AECM Annual Event: Porto 2016

AECM Annual Event : Porto, 21-25 June 2016

The transfer of family businesses

Seminar Programme

10h00 – 10h15

Presentation of the 2016 Independent Impact Study on the Portuguese Mutual Guarantee Scheme

  • António Gaspar / Miguel Sousa Branca, SPGM / Portugal
  • Vasco Rodriguez, Portuguese Catholic University
10h15 – 10h30

Keynote address

  • Wilhelm Molterer, Managing Director, European Fund for Strategic Investments (EFSI), European Investment Bank (EIB)

Venue: Hotel Porto Palácio Congress & SPA

Av. Boavista, 1269 – 4100-130 Porto (Portugal) – Website


21 June 2016

19h30 – 21h00   Welcome cocktail – Porto Palácio Hotel VIP Lounge (rooftop)


22 June 2016

Meeting of the General Assembly
Public session of the General Assembly

11h30 – 13h00

Internal session of the General Assembly (for members only)

13h00 – 14h30

Light Lunch

14h30 – 14h35

Public session of the General Assembly

Opening by Bernhard Sagmeister, Chairman of AECM

14h35 – 14h45

Ceremony of Honor

  14h45 – 15h45

Panel on the activities of AECM

  • Overview of the activities 2015 to 2016, Bernhard Sagmeister, Chairman of AECM
  • Working group on Agriculture, László Tóth, AVHGA / Hungary
  • Working group on Banking Supervision, Adelio Ferrari, Assoconfidi / Italy
  • Working group on SME Policy, Pedro Pisonero Pérez, CESGAR / Spain
  • Working group on State Aid, Guy Selbherr, VDB / Germany
  • Working group on Statistics and Studies, Bernard Jehin, SOWALFIN / Belgium
  • Working group on Structural Funds, Audrius Zabotka, INVEGA / Lithuania
  • Operation Training Sessions, Inga Balzekaite, Garfondas / Lithuania,  Audrius Zabotka, INVEGA / Lithuania
 15h45 – 17h00

Panel on EU Financial Instruments
Moderator: Miguel Cruz, President of IAPMEI, Portuguese SME and Innovation Agency, and Vice-President of SPGM

Speaker: Jean-David Malo, Head of Unit “SMEs, Financial Instruments and State Aid”, Directorate General for Research and Innnovation, European Commission

  • Barbara Cattrysse, State aid expert, Legal Department, European Investment Bank (EIB)
  • Astrid Bartels, Policy Officer – COSME Financial Instruments Team Leader, Unit COSME Financial Instruments, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), European Commission
  • Luís Broegas Amaro, Senior Transaction & Relationship Officer, European Investment Fund (EIF)
  • Nicolas Tritaris, Principal Banker, European Bank for Reconstruction and Development (EBRD)

Concluding remarks and closing of the meeting

Bernhard Sagmeister, Chairman of AECM


23 June 2016

Annual Seminar: The transfer of family businesses

08h30 – 09h00

Arrival / registration

 09h00 – 10h00 Welcome of the participants and opening speeches

  • Bernhard Sagmeister, Chairman of AECM, CEO of aws Austria
  • José Fernando Figueiredo, Chairman of SPGM, Portuguese  Guarantee Scheme, CEO of IFD and Special Honorary Chairman of AECM
10h30 – 11h00 Coffee break and networking
 11h00 – 12h00

Panel 1 – The transfer of family businesses: a business perspective

Moderator: Anaïs Rajery-Rasata,  Research Manager, Study Department Bpifrance / France

Speaker: Kristin Schreiber, Director, Directorate COSME programme, European Commission

  • Gerhard Huemer, Director Economic Policy, European Association of Craft and Small and Medium-Sized Enterprises (UEAPME)
  • Bernard Jehin, Vice-President of TRANSEO, Member of the Board, SOWALFIN / Belgium
  • Paulo Barros Vale, Board Member of AEP, Portuguese Entrepreneurial Association
  • Jesús Casado, Secretary General,  European Family Businesses (EFB)
  • Pekka Pesonen, Secretary General, Copa Cogeca (European farmers & European agri-cooperatives)
  12h00 – 13h00

Panel 2: The transfer of family businesses: a financial perspective

Moderator: Matthew Gamser, CEO, SME Finance Forum, IFC

Speaker: Roger Havenith, Deputy Chief Executive, European Investment Fund (EIF)

  • Gilbert Rebeyrole, Honorary President of the National Federation of SOCAMA / France, entrepreneur
  • Leonardo Nafissi, Head of Secretariat of Assoconfidi – in charge of AECM relations
  • Pedro Pisonero Pérez, CESGAR / Spain
  • Teresa Duarte,  CEO of Norgarante Mutual Guarantee Society, Portugal
 13h00 – 13h10 Group photo
13h10 – 14h30 Lunch
14h30 – 15h30

Panel 3 : The transfer of family businesses: an international perspective

ModeratorGiuseppe Gramigna, SME Expert, Advisor to National and Multilateral Entities, and Small Business Administration (SBA) Chief Economist, USA

Speaker: Lex van Teeffelen, Professor of Finance and Firm Acquisition, Research Center Innovation and Business, HU Business School, Utrecht / The Netherlands

  • Lucia Cusmano, Centre for Entrepreneurship, Small and Medium-sized Enterprises (SMEs) and Local Development, Organisation for Economic Co-operation and Development (OECD)
  • Pablo Pombo González, Founding President of AECM, Secretary General of the Iberoamerican Network of Guarantees (REGAR)
  • Sanaa Abouzaid, Regional Corporate Governance Lead – MENA, International Finance Corporation (IFC), USA
  • Hiroyasu Kaburaki, Group chief, Japan Finance Corporation (JFC), Japan
15h30 – 15h40

