SACE-visore SACE-visore SACE-visore SACE-visore SACE-visore

SACE

The partner of italian exporters

SACE is the Italian Export Credit Agency. We support the export and internationalisation of Italian companies, guiding them in the choice of markets and in managing the risks connected to operating in new and often unfamiliar regions. Backed by over 40 years’ experience in assessing, taking on and managing the risks associated with operating on foreign markets, we offer a broad range of insurance and financial products and services to support the competitiveness of Italian companies and help them grow safely, in every stage of their development projects on foreign markets.

SACE’s activities are regulated by European Union regulations and by the Arrangement on Officially Supported Export Credits, signed by the OECD. SACE respects the principles established by the Berne Union, an international organisation that brings together export credit companies and agencies for the support of investments.

SACE is part of the Cassa Depositi e Prestiti Group.

It holds 100% of SACE BT and SACE FCT and 76% of SIMEST, together with which it forms the export and internationalisation hub of the Cassa Depositi e Prestiti Group.

Governance

Board of Directors

Chairman of SACE since December 2019, past member of the Board of Directors from 2017 to 2019 and of the company’s Related Parties Committee, Errore has wide experience in Investment Banking, Strategic Advisory, and Finance. Senior Partner of Cartesius Advisory Network, a global merchant bank focused on Strategic Advisory and Investment Banking activities.

 

Member of the Strategic Board of Global Investors Alliance, of the Governing Council of ANSPC (the National Association for Credit Problems research), of the Governing Council of the Association India-Italy for Cooperation and Partnership, of the “Scuola Politica” Fondazione Nuovo Millennio [“Politics School” New Millennium Foundation] technical, scientific, and academic Supervisory Board, and Director of ISPI (the Italian Institute for International Political Studies).

 

Previously, he was Senior Advisor for Ernst & Young in the Infrastructure, Energy, and Oil & Gas sectors and Equity Partner at Simmons & Simmons and DLA Piper.

 

He has worked for several international and national banks and financial institutions, in the Banking, Project Finance and PPP, Real Estate Finance, and Acquisition Finance sectors (loan contracts, syndicated loans, bond issues, structured finance, guarantee issues, and security packages).

 

He has cultivated experience in privatization processes, with particular reference to deregulated sectors: energy, water, and essential public services.

 

He was board member of Sofipa, Arena, Metro5, and Aurelys Asset Management.

 

Rodolfo-Errore-Presidente-SACE

He was the Group Chief Risk Officer of Cassa Depositi e Prestiti from June 2016 to December 2019, responsible for Risk Management, Risk Operations, Risk Governance and Compliance & Anti-Money Laundering areas.

He is currently a member of the Investor Committee of the Italian Recovery Fund and of the Board of Directors of AIFIRM and the Technical Expert Group on Sustainable Finance (TEG) for Sustainable Finance for the European Commission. He has also been member of the Board of Directors of Ansaldo Energia. From 2008 to 2016, he was at BNP Paribas Group, where he served as Chief Risk Officer of BNL and BNP Paribas Group for Italy.

He was a member of the BNL Management Committee and Executive Risk Committee of the Group, in addition to holding Director positions at BNPP Leasing Solution, Ifitalia International Factors, Business Partner Italia, CRIF and Associazione Italiana Financial Industry Risk Managers.

Before joining the BNPP Group, he held managerial roles in leading banking groups.

Pierfrancesco-Latini-AD-SACE
Ilaria Bertizzolo joined CDP in May 2019 as Head of Coverage Large Corporates, and was subsequently appointed Board Member of SACE S.p.A., Simest S.p.A., CDP Equity and FSI Investimenti S.p.A.

Ilaria was formerly Head of NatWest activities in Italy. Before that, she was Head of Corporate Debt Capital Markets for ABN Amro in Italy since joining the Group in 2001 and, following the merger, held the same role in Royal Bank of Scotland until she took the responsibility of the Corporate business in the country in 2012. Previously, Ilaria was Head of DCM in for UBM in Milan, coming from a five-year experience as Fixed Income Analyst in the Research Department of Caboto SIM.

After graduating with honors in Political Sciences at Alfieri University in Florence, Ilaria completed her Master in Economics at Bocconi University in Milan, and obtained her MSc degree in Finance (LBS/Bocconi) during her early working years.

