EU Federation, the European Association of Factoring elects new chairman - Trade Finance Global

EU Federation, the European Association of Factoring elects new chairman

By Joana Fabiao

Joana Fabiao is the Marketing Manager at Trade Finance Global (TFG). She holds a BA in International Business from the University of Westminster, with a core focus on Global Economic Issues, International Financial Management and Organisational Behaviour. She also holds a certificate in Bloomberg Market Concepts. Prior to working at TFG she worked as Junior Consultant in the Marketing and Events Department at Westminster Business Consultants, focusing on their social media campaigns, content and marketing strategy.

Last updated on 01 Jul 2024

05 Apr 2022 2 min reading time

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Mr. Fausto Galmarini, Chairman of Assifact, the Italian Association for Factoring, has been elected as Chairman of the EU 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 of 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 capacity that we have always demonstrated by maintaining the credit risk at a low level even in the negative cyclical phases of the economy.”