Presentation of AECM Annual Event in 2017

15h40 – 16h00

Closing Session

  • José Fernando Figueiredo, IFD, SPGM, AECM
  • Bernhard Sagmeister, AECM, aws
16h00 – 16h30

Coffee break

16h30 – 18h30

Workshop:  “Increasing the added value of AECM membership” (for AECM members only)


24 June 2016

Global Summit of SME Guarantee Organisations Leaders
“Setting Up of a Global Network of Guarantee Institutions (GNGI): discussing the opportunity”

By invitation only, Working Language – English

 14h30 – 14h45

Welcome and presentation of the objectives of the meeting

  • José Fernando Figueiredo, President of SPGM, CEO of IFD and Special Honorary Chairman for International Relations of AECM
  • Bernhard Sagmeister, Chairman of AECM, CEO of aws / Austria
  • Geun Woo Seoh, Chairman & CEO of KODIT / South Korea
  • Francisco Martinotti, Chairman of ALIGA
  • Pablo Pombo González, Founding President of AECM, Secretary General of the Iberoamerican Network of Guarantees (REGAR)
14h45 – 16h30

Presentation on the state of the play of the guarantee industry around the world. Position of different Guarantee Organisations regarding the possible setting up of a non-formal, cost-free, web-based Global Network of Guarantee Institutions, including those with a broader scope but still using or interested in the use of guarantees to help SME getting access to credit financing.

Invited: Chairman / Presidents / CEO / Board Members / General Managers of Guarantee Associations and Guarantee Institutions from the following countries/regions:

  • Africa: Angola, Cape Verde, Ghana, South Africa, …
  • MENA: Egypt, Jordan, Morocco, Tunisia, …
  • Asia: China, India, Indonesia, Japan, Korea, Malaysia, Mongolia, Philippines, Sri Lanka, Taiwan, Thailand, …
  • America – Centre and South: Argentina, Brazil, Bolivia, Chile, Colombia, Costa Rica, Panama, Paraguay, Peru, Uruguay, Venezuela, …
  • America – North: Canada, Mexico, USA
  • Europe: EU Members, Bosnia&Herzegovina, Montenegro, Serbia, Switzerland, Russia, Turkey
16h30 – 16h45

Coffee break

16h45 – 17h30

Presentation of the position of the different International Organisations

  • EU
  • OECD
  • World Bank/First Initiative
  • SME Finance Forum
  • Others
17h30 – 18h00  Final Remarks and Conclusions

 Our speakers

Sanna Ab

Sanaa Abouzaid
Regional Corporate Governance Lead for the Middle East and North Africa
International Finance Corporation (IFC)


Sanaa Abouzaid is the Regional Corporate Governance Lead for the Middle East and North Africa (MENA) region at the International Finance Corporation (IFC), a member of the World Bank Group. In her capacity, she is responsible for corporate governance work in IFC’s investment operations and advisory services across the MENA region. Prior to this appointment, Ms. Abouzaid was a senior corporate governance officer at the IFC, based in Washington DC. She worked with private sector companies in many regions, including MENA, Latin America, Asia, and Africa. She helped these companies develop and improve their corporate governance practices in order to enhance their performance, solidify their market reputation, and improve their access to external financing. Ms. Abouzaid is a family business governance expert and the author of several publications, including, the “IFC Family Business Governance Handbook”, a guide on best corporate governance practices for family-owned companies. The Handbook has been published in English and subsequently translated into eighteen languages. Ms. Abouzaid holds an MBA in Finance and Investments from the George Washington University and a BS in Finance and Accounting from the ISCAE. She speaks English, French, Arabic and Spanish.


Luis Broegas Amaro
Senior Officer in the EU Guarantee Facilities front-office team
European Investment Fund (EIF)


Luis Amaro Broegas is a Senior Officer in the EU Guarantee Facilities front-office team at EIF. Since joining EIF in 2013, he was instrumental in the negotiation, management and roll-out of the COSME and Erasmus+ mandates and is now also participating actively in the final stages of the negotiation and launch of the new Cultural and Creative Sector Guarantee Facility. Before that, Luis was working in the Portuguese guarantee system front-office, contributing to the successful roll-out of the crisis guarantee lines, and later joining the team launching the new Compliance and Risk Management Departments.

Inga B

Inga Balzekaite
Manager of Development and International Projects Agricultural Credit Guarantee Fund
Garfondas (Lithuania)


Inga has a deep knowledge of financial agricultural and SME support instruments. She is experienced in using ESIF funds resources for financial engineering instruments to facilitate agricultural SMEs access to finance and to increase competitiveness, development and establishment of Guarantee Schemes. Before joining Garfondas, she worked as the Manager of Informatics and Analysis Department in State Tax Inspectorate and the Sales Manager in private company operating in the logistic sector. She was a Winner of EU Lifelong Learning Programme, Grundtvig “Visits and Exchanges” sub-programme and deepened her knowledge in Italian Guarantee Fund Societa Gestione Fondi per l’Agroalimentare – SGFA srl. Designated expert to the EC‘s, OECD‘s, FAO‘s working groups which were preparing the studies on Credit Guarantee Systems, helping to establish Credit Guarantee Schemes for Small and Medium Agricultural Enterprises in Ukraine, Macedonia also a designated speaker of many seminars and conferences.