Ilaria-Bertizzolo
 
 
 

Has been board member of SACE since December 2019. He is Professor of the History of International Relations at the Università Stranieri di Perugia (University for Foreigners of Perugia).

Previously, he was Deputy Minister for Foreign Affairs and International Cooperation and Undersecretary for Foreign Affairs from May 2013 to June 2018. From November 2011 to April 2013, he was advisor to Prof. Andrea Riccardi, Minister for International Cooperation and Integration, and head of the Italian government’s commission on international cooperation. Previously, he was in charge of Africa and Middle East for the International Department of CISL (Italian Confederation of Workers’ Trade Unions).

He has been a member of the Community of Sant’Egidio since 1975 and has been involved in programmes relating to Africa, in particular, in mediating peace and fostering interfaith dialogue. He is a well known expert in mediating armed conflicts at a global level and has worked on numerous peace treaties. In 2010, he received the “Prize for Conflict Prevention” from the Fondation Chirac.

He has conducted research into and written papers on issues relating to globalisation and international cooperation; he has numerous publications to his name, and has collaborated with national and international newspapers.

Mario-Giro
Since December 2019, she has been an independent member of the SACE Board of Directors and Chairman of the Related Parties Committee. A Chartered Accountant and Independent Auditor, she has acquired substantial experience in preparing and auditing Budgets, Tax consultancy for Companies (including publicly listed ones) and corporate groups, tax disputes, Transfer Pricing and preparing Organisational Models pursuant to Legislative Decree 231/01. Her professional experience was consolidated over the last 15 years at Deloitte &Touche SpA.

She has held various roles as an Independent Auditor and was Auditor of ACEN from 2008 to 2018. She is a member of the Equal Opportunities Committee established at the Naples board of certified public accountants. She is a contract lecturer at the Faculty of Economics and Commerce of the University of Naples Federico II. She is a Speaker at Conferences specialised in Budgets and tax issues (board of certified public accountants, Confindustria, University of Naples Federico II, University of Salerno).

MonicaScipione
He has been an independent member of the Board of Directors of SACE since June 2016. He is Chief Executive Officer of Arpinge and Adjunct Professor at LUISS Business School, where he also runs the International Finance course for the Master in economics. He has gained wide experience in project financing, real estate funds and private equity, with executive roles at Mediocredito Centrale and Schroder, and at the head of bodies such as ANCE, F2i, Ream SGR and Fimit SGR. He has been a director of various companies, including BNP Paribas REIM SGR, Invimit SGR and Geoweb. Among his international roles, he was a member of the group of experts set up by the European Commission on closed and real estate funds and of the Frankfurt Club. He has written papers and research studies on financial innovation, credit systems and financial markets, and has written several published works and collaborates with national newspapers.
Merola

Board of Statutory Auditors

Has been standing auditor of SACE since December 2019. Gandolfi graduated with Honours in Economics and Commerce at the Università di Parma (University of Parma) and obtained his PhD in “Business Economics” (graduating in 1996) at the Università Commerciale “L. Bocconi” di Milano (Bocconi University) and the Università di Pavia (University of Pavia). At the Università di Parma, he held the position of University Researcher and Associate Professor. He is currently Professor of Banking and Finance and is Senior Lecturer at the SDA Bocconi School of Management, where, over the years, he has organised numerous workshops and held training courses for some of the biggest representatives of the Italian and international banking and insurance sectors. At SDA Bocconi, he has received numerous awards: the prize for the best teacher of executive courses; the “Entrepreneurship Award”; the “Award for Excellence in Coordination”; the “Internationalization and Innovation” Award; and the Award for “Innovation in Technology-Based Learning”.

Gandolfi is enrolled in the official register of Expert Witnesses with the Court of Milan; he has held the role of Expert Witness in several important cases for the Courts of Bologna, Milan, Lodi, and Parma. He has been auditor and director on the board of important banking institutions. Since October 2017, he has been Chairperson of Fondazione Cariparma. Since November 2017, he has been a member of the Board of Acri, where he also holds the position of Chairperson of the “Asset Management” Committee. He has conducted research into and written papers on issues relating to asset management, risk management, pensions and insurance; he has several publications to his name.

