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Financial & Banking
OTP Bank Romania becomes Banca Transilvania on February 28, 2025
Monday, December 23, 2024
Banca Transilvania’s shareholders approved BT’s merger with OTP Bank Romania at today’s Extraordinary General Meeting of Shareholders.The integration of OTP Bank Romania into Banca Transilvania started in August 2024 and ends on February 28, 2025, through the merger of the two banks. Banca Transilvania and OTP Bank Romania will operate independently until the merger and will continue to ensure a smooth transition for OTP Bank Romania ...
Transilvania Bank issues over 320,000 cards for OTP Bank Romania clients
Monday, December 23, 2024
Transilvania Bank (BT) has started the distribution of over 320,000 cards for OTP Bank Romania customers, which they can use from March 3, 2025, considering that the merger between the two banks, recently announced, will be taking place on February 28, 2025, according to a bank's press release.According to the quoted source, private customers will be the first to receive the cards, starting in December 2024. The distribution of cards for private individuals began in ...
Neobanking: Over 330,000 clients and RON 3 million in cashback for Salt Bank in 2024
Monday, December 23, 2024
In just 8 months since its launch, Salt Bank, the first Romanian neobank, has enrolled over 330,000 urban, educated, and responsible clients. More than half of them (53%) come from major cities in Romania, such as Bucharest, Cluj, Timisoara, Iasi, Constanta or Brasov. Nearly 3 in 10 have a household income exceeding 15,000 lei and primarily use Salt Bank for payments at supermarkets, restaurants or travel. Thus, 74% of Salt Bank clients hold higher education ...
Institute of Financial Studies has a new branch in Chisinau
Monday, December 23, 2024
The Institute of Financial Studies (ISF), founded by the Financial Supervisory Authority (ASF), has a branch in Chisinau for the evaluation and professional training of specialists in the financial market in the Republic of Moldova, ASF informs through a press release.According to the same source, the headquarters of the branch in Chisinau is located within the Academy of Economic Studies of Moldova, which aims to consolidate the framework for the evaluation and ...
Signal Iduna Gains Approval to Explore RCA Market Entry in 2025
Monday, December 23, 2024
SIGNAL IDUNA has initiated the process of evaluating the existing opportunities in the motor third-party liability insurance (RCA) market in Romania, taking into account the current dynamics of this sector. The current market context, along with the trends of consolidation and transformation, provides a favorable framework for analyzing the expansion of the company’s portfolio. In recent years, the RCA market in Romania has undergone a series ...
BNR: Balance of payments and external debt – October 2024
Monday, December 16, 2024
In January – October 2024p, the balance-of-payments current account posted a deficit of EUR 24,210 million, compared with EUR 18,453 million in the same year-ago period, te Central. The breakdown shows that the deficit on trade in goods widened by EUR 3,706 million, the surplus on services fell by EUR 1,690 million, the primary income deficit increased by EUR 793 million, while the secondary income surplus grew by EUR 432 ...
EBRD provides guarantee on €40 million loan to Omnia Romania
Monday, December 16, 2024
EBRD shares exposure on €40 million Banca Transilvania loan Beneficiary of loan is cornstarch producer Omnia Europe SA Loan will finance extension of Omnia factory for new waxy starch ...
FinMin Bolos agrees with EC representatives on capitalization of Eximbak and CEC Bank
Monday, December 16, 2024
Two important topics were agreed on with the representatives of the European Commission, namely the final details for the approval of the aid scheme for the decarbonisation of industrial production processes and the capitalization of EximBank and CEC Bank, the Minister of Finance Marcel Bolos announced on Wednesday evening."Two important topics, agreed upon with the representatives of the European Commission. 1. The revitalization of the Romanian ...
Patria Credit Secures EUInvest Deal with EIF for 290M Lei Funding
Monday, December 16, 2024
Patria Credit IFN SA, a non-banking financial institution part of Patria Bank Group, announces the signing of a new guarantee agreement with the European Investment Fund (EIF), through the EUInvest program, for the granting of an additional ceiling of 290 million lei, raising the total value of the ceiling to 495 million lei. The additional value will ensure financing of small businesses worth over 362.5 million ...
