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Financial & Banking
Nicolae Ciuca, the President of the Senate, at FIS2023: There will not be any more fiscal changes in 2024
Monday, December 4, 2023
The President of the Senate, PNL leader Nicolae Ciuca declared on the first day of the Foreign Investors Summit 2023 event, organized by Business Review, that taxation will not change in 2024. Nicolae Ciuca stated that he had discussions in the coalition and there is a line over which The PNL cannot pass, and that he conveyed to Prime Minister Ciolacu and PSD leaders that “any intervention at the moment on taxation upsets absolutely everything and destroys the trust ...
EBRD grants EUR 14.5 million loan to Olt Water Company
Monday, December 4, 2023
The European Bank for Reconstruction and Development (EBRD) is supporting the improvement of access to water and wastewater services in Olt County by providing EUR 14.5 million to Olt Water Company SA, the county's water and wastewater service provider.According to a bank press release, the loan is granted together with co-investments from the European Union (EU) under the EU Operational Programme for Infrastructure for Romania.The loan to Olt ...
IFC grants loan of up to 50 million euros to UniCredit Leasing Corporation
Monday, December 4, 2023
IFC grants a loan of up to 50 million euros to UniCredit Leasing Corporation (UCLC), a subsidiary of UniCredit Bank Romania and a member of UniCredit SpA, to expand the range of products dedicated to green energy and to increase competitiveness on the climate project financing market, according to a press release.The financing granted by IFC will allow UCLC, a leading company on the leasing market in Romania, to expand its offer for the ...
Uniqa companies report nine-month gross written premiums of 90.3 ml euros
Monday, December 4, 2023
Uniqa Romanian subsidiaries Uniqa Asigurari and Uniqa Asigurari de Viata posted for the first nine months of this year total gross written premiums of 90.3 million euros, up 9 percent year-over-year, the company announced on Tuesday.The nine-month pre-tax statutory profit recorded by both Uniqa companies is 6 million euros.As of the end of Q3 2023, Uniqa had by over 10 percent more customers compared to the year-ago period. Home insurance ...
Revolut appoints Romanian tech expert to Group Board
Monday, December 4, 2023
Revolut, the financial global super app with over 35 million customers, has announced the appointment of Romanian-born Dan Teodosiu to the Board as a Non-Executive Director. Dan has over 30 years of experience building and managing high-performing engineering and research teams, as well as scaling platforms and infrastructure that can support billions of customers. Dan held senior positions at Google in ...
Banca Transilvania receives investment grade credit rating from Moody's
Monday, December 4, 2023
Banca Transilvania has received an investment grade credit rating from Moody's, which rates BT as having robust capital, strong and resilient profitability and significant liquidity, according to a bank press release sent on last Monday.The stable outlook on BT's long-term ratings reflects Moody's expectation that financial performance, particularly capital and profitability, will remain strong despite a less favourable macroeconomic environment and if the ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 8 November 2023
Monday, November 27, 2023
Publishing date: 20 November 2023 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Florin ...
BNR: Monetary indicators - October 2023
Monday, November 27, 2023
According to the National Bank of Romania (BNR) data, at end-October 2023, broad money (M3) amounted to RON 640,861.4 million, up 0.02 percent (-0.6 percent in real ...
Government approves higher budgets for several ministries
Monday, November 27, 2023
The government approved on Thursday higher budgets for several ministries from the Reserve Government Fund. *** The Education Ministry budget will grow with 3.015 billion lei. Funds will ensure the payment of education personnel incomes, scholarships for students and pupils and will cover expenses for hostels and canteens subordinated to the Education Ministry. Also, the money additionally allocated ...
