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Fausto Galmarini re-elected as Chairman of the EU Federation, the European Association of Factoring

Mr. Fausto Galmarini, a member of the Executive Committee of Assifact, the Italian Association for Factoring, has been re-elected as Chairman of the EU following a vote by the EUF’s Executive Committee, which met on 21 March 2024. 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 in different banking groups or financial institutions. Previously, Mr. Galmarini was Vice-Chairman of EUF from 2018 to 2022 and has been the Chairman of EUF since 2022.

At the same meeting, the EUF Executive Committee also re-elected Magdalena Wessel of DFV (Germany) and Vitor Graça of ALF (Portugal) as Vice Chairs further cementing and strengthening the Organisation’s highly knowledgeable and experienced leadership team.

Mr. Galmarini stated “First of all I want to thank all the members of the EUF Council for their trust. By continuing this 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.

Our sector, in Europe, has seen a growth in turnover of 2% in 2023, reaching the figure of 2.44 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 reaches 12%, the number of clients (over 303,000) and the amount of advances granted at the end of 2023 equal to 266 billion euros.”