Gino Gandolfi

Management

He was the Group Chief Risk Officer of Cassa Depositi e Prestiti from June 2016 to December 2019, responsible for Risk Management, Risk Operations, Risk Governance and Compliance & Anti-Money Laundering areas.

He is currently a member of the Investor Committee of the Italian Recovery Fund and of the Board of Directors of AIFIRM and the Technical Expert Group on Sustainable Finance (TEG) for Sustainable Finance for the European Commission. He has also been member of the Board of Directors of Ansaldo Energia. From 2008 to 2016, he was at BNP Paribas Group, where he served as Chief Risk Officer of BNL and BNP Paribas Group for Italy.

He was a member of the BNL Management Committee and Executive Risk Committee of the Group, in addition to holding Director positions at BNPP Leasing Solution, Ifitalia International Factors, Business Partner Italia, CRIF and Associazione Italiana Financial Industry Risk Managers.

Before joining the BNPP Group, he held managerial roles in leading banking groups.

Pierfrancesco-Latini-AD-SACE
In SACE since 2004, currently he is Chief Operating Officer. He gained a decade of experience in an ICT consulting firm, coordinating various initiatives mainly for the Fiat Group, Imi, Citibank and Alitalia. Subsequently, he held the role of Director of Applications Development at Euler Hermes SIAC. He was President of SACE BT from May 2016 to December 2019.
marco-traditi
In SACE since 2017, he is currently Chief Marketing & Innovation Officer. Previously he worked for 14 years in the UniCredit Group, holding positions of increasing responsibility - in Italy and abroad. These include the leadership of Network Development & Optmization activities for the Central Eastern Europe Division, the responsibility of the Private Segment in Unicredit Bank Russia and Head of Products, Marketing and Multichannel of Bank Austria.
frezza_2
Since March 2017 Michele De Capitani has been Chief Financial Officer of SACE. Previously he held roles of increasing responsibility in General Electric - in Italy and abroad -, he led the planning and control activities of FinecoGroup e Capitalia, and took on various roles in UniCredit Group, where he was responsible for planning and control in Germany, CEO of UniCredit Bank Ireland and, finally, Chief Financial Officer of UniCredit Bank Russia.
Michele-de-capitani
In SACE since 2018, he holds the position of Chief Large Corporate Underwriting Officer. Previously, he worked for eleven years at General Electric, where he held managerial positions in project financing, corporate strategy & business development, corporate finance and investment banking, until becoming Global Head of Government and Export Finance, managing General Electric’s dealings with export credit companies and international financial institutions. Previously, he worked at the Council of Europe Development Bank and at the European Commission. He performed much of his professional career abroad, including France, Switzerland, Russia, the United Kingdom and the United States.
Liguti

Simonetta Acri has been in SACE since 2003, where she has held various key positions, contributing to the development of new operational areas and giving a significant boost to the commercial network. Previously she worked at Regional Head Structured Trade & Export Finance for the Corporates & Investment Bank Division of Deutsche Bank, in charge of the Italian market and South Eastern Europe, and was head of the Trade Finance unit at Morgan Grenfell. She now holds the role of Chief Mid Market Officer.

Simonetta-Acri
Letterio Merlino has been with SACE since July 2017 with the title of Chief Risk Officer. Before joining the risk office of CDP in 2016, he held various responsible positions in some leading banking groups, with particular focus on risk management. He began his career at Banco di Sicilia and later moved to SanPaolo IMI and the UniCredit Group. He also worked at Accenture as a strategic consultant in the financial and banking field.
ERIO

In SACE since 2005, she is Chief International Officer of SACE. She has an extensive experience in Structured Finance and Export Credit and in the last 11 years she has steered the expansion of SACE’s Overseas Network.
Her responsibilities include all activities related to the Paris Club and she also manages SACE’s active participation within the OECD and the European Union, as well as the relationships with the peer group.
She has been elected Secretary General of the International Working Group (IWG). From 2014 to 2016 she was the elected Vice President of the Berne Union and she is currently Vice Chairman of the Board of Directors of African Trade Insurance Agency (ATI).
Prior to working at SACE, she spent 10 years at Medio Credito Centrale SpA (Head of Oil, Gas and Petrochemicals, Structured Finance) and 7 years with HSBC (London, Madrid, Milan).

