing in asset-backed and structured investments for the firm’s clients.
Giulio Macchioli
Director - Credit Risk Transfer, Intesa Sanpaolo
Director - Credit Risk Transfer, Intesa Sanpaolo
As part of the Credit Risk Transfer team within the Global Structuring department, I am responsible for arranging capital-light solutions, for both Intesa Sanpaolo and Institutional Clients, through asset-backed financing structures.
Salvatore Maria Sardo
Moderator
Managing Associate, Chiomenti
Managing Associate, Chiomenti
Salvatore advises clients in the banking, finance, structured finance and debt capital markets. He regularly advises Italian and international banks, financial institutions and investment funds in relation to securitisation transactions, asset finance and the sale of performing and non-performing portfolios.
SRT trades are gaining momentum across Europe, with ESG-linked deals—such as Intesa’s €1.5bn transaction—highlighting how risk transfer is evolving to support sustainable finance objective.
Flavio Cabas
Securitisation Manager, EIF
Securitisation Manager, EIF
Flavio Cabas structures securitization transactions at the EIF. In addition to being responsible for the EIF's investments in synthetic and funding transactions, Flavio serves as an advisor to the European Investment Bank and other investors interested in securitization exposure in Europe.
Over the past three years, Flavio has analyzed and structured transactions resulting in €4 billion+ of investments by the EIB Group in securitizations of SME, consumer, and mortgage loans in Southern European countries.
Flavio previously worked for Morgan Stanley and Barclays and is CFA charterholder.
Riccardo Gallina
Managing Director - Head of Loan Management & SRT Transactions, IMI CIB Division, Intesa Sanpaolo
Managing Director - Head of Loan Management & SRT Transactions, IMI CIB Division, Intesa Sanpaolo
As Head of Loan Management & SRT Transactions within the Global Credit Structuring department, Riccardo leads a team of professionals who serve as financial advisors and structurers, providing de-risking and capital optimisation solutions for both performing and non-performing assets at Intesa Sanpaolo and for their institutional clients.
Biagio Giacalone
CEO, Italian Operations, CRC
CEO, Italian Operations, CRC
With over 30y, Biagio has a demonstrated expertise in structured finance, capital markets and credit portfolio management activities. He has led significant structured transactions in the Italian market, including NPL disposals, and has built strong relationship with the top corporate and institutional clients.
Currently Biagio is the CEO of CRC’s Italian Operations, where he drives the company’s initiatives in Italy, focusing on growth and value creation. Previously, he was the Head of Active Credit Portfolio Steering Department at Intesa Sanpaolo, reporting directly to the Group CFO, managing credit portfolios for capital optimization purposes and overseeing the Group’s NPL Plan.
Earlier, Biagio set up and developed the Credit Solutions Group at Banca IMI securing market leadership in securitization and risk transfer of illiquid assets. He also held key roles at Sanpaolo IMI and UniCredit, and began his career at Banca Commerciale Italiana within a 3 year training period for highly potential professionals.
Andreas Koutris
Senior Managing Director, Aon
Senior Managing Director, Aon
Luca Paonessa
Lead Portfolio Manager, PGGM
Lead Portfolio Manager, PGGM
Luca Paonessa is a Senior Director in the Credit Risk Sharing team at PGGM, which since 2006 invests in balance sheet securitisations. His primary focus areas are leading deal teams in the origination of risk-sharing transactions and relationship management with partner banks. He is a member of the mandate investment committee, and coordinates the portfolio construction and research functions for the mandate. Prior to PGGM, Luca was Head of Portfolio Management at Triple Jump B.V., specialising in direct debt and equity investments in financial institutions in frontier markets and impact investing. Luca is a CFA charterholder and holds a Master’s degree in Business Administration from the University of Bologna.