Astrid Bartles
Team Leader for the COSME financial instruments
European Commission


Astrid Bartels is a team leader for the COSME financial instruments at the European Commission, DG Grow, SME Access to Finance. Before joining the Commission in 2002, she was consultant for Bain & Company and also a corporate client relationship manager at Deutsche Bank. She has strong competencies in business strategy, holds a Vordiplom in economics from the University of Hagen and obtained an MBA from the University of North Carolina, Kenan Flager Business School, USA.

Miguel Sousa Branca

Miguel Sousa Branca
SPGM (Portugal) 


Miguel Sousa Branca is currently managing director of SPGM and board member of Norgarante and Garval. He has been vice-president and board member of AECM until 2006. He holds a degree in Economics from the Oporto University Faculty of Economics and an MA in Multinational Accounting and Financial Management from the Reading University (UK). He has been teaching Economics, Finance and Management in some Portuguese Universities since graduation. Previously as his current position within the Portuguese Mutual Guarantee Scheme, he has worked in investment banking, corporate finance consulting and in the largest Portuguese economic group

Miguel Campros Cruz

Miguel Campos Cruz


Chairman of IAPMEI, the Portuguese Agency for Competitiveness and Innovation, has a large experience in public policy in the areas of entrepreneurship, Innovation and Competitiveness. Miguel is also Vice President of the Portuguese Mutual Guarantee Society, Chairman of CEDINTEC (Association for Innovation and Technological Development), is President of the General Assemblies of FNABA (BA) and APCRI (VC) and is President of the Supervisory Board of Portugal Capital Ventures. Previously, Miguel has worked as a journalist, in the Research Department of an Investment Bank in Portugal, had management responsibilities in European Funding Programs (energy and industry) and was Presidency of ADI – The Portuguese Agency for Innovation and Technological Transfer. Miguel has graduated in Economics in the Portuguese Catholic University, has a PhD in Economics (London Business School), a MBA in Finance (Portuguese Catholic University), and a Masters in Management (Portuguese Catholic University), and teaches in Portuguese Catholic University and Portuguese Autonomous University Lisbon.

jesus casado

Jesús Casado
Secretary General
European Family Businesses


Jesús Casado is the Secretary General of European Family Businesses since 2006. EFB is a federation based in Brussels of 12 National Family Businesses associations that aims to promote policies that are conductive to long term entrepreneurship in Europe. Its members, more than 9.000 family business owners, represent directly a turnover in excess of one trillion Euros, 9% of the European GDP. Since May 2014, he is Deputy General Director of Instituto de la Empresa Familiar, the Spanish Family Business Association. He is also a member of the Board of the Family Firm Institute, member of the European Commission Expert Group on Family Business, member of the High Level Group of Administrative Burdens reporting directly to President of the European Commission Durao Barroso and Academic Collaborator of Family Business at ESADE Barcelona. Before, he served 6 years as member of the Executive Committee of Family Business Network (FBN). Jesús holds a MBA at ESADE Business School (2006-2007) and a degree in Law (1989/1994) at Universidad Pontificia de Comillas ICADE (Madrid). He also has post-graduate studies at Eberhard Karls Universität Tübingen (Germany) (1994), at the Spanish Diplomatic School (1995/1998) and at Institut de Sciences Politiques de Paris (1997). He is married, has one child and lives between Brussels and Madrid.

barbara carrtysse Barbara Cattrysse
Competition Lawyer
European Investment Bank (EIB)

Barbara Cattrysse is a competition lawyer at the European Investment Bank, where she is advising as a State aid expert on the design of project finance involving co-financing from Member States. Previous to the EIB, Barbara worked for 9 years at Directorate General Competition of the European Commission in the areas of banking and SME financing, as well as law firms in Brussels. She has particular expertise in access to finance, EU financial instruments and development banks. She regularly speaks, and has published on these subjects.

cusman Lucia Cusmano
Senior Economist
Centre for Entrepreneuship, OECD

Lucia Cusmano is Senior Economist at the OECD Centre for Entrepreneurship, Small and Medium-sized Enterprises & Local Development (CFE) and Executive Secretary to the OECD Working Party on SMEs and Entrepreneurship (WPSMEE). Ms Cusmano has a PhD in Economics from the University of Pavia (Italy) and has completed a Master of Science in Economics at Warwick University (UK). She has authored OECD works on SME financing, SME innovation, SME eco-innovation and green entrepreneurship, and published extensively in international journals on SMEs, entrepreneurship, innovation, structural change, institutions and economic development in advanced and developing regions.

Teresa Duarte

Teresa Duarte
Norgarante (Portugal)


Teresa Duarte is, since 2015, CEO of Norgarante, after being member of the board  since 2008. Teresa has a degree from the Catholic University of Portugal in Management of Financial Institutions and a degree from the Portucalense University in Management. Also, she holds a degree from the AESE Business School in Advanced Management (PADE).

adelio ferrari

Adelio Giorgio Ferrari
Fedart Fidi (Italy) 


Adelio Giorgio Ferrari is the Vice President of AECM representative of Assoconfidi, the Association of the Italian Federations of Confidi operating in every economic sector. Confidi issue a mutualistic private guarantee to banks, aimed to support SMEs’ access to finance. They also have an important role as technical means for public Institutions to promote lending to SMEs. Adelio Giorgio Ferrari is the Chairman of the Working Group “Banking Supervision” of AECM, which aims to ensure that guarantee organizations’ support to SMEs’ access to finance does not become less efficient due to a strengthened banking regulation.

