Bank of Portugal Supervision Chief Joins EY Financial Services
Luís Costa Ferreira, the Director of Prudential Supervision at the Bank of Portugal (BdP), is stepping down from his role at the central bank to spearhead the Financial Services division at global consulting firm EY.
Costa Ferreira, who has led the BdP’s supervision department since 2017, is a seasoned veteran of the “revolving door” between public regulation and private consulting. This marks the second time he has departed the central bank for a high-profile consulting role; he previously left a similar position in 2014 to join PwC, where he worked on the audit of Novo Banco following the state’s intervention of Banco Espírito Santo.
Mandatory “Cooling-Off” Period
To comply with national and European ethical codes, Costa Ferreira has entered a mandatory six-month “cooling-off” period. During this time, he will remain at the Bank of Portugal in an advisory role supporting management but will be strictly barred from accessing any sensitive information regarding the financial sector.
His contract with the central bank will officially terminate on October 30. Following the transition, he will assume his new leadership role at EY. Miguel Farinha, EY’s country managing partner for Portugal, Angola, Mozambique, and Cape Verde, confirmed the appointment, noting that Costa Ferreira is one of three major hires aimed at bolstering the firm’s financial services expertise. Joining him are new partners Miguel Amaro and José Diogo Beirão, who bring 25 and 12 years of industry experience, respectively.
Leadership Shuffle at the Central Bank
The departure has triggered a departmental shake-up at the Bank of Portugal. João Freitas, the current Director of the Resolution Department, has been tapped to succeed Costa Ferreira as the head of Prudential Supervision.
Freitas is scheduled to take over the post on July 6. In the interim, the department will be managed by the existing team of deputy directors. The Bank of Portugal stated it expects to name a new head for the Resolution Department by July.
Image: Pexels – Renata Moraes