Irene Scalzo
Moderator
Managing Associate, Chiomenti
Managing Associate, Chiomenti
Irene Scalzo is highly specialised in banking and finance and structured finance. She regularly advises Italian and international banks, financial institutions and investment funds on securitisation and asset finance transactions involving both performing and distressed assets. She has developed significant experience in SRT (Significant Risk Transfer) transactions, with a particular focus on synthetic securitisations. Irene was awarded as “Best Practice Debt Capital Markets: Lawyer of the Year” at Legalcommunity Forty Under 40 Awards 2023.
Kicking off the day, we explored the future paths of European finance and how securitisation could shape the long-term market landscape. This closing fireside chat brings together insights from panels, presentations, and keynotes to forecast how the market may evolve in the coming years.
Ian Bell
CEO, PCS
CEO, PCS
Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.
Tamar Joulia-Paris
Senior Advisor, IACPM
Senior Advisor, IACPM
After 10 years in the construction & manufacturing sectors, she joined banking to develop a modern risk management framework for the bank’s global lending, investment & trading books. This gradually included governance, risk appetite, risk and performance analytics, stress testing, credit trading, as well as capital & liquidity management solutions for retail, mortgages and corporate portfolios.
Tamar also served on EBA’ Consultative Panel in 2010, and as Board Member at the International Association of Credit Portfolio Managers (IACPM) from 2006 to 2011. She left banking mid-2011 to focus on her academic pursuits in enterprise risk and in credit portfolio management, as well as on senior risk advisory work to bank, insurance, asset management and fintech companies. She recently took an independent Board Member position at the Board of Directors of a bank in orderly resolution.
Tamar has authored many articles, and is a regular speaker at conferences in the US and Europe.
Wasif Kazi
Securitisation Origination & Structuring, UniCredit
Securitisation Origination & Structuring, UniCredit
Gregorio Consoli
Managing Partner, Chiomenti
Managing Partner, Chiomenti
Gregorio assists Italian and international clients in extraordinary transactions with a particular focus on transactions involving financial entities and regulated sectors. Gregorio also advises banks, funds and asset managers on regulatory issues concerning the structuring and execution of financial transactions. He has been ranked as a leading lawyer in prominent international legal guides such as Chambers, IFLR 1000 and Legal 500. He was awarded "Lawyer of the Year" at Legalcommunity Finance Awards 2025 and 2019, "Lawer of the Year Structured Finance" at Legalcommunity Awards 2021, "Lawyer of the Year Non-Performing Loans" at Legalcommunity Finance Awards 2020, "Lawyer of the year Banks" at the TopLegal Industry Awards 2018 and “Italian lawyer of the year NPL” at the Legalcommunity Finance Awards 2017.
Senior Advisor, Ministry of Economy and Finance, Italy
READ BIOMinistry of Economy and Finance, Italy
Francesco is a Senior Advisor at the Department of Treasury, seconded from the Bank of Italy. He leads negotiations on the European Commission’s proposal on securitisations and represents Italy in the Council of the EU’s working party meetings.
With over twenty years of experience at the Bank of Italy in both micro- and macroprudential regulation and supervision, he recently served as Financial Attaché at Italy’s Permanent Representation to the EU, where he handled a broad range of financial services dossiers.
CEO, PCS
READ BIOPCS
Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.
CTO, PCS
READ BIOPCS
Harry Noutsos started working in securitisation in 2000 where, after working in research and structuring at CSFB, he took on responsibilities for modelling and structuring at Bank of America and Santander before taking the position Global Head of ABS for ING.
Managing Partner, Chiomenti
READ BIOChiomenti
Gregorio assists Italian and international clients in extraordinary transactions with a particular focus on transactions involving financial entities and regulated sectors. Gregorio also advises banks, funds and asset managers on regulatory issues concerning the structuring and execution of financial transactions. He has been ranked as a leading lawyer in prominent international legal guides such as Chambers, IFLR 1000 and Legal 500. He was awarded "Lawyer of the Year" at Legalcommunity Finance Awards 2025 and 2019, "Lawer of the Year Structured Finance" at Legalcommunity Awards 2021, "Lawyer of the Year Non-Performing Loans" at Legalcommunity Finance Awards 2020, "Lawyer of the year Banks" at the TopLegal Industry Awards 2018 and “Italian lawyer of the year NPL” at the Legalcommunity Finance Awards 2017.