José F

José Fernando Figueiredo
– SPGM, (Portugal)
CEO of IFD and Special Honorary Chairman of AECM


José Fernando Figueiredo (50) is from the 1st January 2015 the Executive President of IFD – Instituição Financeira de Desenvolvimento, the Portuguese SME financing tool. He is Special Honorary Chairman of AECM – European Association of Guarantee Societies, for the international relations, which was President during 8 years, between 2007 and June 2015. AECM is the European Association of credit guarantee entities, a non – profit organisation, based in Brussels, representing 42 members from 20 countries of the EU as well as Russia, Turkey, Bosnia , Montenegro and Kirgizstan. AECM members have a total portfolio of around 80 billion € in guarantees, helping around 2,1 million European SME and entrepreneurs getting access to credit financing to develop their investment projects or to support their business activities. José was also co-founder of REGAR, the IberoAmerican Network of SME Credit Guarantee Organisations, and Invited Member of the Consulting Council of ALIGA, the Latin American Guarantee Institutions Association. Also Chairman of SPGM – Holding of the Portuguese Mutual Guarantee Scheme that manages the public counterguarantee mechanism (around 1 billion euros in own funds), a tool that partially guarantees the guarantees issued by the MGS and deals with the public agencies and the European Investment Fund -EIF, also acting as back-office to all the entities in the Portuguese Guarantee Scheme. Till the end of 2014 and since foundation, he was Chairman and Executive President of Norgarante, Lisgarante, Garval and Agrogarante – the four Mutual Guarantee Societies (MGS) in Portugal – with a total share capital of around 200 million euro and an outstanding portfolio of 3 billion euro in guarantees (6 billion in credits), managing more than a 120 thousand files. These guarantees helped the more than 60 thousand SME that are shareholders (mutuals) of the MGS to get access to credit financing for above 14 billion euro since foundation. Alongside with guarantee activities José was also involved in the VC business as Chairman and partner of 2BPartner SCR, a small Venture Capital firm running a start up fund in partnership with local university and some private companies. He’s also member of Invicta Angles – the Oporto Business Angels Network. José started his career at Inter-Risco, at the time a joint Venture between the British VC 3i and BPI – one of the leading investment banks in Portugal, later he became member of the Board of IAPMEI – Portuguese Small and Medium Sized Enterprises Agency and Chairman and Executive President of PME Investimentos – one of the major Portuguese Venture Capital and Private Equity Companies. José’s family business is in the wine sector and he also acts regularly as international consultant for several governments and international organisations. He holds a 5 year degree in economics and the frequency of a master in industrial economics. Also was an invited professor at Fernando Pessoa University in Porto.

António Gaspar

António Gaspar
SPGM (Portugal)


António Gaspar, age of 56, has a degree in Business Administration by ISCTE (1983) and several specializations in the areas of Financial Management, namely a Pos Graduation in Financial Instruments and Markets. Since 2008, he is Executive Member of the Board of SPGM – Holding of the Portuguese Credit Guarantee Scheme, recognized as a best practice all around Europe, that manages the Portuguese counter-guarantee mechanism, the FCGM, with equity capital of around 420 million euro. SPGM also deals with the public agencies and the European Investment Fund – EIF, acting as back-office to all the Mutual Guarantee Societies (MGS) in the national scheme. SPGM was the responsible for the launching of the Portuguese guarantee scheme, from the legislation proposal to the operational models and commercial setup.  In this mechanism he was Member of the Board of NORGARANTE – Mutual Guarantee Society (2005-2008), the leading of the four Mutual Guarantee Societies existing in Portugal (the private commercial units of the Portuguese SME Guarantee Scheme). He is also Non Executive Member of the Board of LISGARANTE – Mutual Guarantee Society and AGROGARANTE – Mutual Guarantee Society. In the last 10 years, he has been founder and Member of the Board of Venture Capital and Private Equity industry, among them PME INVESTIMENTOS (2002-2006), one of the 2 biggest Portuguese Venture Capital firms, managing around 200 million euro in funds. During this period he was also appointed to the investment committee and advisory board of several VC firms. IAPMEI, the Portuguese public agency that supports SME activities, was also one of his crossing lines in his professional career, where he is Member of the board of Directors since 1996, always working on the topic of developing and promoting access to finance for SME, namely the INOFIN – Financial Innovation Program of IAPMEI, also recognized as a best practice by the European Comission and OCDE. He is often invited as a Professor of Financial Management to major Portuguese Universities.

Pablo Pombo frontal

Pablo Pombo González
Founding President of AECM
Secretary General
Iberoamerican Network of Guarantees (REGAR)


Pablo Pombo has a PhD in economic and business sciences and Professor of the University of Cordoba (Spain) and the Order of the Civil merit granted by the King Juan Carlos I of Spain in 1995 and UNICAJA economic research award, in 2007.
More than 35 years of experience in the sector of credit guarantees for SMEs. President founder of the European Association of guarantee institutions (AECM) since 1996 and President of its first Board of Directors (1992-96).
Technical Secretary of the Ibero-American network of guarantees (REGAR), since 1998, and international guarantees systems consultant. He has participated in over 34 international projects and organizing the American guarantee systems forums annually since 1998.
President of the Spanish Confederation of SGR’s (CESGAR), from 1991 to 1996, at the stage of enactment of the new law 1/94 of the SGR Spanish sector. Member of the Council of administration of the company Spanish counter guarantee (CERSA) (1994-96).
He has participated as a speaker on the subject in numerous international forums in Africa, Latin America and Europe in more than 34 countries.
International consultant systems of guarantees for several multilateral organisations: Spanish Agency of international cooperation for development AECID, Switzerland Agency for development and cooperation COSUDE, International German GTZ cooperation, United Nations Program for Development PNUD, Social Studies Foundation FUNDES, inter-American Bank for development IDB and World Bank.
Participation as expert in the Mutual Guarantee Scheme Workshop, organized by the African Development Bank ADB in Tunisia 5 of April 2006
Member in the World Bank Task Force,” Principles for the design and implementation of PCGSs (partial credit guarantee schemes), for small and medium enterprises in emerging markets and developing economies”, organized by the World Bank in Washington in 2015.