Michal Ron
In SACE since 2009, Rodolfo Mancini currently holds the role of Chief Legal Officer of SACE. Previously, for fourteen years he was part of the management team of Mediocredito Centrale (Unicredit Group) as Head of the Legal Service, Compliance and Corporate Affairs. At the start of his career he worked in Italian and foreign legal offices, gaining significant experience in structured finance and in capital markets.
rodolfo-mancini
In SACE since 2003, she is currently Chief Istitutionals Relations Officer, after a long experience in the origination and structuring of export credit and internationalization transactions. In SACE, she held various responsibility roles in the business and commercial area. Previously she worked in the export finance sector of HVB, Royal Bank of Scotland and Mediocredito Centrale. Since 2019 she has been a member of the General Council of Assocamerestero.
Cristiana-Portale

Chief Economist of SACE, he has previously worked as an economist at the Confindustria Center of Studies and has collaborated with several Italian universities as part of master's programs by giving lectures on issues regarding international economics, Italian economics and country risk assessment.

He is a lecturer in Analysis of International Markets and Country Risk at the highly regarded School of Economics and International Relations of the Università Cattolica del Sacro Cuore and member of the Executive Council of the Business Economist Group. He graduated in Economics at the LUISS University of Rome, where he also worked as an assistant for Political Economy courses at the Faculty of Political Sciences.

Alessandro Terzulli
Since January 2018 he has been responsible for Internal Auditing and a member of the SACE Supervisory Body. For twelve years at Cassa Depositi e Prestiti, as Head of Audit Planning and Execution, he coordinated the audits in all the companies of the group. He was also responsible for the Internal Audit of CDP Immobiliare, CDP Investimenti SGR and SIMEST. Previously he had experience in internal control in Banca Intesa and Dexia Crediop and in auditing in the financial sector.
Giuseppe Palladino

In SACE since March 2019, he is currently Chief Communications Officer. After an important journalistic career, he worked - from 2000 to 2004 - on External Relations in Sicily for Cit Italia, before moving to Anas in 2007, of which he also became Head of Relations with National Media. He later joined Cassa Depositi e Prestiti where he held the position of Head of Reputation Management. At the beginning of 2018 he was called to Cir, the holding company of the Debenedetti's family, as Group Communication Director. He was also advisor in communication and institutional relations in the oil & gas, energy, infrastructure and energy markets sector. He also carries out teaching activities as Adjunct professor and speaker in various programs of high managerial training at LUISS Business School and Link Campus University.

Rodolfo_Belcastro
 
Alfonso scont ok
Since July 2011 Valerio Ranciaro has been General Manager of SACE SRV. He has long experience in the insurance sector and, before taking on his current role, had managerial roles in SACE in the Compensation and Recovery Service and was deputy manager of the Portfolio Management and Restructuring Division.
valerio-ranciaro
In SACE since 2005, Paolo Alfieri currently has the role of General Manager of SACE FCT. He gained experience in General Electric, first in the management and recovery of international receivables in GE Oil & GAS, and subsequently in GE Capital Finance as operations manager of the factoring company. Previously, besides a short period as risk manager of Banque PSA Finance, he collaborated as a consultant with the Capitalia Group in the group’s credit management and recovery company.
paolo-alfieri
In SACE since 1 April 2017 as Director General of SACE BT, Valerio Perinelli has twenty years’ experience in Euler Hermes, both in Italy and abroad. In the last two years he was Chief Executive Officer of Euler Hermes UK & Ireland, after being based in France for eight years as the head of the Commercial and Marketing division at global level of the World Agency, the Euler Hermes unit for multinational affairs and part of the Executive Committee of the company.
perinelli
Auditing firm Deloitte | Legal auditor Vittorio Frigerio

 

Office address

SACE S.p.A.

Registered office

Piazza Poli 37/42, 00187, Rome

Rome Companies Register, Tax Code and VAT no. 05804521002

Share capital: Euro 3,730,323,610.00 Company of Cassa Depositi e Prestiti (sole shareholder)

Key documents