Partner, Chiomenti
READ BIOChiomenti
Gianrico regularly advises Italian and international banks, financial institutions, asset managers and investment funds on regulatory matters, securitization transactions and bond loans (including project bonds and minibonds). Gianrico has gained extensive experience in securitization transactions over different asset classes, including loans (non-performing and unlikely to pay), including where secured by state guarantees, and synthetic securitizations. He has also recently worked on the structuring of an innovative digital marketplace model for trading in portfolios of impaired loans. Gianrico has been ranked as a leading lawyer by prominent international legal directories such as Chambers and Legal 500. He was awarded Lawyer of the year - Structured Finance at the Legalcommunity Finance Awards 2023.
Managing Associate, Chiomenti
READ BIOChiomenti
Salvatore advises clients in the banking, finance, structured finance and debt capital markets. He regularly advises Italian and international banks, financial institutions and investment funds in relation to securitisation transactions, asset finance and the sale of performing and non-performing portfolios.
Managing Associate, Chiomenti
READ BIOChiomenti
Irene Scalzo is highly specialised in banking and finance and structured finance. She regularly advises Italian and international banks, financial institutions and investment funds on securitisation and asset finance transactions involving both performing and distressed assets. She has developed significant experience in SRT (Significant Risk Transfer) transactions, with a particular focus on synthetic securitisations. Irene was awarded as “Best Practice Debt Capital Markets: Lawyer of the Year” at Legalcommunity Forty Under 40 Awards 2023.
Of Counsel, Chiomenti
READ BIOChiomenti
Federica regularly assists Italian and international clients in structuring and executing financial transactions with a focus on structured finance, securitisation, asset finance, non-performing assets, and debt capital markets. She was awarded as “Rising star lawyer of the year" at IFLR International Financial Law Review Awards 2019.
Commissione Nazionale per le Società e la Borsa
READ BIOCommissione Nazionale per le Società e la Borsa
Name of speaker representing CONSOB to be confirmed.
Managing Director, Bank of America
Principal, Alternative Credit, Ares Management
READ BIOAres Management
Mr. Bonini is a Principal in the Ares Credit Group, where he focuses on alternative credit, including asset-based finance (ABF) investments. Prior to joining Ares in 2024, Mr. Bonini was a Principal at Sixth Street, where he focused on insurance-related and asset-backed investments. Previously, Mr. Bonini was an Analyst on the Media and Telecom M&A team at Morgan Stanley. Mr. Bonini holds a B.Sc. and an M.Sc. from Bocconi University in Economics.
Executive Director, J.P. Morgan
Securitisation Manager, EIF
READ BIOEIF
Flavio Cabas structures securitization transactions at the EIF. In addition to being responsible for the EIF's investments in synthetic and funding transactions, Flavio serves as an advisor to the European Investment Bank and other investors interested in securitization exposure in Europe.
Over the past three years, Flavio has analyzed and structured transactions resulting in €4 billion+ of investments by the EIB Group in securitizations of SME, consumer, and mortgage loans in Southern European countries.
Flavio previously worked for Morgan Stanley and Barclays and is CFA charterholder.
Managing Director - Head of Loan Management & SRT Transactions, IMI CIB Division, Intesa Sanpaolo
READ BIOIntesa Sanpaolo
As Head of Loan Management & SRT Transactions within the Global Credit Structuring department, Riccardo leads a team of professionals who serve as financial advisors and structurers, providing de-risking and capital optimisation solutions for both performing and non-performing assets at Intesa Sanpaolo and for their institutional clients.