Roger Havenith
Deputy Chief Executive
European Investment Fund (EIF)


Roger Havenith is Deputy Chief Executive, European Investment Fund (EIF). Previously he was the Head of Unit of the Directorate General ECFIN, Unit L2 ‘Financing of innovation, competitiveness and employment policies’ (Oct. 2010 – Dec. 2015). Roger Havenith was active as a Commission negotiator of the SME Window of the European Fund for Strategic Investments. He was also involved as a Member of the Commission’s EFSI negotiation team, Co-author of the SME Initiative and co-designer of ESIF joint and ‘off-the-shelf instruments. He furthermore functioned as an EC negotiator of financial instruments under EaSI; co-negotiator of COSME, RSI, InnovFin and student loan guarantees under ERASMUS+. As the head of the Commission’s Designated Service, Roger Havenith was moreover responsible for the management of financial instruments under CIP, EPMF and the Multinannual Programme for Entrepreneurship and Enterprises (MAP).


Gerhard Huemer
Director Economic Policy


Gerhard Huemer, Director Economic Policy, European Association of Craft and Small and Medium-Sized Enterprises (UEAPME). In 1986 Gerhard Huemer received a Diploma at the University of Linz, Economics. He then was the Executive Secretary of the “Economic and Social Council” of the Austrian Social Partners from 1994-98. He continued at the Economic Policy Department at the Austrian Economic Chamber from 1987-98. Since 1999 UEAPME, Director for Economic and Fiscal Policy; his main dossiers are: SME finance and relations to Banks, R&D and Innovation; State aid policy, economic policy coordination, macroeconomic dialogue, innovation and R&D, monetary policy and tax policy. Furthermore, he is responsible for the UEAPME Study Unit and the Press Office.


Bernard Jehin
Member of the executive committee
SOWALFIN (Belgium)


Since 2001, Bernard Jehin is member of the executive committee of Sowalfin, a financial company owned by the Walloon Region Belgium). The Group Sowalfin aims at developing a comprehensive set of financial tools and services to meet the needs of Walloon SMEs during their creation, development and transfer & takeover, but also during innovation and export projects. Bernard Jehin is also member of the board of Transeo, the European Association for SME Transfer. Previously, he held key positions in Belgian private and public financial institutions. He holds a Master degree in Economics from the University of Namur.


Hiroyasu Kaburaki
Group Chief of the Credit Insurance Research Group in the Credit Insurance Planning Department
Japan Finance Corporation (JFC)


Hiroyasu Kaburaki is the Group Chief of the Credit Insurance Research Group in the Credit Insurance Planning Department at the Japan Finance Corporation. He has nearly 10 years of managerial experience at the JFC and its counterparts, having attained that responsibility after many years of research expertise in this field. Mr. Kaburaki is an expert on SME finance and credit insurance. He received his Bachelor of Economics from Gakushuin University in 1988.


Jean-David  Malo
Head of Unit “SMEs, Financial Isntruments and State Aid”, Directorate General for Research and Innovation 
European Commission


Jean-David Malo, Head of Unit RTD-C03 “Financial engineering” and EC Designated Service Manager for the RSFF’s implementation, graduated from the Institut National Supérieur des Sciences Economiques et Commerciales (Paris) and the University of California (Berkeley). He started his career as Head of internal control management in the Comité Professionnel de la Distribution de Carburants in France before joining ARMINES, a body managing contractual research and innovation for French engineering schools (Ecoles des MInes, Ecole Polytechnique, ENSTA, …), where he created, developed and managed the European Affairs Directorate. He joined the European Commission in January 2001. In the Directorate General for Research, he participated actively to a number of developments on the design of funding instruments, rules for participation, funding schemes, etc, both for FP6 and FP7. From 2003 to 2006, he was the assistant of Director Robert-Jan SMITS. After heading the unit in charge of the regional aspects of FP7, ie. the “Regions of Knowledge” and “Research Potential” programmes, from 2006 to 2010, he is now managing a newly created unit in DG Research and Innovation, the main objective of which is to contribute to increase private finance and close market gaps in investing in research and innovation by expanding the scope and scale of existing EU innovative financial instruments (like the Risk-Sharing Finance Facility) and by developing new ones in the fields of debt (including guarantees) and equity financing. The EU state aid framework, tax incentive schemes and philanthropic funding are also areas covered by the work of the unit.


Wilhelm Molterer
Vice President and member of the Management Committee
European Investment Bank (EIB)


Wilhelm Molterer is Vice-President and member of the Management Committee of the European Investment Bank (EIB). Before joining the EIB, Wilhelm Molterer was an Austrian Member of Parliament for many years, holding a variety of political positions. From 11 January 2007 to 2 December 2008 he was Vice Chancellor and Finance Minister of the Republic of Austria, in which capacity he was one of the EIB’s 27 Governors. From 1994 to 2003 he was Federal Minister of Agriculture, Forestry, Environment and Water Management. Wilhelm Molterer has a Master’s in economics and social sciences from the University of Linz and a degree from St. Florian Agricultural College in Austria.


