Amid turmoil in a number of Southern European region markets, attendance at SERC’s meeting in Milan on 12th March was somewhat depleted. Nonetheless two new members were elected to the committee: Mr. Stefano Cesari of Unicredito, and Mr. Paolo Jelmoni of Reginato & Mercante, both based in Italy. They replace Mr. Gabriele Ugolini of Banca Popolare del’ Emillia Romagna, Italy and Mr. Daniel Vignial of Calyon, France and join Chairman Mr. Demetris Zouzoukis of Marfin Factors & Forfaiters, Greece on the committee.
At the meeting new statutes were approved. Mr. Zouzoukis is calling for two more representatives from the region, from among those who were unable to attend the meeting, to put themselves forward for election. Voting on additional committee members will be carried out by e-mail.
A roundtable discussion followed committee matters and ranged widely around the subject of the global financial crisis. Many attendees were particularly concerned with market conditions in Balkan countries where many forfaiters from Southern Europe and other regions are exposed.
Other discussion topics included: ITFA’s recent agreement with the International Chamber of Commerce to work together towards establishing uniform rules for forfaiting, suggestions for increasing ITFA’s membership in the region and topics and ideas for this year’s 10th anniversary Annual Conference, which is scheduled to take place in Rome from 3rd to 5th September.
The Committee thanked ITFA Board member Mr. Paolo Provera for hosting the event at the premises of ABC International Bank in Milan and looked forward to greater attendance at future SERC meetings when, hopefully, market conditions will have improved.
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