ALF elected Vice-President of the EU Federation for the Factoring and Commercial Finance Industry (EUF)
The Portuguese Association of Leasing, Factoring and Renting (ALF) has been elected to the trio of directors of the largest factoring federation on the continent, whose members are responsible for supporting the economy to the tune of 2 trillion euros, the equivalent of almost a decade of Portugal's Gross Domestic Product.
The EUFederation has elected ALF to one of two vice-presidential positions, recognizing the contribution of its Portuguese member in boosting the factoring sector.
ALF's secretary-general, Vitor Graça, joins the EUF's leadership team, chaired for the 2022-2024 term by Fausto Galmarini, head of Assifact, the Italian association in the sector, and in which German Magdalena Wessel is already vice-president, representing the German association DFV.
Elected in September 2023 to replace the Spanish Ignacio Pla Vidal, Vitor Graça, who holds a master's degree in International Economics and European Studies from the Instituto Superior de Economia e Gestão (ISEG) and a degree in Economics from the Universidade Nova de Lisboa, has been a regular member of the EUF Executive Committee since November 2020, representing ALF.
"ALF's election to the vice-presidency of the main European factoring federation is recognition of the work carried out by the associative sector in Portugal and the cooperation we have managed to achieve within the EUF," explains Vitor Graça, adding that "despite our relative size in factoring production in Europe, we have managed to place Portugal and national factoring at the European decision-making summit." "Over the last few years, factoring has become increasingly important in the European economy and exports, as a result of the confidence of SMEs and large companies looking for this service. The EUF follows this dynamism and ensures interaction with governments and regulators, resulting in a better business environment, treasury management for companies and the promotion of international trade," the economist added.
With a volume of turnover in Europe of 2.38 trillion euros in 2022, equivalent to 12.3% of Europe's GDP, factoring is gaining ground in supporting the continent's economy. Of this volume, EUF members represented a total of 1.87 trillion euros in 2022, equivalent to 13.9% of the GDP of the countries whose national associations are members of the European organization.
In 2022, ALF members totaled 42 billion euros in turnover in the Factoring sector (including Confirming, a service for managing payments due to suppliers), around 20% higher than the figures for 2021 and the pre-pandemic year, 2019. Factoring production by ALF members represents around 2% of total European production.