Leonardo Nafissi
Head of Secretariat, in charge of AECM relations
Assoconfidi (Italy)


Leonardo Nafissi has gained an experience of over 25 years about Confidi and works both in regional and national contexts. He’s member of the Technical Committee of Assoconfidi and is the head of Assoconfidi’s Secretariat as for AECM. Assoconfidi is the Association of the National Federations of Confidi of all economic sectors and operates as a unanimous representative of Confidi towards national public Institutions. At the same time Leonardo Nafissi is the Director of Fedart Fidi, the national Federation representative of Confidi operating in the craftsmanship sector, which he has been collaborating with since its constitution more than 20 years ago. He’s responsible for lobbying towards public institutions and banks, for several national projects aimed to elaborate a strategic address for associated Confidi on the main subjects of their interest. He is also responsible for the Annual Survey on handcraft Confidi, which for more than 20 years has been describing the main characteristics and trends of the system and has been identified as an important instrument of knowledge of handcraft Confidi for the different representatives.


Pedro Pisonero
Director General
CESGAR (Spain)


Pedro Pisonero holds a degree in Economics from the University of Valladolid and a Master Degree in Financial Management from the CESEM, current Institute of Company Directors in Madrid. He started his professional career in 1985 in the field of Mutual Guarantee Institutions at SOTECA SGR, the forerunner of Iberaval, where he remained for four years. Later he focused his professional activity in the area of investment in company capital in the region of Castilla y Leon working for SCR Sodical for 17 years. In this phase, where he then became investment manager, he carried out multiple projects implemented in the Community. He later developed for a period of three years the implementation of the public financing institution of Castilla y Leon region, ADE Financing SA, under the regional government. He was director of investments and took part in the financing of small, medium and large businesses and also represented the company in the boards of parent companies such as Iberaval SGR. In March 2010 he took over the Directorate General of Institutional Relations and Risk Management Iberaval, which has allowed him to get involved in the daily management of the team, studying the financial needs of small and medium enterprises in the region of Castilla y Leon and La Rioja. Since September 2011 he is the Director General and is carrying out an ambitious growth plan.

pekka peson

Pekka Pesonen
Secretary General


Pekka Pesonen is Secretary General of COPA-COGECA, an agricultural lobby representing 73 national farm organizations in Europe. He has previously been working for the Finnish Ministry of Agriculture and Forestry as state secretary. In addition, Mr. Pesonen has professional experience in EU lobbying and in Finnish food industry. He is an agricultural economist. He has a wife and three young children.

Anais Rajery-Rasata

Anaïs Rajery-Rasata
Research Manager,  Study Department
Bpifrance (France)


Before joining Bpifrance Le Lab, the Bpifrance Do Tank dedicated to SME financing issues, in 2015, Anaïs was Strategy Analyst in Mid/ Large Caps Division Bpifrance in charge of ETI 2020 fund strategy. Mid & Large Cap teams manages €16bn, by directly investing in large companies (€10bn portfolio), mid-sized companies through the ETI 2020 fund, a long-term investment vehicle (99 years), endowed with €3bn, strong potential SMEs and mid-sized companies, through the FIC funds (France Investissement Croissance), endowed with €865M, Tier 1 and 2 automotive suppliers through the FAA (Fonds Avenir Automobile), endowed with €625M. Anaïs is the author of two studies concerning SME financing issues : the former dedicated to Mid-sized companies business transfers Transmettre pour grandir (October 2015), the latter dedicated to small family businesses opening up their capital Ouvrir son capital pour durer (May 2016).

Gilbert Rebeyrole

Gilbert Rebeyrole
Honorary President
SOCAMA (France)


Born in 1949 , a baker and patissier in Limoges, Rebeyrole Gilbert enters the Board of the National Federation of Socama in 1992, becomes Secretary in 1994 and Vice President in 2000. Gilbert Rebeyrole was elected National President during the Nice congress in May 2001.  President of the union of the bakers of his region, Gilbert Rebeyrole was president of the Chamber of Trades and Crafts of Haute -Vienne from 1999 to 2010 and since 2010 he was it’s first Vice President and he became president of the Regional Chamber of Trades and Crafts of the Limousin Region.  Moreover, Gilbert Rebeyrole was Vice- President of the European Mutual Guarantee Association ( AECM ) and Vice Chairman of Banque Populaire Aquitaine Centre Atlantique.

Vasco Rodriguez

Vasco Rodrigues
Executive Director of CEGEA (Research Centre on Management and Applied Economics)

Portuguese Catholic University


Vasco Rodrigues is the Executive Director of CEGEA (Research Centre on Management and Applied Economics) at Católica Porto Business School. In this condition, he has been involved in over sixty research projects, including two previous studies on the economic impact of the Portuguese Mutual Guarantee Scheme. Vasco is an Associate Professor at Católica Porto Business School where he teaches Industrial Economics, Microeconomics, and Economic Analysis of Law. Vasco is the author of books on Economic Analysis of Law and Mergers and Acquisitions. He has published in several international journals, including the International Journal of Industrial Organization, the Review of Industrial Organization, the International Journal of Health Economics and Management, and the Scandinavian Journal of Economics. Vasco holds a Ph.D. degree by the Portuguese Catholic University.


Bernhard Sagmeister


Since July 2009 Bernhard Sagmeister serves as Managing Director of Austria’s Federal Promotional Bank ”Austria Wirtschaftsservice GmbH” (aws) and the ERP-Fund (European Recovery Program). Furthermore, he chairs two Equity Funds and Austria’s “National Foundation for Research, Technology and Development” (NFTE). Bernhard Sagmeister draws on over 20 years of professional experience in the financial and banking industry. 
In addition to his current appointment at aws Bernhard Sagmeister is affiliated to the supervisory board of the Austrian Bank for Tourism Development (ÖHT), member of “Austria´s External Economic Relations Advisory Board” (Federal Chamber of Commerce, Austria) and board member of Austria’s “Water and Waste Management Association”.