CEO, Italian Operations, CRC
READ BIOCRC
With over 30y, Biagio has a demonstrated expertise in structured finance, capital markets and credit portfolio management activities. He has led significant structured transactions in the Italian market, including NPL disposals, and has built strong relationship with the top corporate and institutional clients.
Currently Biagio is the CEO of CRC’s Italian Operations, where he drives the company’s initiatives in Italy, focusing on growth and value creation. Previously, he was the Head of Active Credit Portfolio Steering Department at Intesa Sanpaolo, reporting directly to the Group CFO, managing credit portfolios for capital optimization purposes and overseeing the Group’s NPL Plan.
Earlier, Biagio set up and developed the Credit Solutions Group at Banca IMI securing market leadership in securitization and risk transfer of illiquid assets. He also held key roles at Sanpaolo IMI and UniCredit, and began his career at Banca Commerciale Italiana within a 3 year training period for highly potential professionals.
Managing Director, GoldenTree Asset Management
READ BIOGoldenTree Asset Management
Matthew Jones is a Principal in GoldenTree Asset Management’s Structured Credit team, focusing on originating, analysing, structuring, and investing in asset-backed and structured investments for the firm’s clients.
Senior Advisor, IACPM
READ BIOIACPM
After 10 years in the construction & manufacturing sectors, she joined banking to develop a modern risk management framework for the bank’s global lending, investment & trading books. This gradually included governance, risk appetite, risk and performance analytics, stress testing, credit trading, as well as capital & liquidity management solutions for retail, mortgages and corporate portfolios.
Tamar also served on EBA’ Consultative Panel in 2010, and as Board Member at the International Association of Credit Portfolio Managers (IACPM) from 2006 to 2011. She left banking mid-2011 to focus on her academic pursuits in enterprise risk and in credit portfolio management, as well as on senior risk advisory work to bank, insurance, asset management and fintech companies. She recently took an independent Board Member position at the Board of Directors of a bank in orderly resolution.
Tamar has authored many articles, and is a regular speaker at conferences in the US and Europe.
Securitisation Origination & Structuring, UniCredit
Senior Managing Director, Aon
Lead Portfolio Manager, PGGM
READ BIOPGGM
Luca Paonessa is a Senior Director in the Credit Risk Sharing team at PGGM, which since 2006 invests in balance sheet securitisations. His primary focus areas are leading deal teams in the origination of risk-sharing transactions and relationship management with partner banks. He is a member of the mandate investment committee, and coordinates the portfolio construction and research functions for the mandate. Prior to PGGM, Luca was Head of Portfolio Management at Triple Jump B.V., specialising in direct debt and equity investments in financial institutions in frontier markets and impact investing. Luca is a CFA charterholder and holds a Master’s degree in Business Administration from the University of Bologna.
Head of FIG Italy, Société Générale Corporate and Investment Banking , SGCIB
Head of Corporate Structured Credit, IMI CIB Division, Intesa Sanpaolo
READ BIOIntesa Sanpaolo
As Head of Cosporate Structured Credit, Vittorio manages a team of professionals structuring and managing transactions that aim at providing financing (via loans or securitisation) to corporate clients of ISP Group and executing transactions to manage the credit risk associated.
Prior to joining ISP/Banca IMI, Vittorio worked for Sanpaolo IMI in the Business Development desk and previously with UniCredit Banca Mobiliare, both in Milan and London, where he worked in the securitisation and debt capital markets businesses. He has also worked in Paris, at Société Générale in the Equity Derivatives Business and at RBS London in the Securitisation desk.
Director, UniCredit
Director - Credit Risk Transfer, Intesa Sanpaolo
READ BIOIntesa Sanpaolo
As part of the Credit Risk Transfer team within the Global Structuring department, I am responsible for arranging capital-light solutions, for both Intesa Sanpaolo and Institutional Clients, through asset-backed financing structures.
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DETAILS
Four Seaons Hotel Milano
Via Gesu' 6/8, 20121 Milano, Italy
30th October 2025
09:00-17:30 Local Time