Gov't approves Tax Code amendments applicable as of Jan 1, 2024
Monday, November 27, 2023
The government approved on last Thursday a draft act amending and supplementing the Tax Code, which transposes into national law certain provisions of the European Directive on the common VAT system, and which would apply from January 1, 2024."The provisions regarding the statement submission deadlines for the special regimes provided for at Art. 314, 315 and 315^2 of the Tax Code are clarified, as the last calendar day of each month is expressly ...
tbi bank survey: 70% of Romanians seek unrestricted personal needs loans
Monday, November 27, 2023
Over the previous year, Romanians have needed an easier and faster access to financing, and more money for their personal needs or to purchase the necessities for a more comfortable lifestyle due to increased costs, and personal needs loans seem to fit better in their plans. Almost 70% of Romanians would want this type of loan, and more than 60% would like a simpler and faster application process when accessing financing, according to a tbi bank survey among 1,057 ...
Maria Rousseva appointed CEO of BRD by Romania’s National Bank
Monday, November 27, 2023
The National Bank of Romania has approved the appointment of Maria Rousseva as the CEO of BRD for a term of 4 years, according to the Bucharest Stock Exchange. Maria Rousseva has been a Member of the BRD Management Committee and since 2022, she has served as the Deputy CEO Global Corporates BRD. Rousseva has over 23 years of experience in the banking industry, including 18 years in management positions ...
BLIK payments to be available in Romania and Slovakia
Monday, November 27, 2023
Poland-based mobile payment system BLIK has partnered with DXC Technology to modernise its services and expand across Romania and ...
Romanian banks’ profits exceed EUR 2 bln, resulting in 21% ROE in Jan-Sept
Monday, November 27, 2023
Romania’s 32 banks achieved an aggregated net profit of RON 10.4 billion (nearly EUR 2.1 billion) in January-September 2023, which is 16% of their equity, resulting in an annualised return on equity (ROE) of 21.3%, far above the 16.4% posted in 2022 and 13.3% in 2021. The annualised return on assets (ROA) was 1.9%, up from 1.5% in 2022 and 1.36% in ...
BCR Seed Starter: Romanian Bank Launches First Corporate VC, Commits EUR 5M For Local Tech Startups
Monday, November 27, 2023
Banca Comerciala ...
Governor Isarescu about the history of evacuated gold treasure deposited in Moscow in 1916-1917
Monday, November 27, 2023
The governor of the National Bank of Romania, Mugur Isarescu, stated on last Monday, at a specialized symposium , that Romania has a fully valid historical and legal claim over its gold deposit evacuated to Moscow in 1916-1917. Joining the Allies in August 1916 within WWI, Romania soon faced an extremely challenging situation due to battles on two fronts in Transylvania and along the Danube. Therefore, ...
UniCredit and Intesa Sanpaolo expand in Romanian banking sector
Monday, November 27, 2023
Today, the Romanian banking landscape is undergoing significant changes with two major players, UniCredit SpA and Intesa Sanpaolo (OTC:ISNPY) SpA, ...
Gov't approves taking loan from IBRD for development policies on disaster risk management
Monday, November 20, 2023
The Government approved on Thursday a memorandum on taking from the International Bank for Reconstruction and Development (IBRD) a loan for development policies regarding disaster risk management, with the option of postponing the drawing until a catastrophe occurs (CAT-DDO).According to a press release from the Executive, the memorandum proposes that the Ministry of Finance start the formalities for contracting this loan, with the option of postponing ...
Agreement with EBRD on assistance for implementation of projects financed from EU funds, updated by Gov't
Monday, November 20, 2023
The Government updated on Thursday, through a decision, some technical provisions of the Agreement between the Government of Romania and the European Bank for Reconstruction and Development (EBRD) on assistance for the implementation of projects financed from EU funds.According to a press release from the Government, it was decided to approve the Agreement between the Government of Romania and the EBRD regarding assistance for the implementation of projects ...
Gov't approves establishment of Investment and Development Bank
Monday, November 20, 2023
The Government approved on Thursday the articles of association of the Investment and Development Bank - S.A..According to a Government press release, Romania has committed itself through the National Recovery and Resilience Plan to operate the Investment and Development Bank, thus the act of incorporation of the Bank was approved by decision."The mission of the Investment and Development Bank - S.A. is to support strategic projects that cannot ...