K Schreiber

Kristin Schreiber
Director, Directorate COSME programme
European Commission


Kristin Schreiber was born in Berlin; she is married and has three children. After Studies of International Relations, Economics and European Law at the Institut d’Etudes Politiques in Paris (“avec mention lauréat”), the University of Kent at Canterbury and the College of Europe in Bruges, she worked as a Graduate Lecturer in Kent and a researcher on the Single Market in Bonn, before joining the European Commission in 1990 where she held a variety of positions. She was appointed Director in charge of COSME Programme and SME policy on 1 June 2015 after having served as Director for Governance of the Single Market and International Affairs, first in DG MARKT and then in DG GROW since February 2014. Previously, she was Head of Cabinet of Employment Commissioner Vladimir Špidla, Deputy Head of Cabinet of Internal Market Commissioner Michel Barnier and member of the Cabinets of Enlargement Commissioner Günter Verheugen, in charge i.a. of the accession negotiations with Slovakia, the Czech Republic, Cyprus and Malta and Competition Commissioner Karel Van Miert. She also served as Head of Unit for International Affairs in DG Employment and administrator in different DG’s. Kristin speaks German, French, English and Spanish, some Italian and has notions of Czech and Slovak.


Guy Selbherr
Member of the Board of Directors
VDB, Germany


Guy Selbherr is Member of the board of directors of the guarantee bank of the federal state of Baden-Wuerttemberg, Bürgschaftsbank Baden-Württemberg GmbH and  CEO of the SME-oriented investment company MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg GmbH. Guy Selbherr was born in 1965. He trained as lending officer at a co-operative bank. Later he studied business and administration. In 1992 he started working at the guarantee bank of the federal state of Baden- Wuerttemberg, the Bürgschaftsbank Baden-Württemberg. He then became executive assistant. In 2004 he was elected member of the board of directors. At the same time he became CEO of the SME-oriented investment company MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg.  Mr Selbherr is Vice President of the European guarantee association AECM. In June 2014 he was elected President of the association of German guarantee banks VDB, Verband Deutscher Bürgschaftsbanken, in Berlin.


lex van teefeelen

Dr. Lex van Teefelen
Professor of Finance and Firm Acquisitions
Research Center for Innovation & Business,  HU Business School Utrecht


Combining his experience in entrepreneurship, management consultancy, education and research, he engages in (inter)national projects and research programs on: new ways of financing SMEs (FinTech), improvement of SME governance, innovation, growth and cooperation strategies of SME and SME business transfers and take-overs. He is Chair of the Academic Committee of Transeo, the European Association of SME Business Transfers. His research into succession and firm acquisitions has molded evidence-based business school programs preparing students to become a partner, family successor or management buy-in candidate in existing SMEs.


László Tóth
Deputy CEO and member of the board


László Tóth (48) is the deputy CEO and member of the board of the Hungarian Rural Credit Guarantee Foundation (AVHA) overseeing the company’s accounting, IT, credit control and workout activities. AVHA is a guarantee organization which specializes in agriculture and has an existing guarantee portfolio of appr. 400 mio EUR. He has 22 years of experience at various foreign-owned commercial banks in Hungary, primarily in the field of corporate banking and structured trade finance. He received his M.Sc. degree from the Corvinus University (Budapest) in Economics in 1992 and his MBA from MIB School of Management (Trieste) in 1993. He is member of the board of AECM representing Hungary and chairman of the working group for agriculture.

Paulo Barros Vale

Paulo Barros Vale
Board Member
AEP, Portuguese Entrepreneurial Association 


Paulo Manuel Gonçalves Pinto de Barros Vale was born in Porto in 1961. He studied business management at the ISAG (Higher Institute of Administration and Management) in Porto and at the John F. Kennedy University in the United States, where he obtained his degree. He also attended refresher and specialist courses in economics and finance at the Centre for Applied Studies at the Catholic University of Portugal. He set up and continues to run a number of businesses in the fields of trade, industry, property, farming, aquaculture and tourism. He also founded the Young Entrepreneurs’ Group, which later became the National Association of Young Entrepreneurs (ANJE), of which he was the first president, holding that position for 10 years, and also set up the Union of Young Portuguese Entrepreneurs (UJEP). He chaired the European Confederation of Junior Enterprises, was Vice-President of the Portuguese Industrial Association (AIP), Vice-President and President of the Northern Business Council (CEN) and member of the Council of Presidents of the Confederation of Portuguese Industry (CIP). Mr Barros Vale is currently Vice-President of the Portuguese Business Association (AEP). In the political sphere, he was a member of the Portuguese government’s Youth Advisory Council and set up initiatives such as the Portuguese Committee for Solidarity with Democratic Movements in Eastern Europe, the “Portugal – 5 regions Movement” and has since 1994 been a Member of the European Economic and Social Committee of the European Union. Mr Barros Vale is also a member of the General Council of the Porto Renewal Agency (APOR). He is also chairman of the Business Information, Support and Training Institute (IAFE).


Audrius Zabotka
CEO and Member of the Board


Expert of ‘fi-compass’ expert group to the EC – technical advisory platform for ESIF financial instruments and EaSI microfinance. Before joining INVEGA in 2002, he worked as the Sales Manager, CFO, Deputy CEO, CEO and Member of the board in several private companies operating in food, wood processing and logistic sectors; was a member of the Credit Committee and responsible for business development in DNB Leasing (former Lietuvos zemes ukio banko lizingas). Also worked as consultant for business development and growth financing, was in charge and successfully completed several business acquisitions. Designated national expert to the EC’s working groups which were preparing reports on: Microcredits (2002-2003), Best practice on guarantees and Early-Stage Finance in MS (2004), “Removing obstacles for cross-border investments” (2006). Member of the EC’s Technical WG on the combination of the Financial engineering instruments with grants.

