Bridging Finance and Energy: Luca Passa’s Path from Capital Markets to Investment Banking and M&A, and then to CFO role in a leading energy company

During his session at the SDA Bocconi’s Master in Corporate Finance, which was moderated by the Program Director Federico Pippo, Mr. Passa offered students a candid view of the trade-offs between investment banking and corporate finance. He described investment banking as an unparalleled platform for building technical skills in valuation, financial modelling, deal execution and sector expertise. In his own words: “If you want to be in my position, IB is the right place to start.” At the same time, he stressed that moving to a corporate role requires a profound shift in mindset: “In banking, you advise; in corporate, you produce.” As a CFO, time horizons are longer, leadership extends to managing culture and large teams, and decisions must integrate governance, regulation and strategic continuity. He also noted that the European investment banking landscape has become increasingly challenging, squeezed between large universal banks and highly competitive US players.

Mr. Passa then connected his personal trajectory to SNAM’s strategic and financial agenda. He explained how M&A in a corporate context goes far beyond executing transactions: a CFO must anticipate what could go wrong for the company, manage full post-deal integration and balance industrial logic with regulatory and geopolitical constraints. As an example, he referred to a recent attempt to acquire a stake in a German energy infrastructure asset, blocked due to concerns over minority ownership. On the financing side, he highlighted that a considerable amount of SNAM’s funding is now linked to ESG metrics or green bonds, with plans to further increase the overall quota, since the cost of capital is directly tied to sustainability targets.

Looking ahead, Mr. Passa discussed how technology and regulation are reshaping the energy sector. Artificial Intelligence is already used to optimise energy transportation and gas dispatching, improving efficiency and reducing emissions. Moreover, SNAM’s infrastructure is already largely compatible both with hydrogen transport and a major cross-European project expected by 2030. In terms of the energy mix, he expects Europe to remain anchored, at least for the next decade, to a combination of nuclear, gas and renewables.

Finally, Mr. Passa provided the MCF students with some guiding career principles. He stressed out that having a clear sense of integrity and responsibility toward stakeholders and society at large is a paramount trait. Cultivating genuine curiosity enables professionals to adapt to new technologies, regulatory shifts and market dynamics over time. Finally, he pointed out that humility is a strength, as it allows leaders to listen, learn from others and build the trust that is essential to drive organisations through complexity and change.