Mr. Fausto Galmarini, Chairman of Assifact, the Italian Association for Factoring, has been elected as Chairman of the EUF following a vote by the EUF’s Executive Committee which met on 4 April 2022 in Rome. His mandate takes effect immediately for a period of 2 years.
Galmarini has been working in the banking and credit sector in Italy assuming various managerial responsibilities. He has been active in the factoring Industry for more than 20 years and is currently the Head of Institutional Relations at Banca Sistema SpA, Italy. Previously, Mr. Galmarini was Vice-Chairman of EUF since 2018.
At the same meeting, the EUF Executive Committee also re-elected Magdalena Wessel of DFV (Germany) as a Vice-Chair and elected Ignacio Pla Vidal of AEF (Spain) as a Vice-Chair further cementing and strengthening a highly knowledgeable and experienced leadership team for the Organisation.
Mr. Galmarini stated “First of all I want to thank all the members of the EUF Council for their trust. By taking on this new role, I commit to sharing my 20 years of experience in the interest of all the associates, working with enthusiasm for the success of factoring all over Europe. I am truly honoured and proud for the appointment as Chairman of the European Federation for Factoring that I will represent, in light of the support that our associates have always given and continue to give to the real economy, supporting the businesses in the optimization and management of working capital even in difficult moments like the current health emergency and risks of escalation of the conflict between Russia and Ukraine.
Our sector, in Europe, has seen a growth in turnover of 11% in 2021, reaching the remarkable figure of 2 thousand billion euros which represents 2/3 of the factoring achieved worldwide. The importance of our activity is confirmed by the penetration index in the European GDP which exceeds 12%, the number of clients (over 265,000) and the amount of advances granted at the end of 2021 equal to 275 billion euros.
Providing financial support to the clients is our task and we will continue to do it with skill and adequate attention to the technological developments that will allow an improvement of the services we can offer. We hope in the due attention of the Authorities so that they recognize in the regulatory framework the risk management capabilities that we have always demonstrated by maintaining the credit risk at a low level even in the negative cyclical phases of the economy.”.
About the EU Federation
The EU Federation is the Representative Body for the Factoring and Commercial Finance Industry in the EU. It comprises national and international industry associations that are active in the region. The EUF seeks to engage with Government and legislators to enhance the availability of finance to businesses, with a particular emphasis on the SME community. The EUF acts as a platform between the Factoring and Commercial Finance Industry and key legislative decision-makers across Europe, bringing together national experts to speak with one voice.
For more information, see our website via www.euf.eu.com or contact us via info@euf.eu.com