Presentations and statements

Bernhard Sagmeister
Chairman, AECM

László Tóth, AVHGA / Hungary
Working group on Agriculture

Guy Selbherr, VDB / Germany
Working group on State Aid
Bernard Jehin, SOWALFIN / Belgium
Working group on Statistics and Studies

Audrius Zabotka, INVEGA / Lithuania
Working group on Structural Funds

Inga Balzekaite, Garfondas / Lithuania,  Audrius Zabotka, INVEGA / Lithuania
Operational Training Sessions

Jean-David Malo
Head of Unit “SMEs, Financial Instruments and State Aid”
Directorate General for Research and Innnovation, European Commission



Astrid Bartels – Policy Officer – COSME Financial Instruments Team Leader, Unit COSME Financial Instruments, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), European Commission:

Additional resources for the COSME Loan Guarantee Facility: 
Since the start of the COSME Loan Guarantee Facility (LGF) in mid-2014, the European Investment Fund (EIF) has received a large number of applications from financial intermediaries, by far exceeding available budgets for the LGF. In order to meet demand, and to provide support to much needed financing for SMEs, resources from the European Fund for Strategic Investment were temporarily used to provide the risk coverage.  As market demand is expected to remain strong throughout the programme period (i.e. until 2020), the Commission now envisages to reinforce the resources of the COSME LGF on a permanent basis by combining it with a permanent top-up from the European Fund for Strategic Investment (EFSI), thereby significantly increasing the financing volume which can be guaranteed under the LGF throughout the programming period.

Newest developments in relation to the SME Initiative: 
The SME Initiative, a debt financial instrument allowing the blending of budgetary resources from Member States (European Structural and Investment Funds – ESIF), from central financial instruments established under COSME and Horizon 2020 as well as from the EIF and the EIB, was made operational in January 2015 in the form of uncapped guarantees. Under the SME Initiative, Member States can choose to pool resources either with COSME and/or Horizon 2020 in order to support new SME lending. Initially, Spain and Malta decided to implement the uncapped guarantee option by pooling resources with Horizon 2020. In the context of the launch of the European Fund for Strategic Investment in July of 2015, Member States were encouraged to consider the SME Initiative to facilitate the financing of SMEs. Further Member States expressed an interest in joining the uncapped guarantee option (Bulgaria, Romania, Finland) and Italy expressed interest in using a securitisation instrument. The detailed rules to be applied when implementing the SME Initiative in the form of a securitisation instrument were agreed between the EIB group and the Commission in spring of 2016 and this now paves the way for any Member State interested in using the securitisation option to join the SME Initiative.”

Luis Broegas Amaro – Senior Officer in the EU Guarantee Facilities front-office team
European Investment Fund (EIF):

“The first COSME signature benefitting from the European Fund for Strategic Investments guarantee was in Poland with the AECM member BGK. It seems fitting, given that guarantee institutions under COSME represent about 1/3 of the committed budget but at the same time are driving about 2/3 the SME financing supported by the programme. We are looking forward to a continuing fruitful relationship with the AECM members to the benefit of European SMEs under all the mandates managed by EIF, including the new and upcoming Cultural and Creative Sector Guarantee Facility expected to be open for applications later in July.”


Miguel Sousa Branca
Managing Director, SPGM

Vasco Rodriguez
Portuguese Catholic University

Kristin Schreiber
Director, Directorate COSME programme, European Commission

“To sum up: Europe needs entrepreneurs and existing viable businesses to continue to operate in order to boost economic growth and job creation. Our role is to do everything possible to exploit all the entrepreneurial potential in Europe and the transfer of business area provides great opportunities, especially since a growing number of businesses are expected to be transferred in the coming years.”

Download Kristin Schreiber’s full statement here


Gerhard Huemer – Director Economic Policy, European Association of Craft and Small and Medium-Sized Enterprises (UEAPME):

Transfer of Businesses: defects still exist at national level
Taking the floor alongside DG GROW Director Kristin Schreiber, he underlined that the EU Recommendations from 1994 on business transfers are still valid. However, these recommendations have to be implemented at national and regional level and SMEs need better advisory services tailored for transfers. As regards financial support, he welcomed the efforts made by national guarantee providers to offer solutions for business transfers, but warned that classical loan guarantees are not sufficient as businesses often lack equity after having paid-out former owners or other family members.”



Hiroyasu Kaburaki – Japan Finance Corporation (JFC):

“About present status of family business, the Exit rates of micro business are higher than the Entry rates. A large proportion of reasons for closing business are caused by the difficulty of securing a successor. In recent years, successions by non-family members have been increasing, but the proportion of successions by family members is still large. Furthermore, the average retirement age of owners is rising. The most problem of family member is the successors’ lack of competence. On the other hand, that of a non-family member is financial problem. Then, it is needed to support for promoting non-family succession. Therefore, funding relief measures have provided by “the Management Succession Facilitation Act” in Japan. Especially, Credit Guarantee System supports business successor by Special Treatment Insurance related to business succession.”


Dr. Lex van Teefelen
Professor of Finance and Firm Acquisitions
Research Center for Innovation & Business, HU Business School Utrecht

Pablo Pombo González
Founding President of AECM, Secretary General of the Iberoamerican Network of Guarantees (REGAR)

Mark Hambly
Director, Lending Solutions
British Business Bank

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Some images from our Annual Event 2016, follow aecmeurope on flickr for more!

Bernhard Sagmeister, Chairman of AECM

Photo credits: JP Coutinho