Bucharest Stock Exchange is exploring options for establishing a Stock Exchange in Chisinau
Monday, December 16, 2024
The Bucharest Stock Exchange (BVB) is exploring options for creating a Stock Exchange in Chisinau, together with the Moldovan state and other partners from the Republic of Moldova. The vast experience that the Bucharest Stock Exchange has accumulated during its 30 years of existence will allow it to use its knowledge to lay the foundations of a modern stock exchange in the Republic of Moldova, to build a robust capital market in the neighboring country and, at the same time, ...
BCR Seed Starter announces its first investment: EUR 500,000 in FieldOS
Monday, December 16, 2024
BCR Seed Starter, the first corporate venture capital (CVC) company established by a bank in Romania, announces its first investment of EUR 500,000 in FieldOS, an innovative platform in the Field Services Management (FSM)/Computerized Maintenance Management Software (CMMS) vertical. FieldOS was founded in 2021 by Cristian Dragomir and Ion Gavrilescu and serves as a digital one-stop shop for ...
Garanti BBVA Leasing secures EUR 20 M loan from BSTDB to support Romanian SMEs
Monday, December 16, 2024
Garanti BBVA Leasing, part of Garanti BBVA Group Romania, is reinforcing its commitment to supporting small and medium-sized enterprises (SMEs) in Romania, by securing a EUR 20 million loan, from the Black Sea Trade and Development Bank (BSTDB). The funding will enable companies to invest in essential capital assets, expand their operations, and enhance their competitiveness in local and international ...
Central Eastern South Eastern Europe Banks report positive trends in credit demand and supply
Monday, December 16, 2024
After a challenging period marked by tight credit conditions, banks in Central Eastern and South-Eastern Europe (CESEE) are reporting increased willingness to lend together with a stronger credit demand from both households and businesses. However, expectations for the upcoming months indicate a slightly more cautious outlook, reflecting broader economic ...
Bucharest Stock Exchange launches revised corporate governance code for Romanian market with EBRD support
Monday, December 16, 2024
The revised corporate governance code for the Romanian market is published today by the Bucharest Stock ...
Freedom24 stock market predictions for 2025: Top-performing sectors and key driving trends
Monday, December 16, 2024
As 2024 comes to an end, investors are evaluating the stock market’s trajectory and planning their priorities for the year ahead. In response, Freedom24, the innovative trading platform connecting investors to the world’s leading stock exchanges, has released its Stock Market Outlook for 2025. This comprehensive report aims to equip Romanian investors with the insights needed to make strategic decisions in an ever-evolving ...
Government: Fiscal-budgetary measures regarding RO e-Factura and RO e-TVA, profit tax, income tax, excise duties
Monday, December 9, 2024
The government approved, by emergency ordinance, fiscal-budgetary measures related to the IT systems RO e-Invoice and RO e-TVA, as well as to the profit and income tax, VAT and excises.According to a press release from the Executive, the measures included in the normative act are aimed at "improving the functioning of the IT systems RO e-Invoice and RO e-TVA, thus responding to the requests of the business environment".Among ...
Over half of Romanian bank interactions on new product purchases are through digital channels
Monday, December 9, 2024
There are now 48% fewer bank branches in Romania compared to 2008 57% of Romanian consumers buy banking products online, nearly double that of 2020 (30%) Leading consultancy ...
BRD Groupe Societe Generale, declared Bank of the year in Romania, in 2024 by “The Banker”
Monday, December 9, 2024
BRD Groupe Societe Generale was declared “Bank of the year in Romania” in London, on Wednesday, for the second year on a row, by the British magazine “The Banker”, belonging to the “Financial Times”group, the bank informed on Thursday, in a press release. According to the bank, the prize reflects the international recognition of ...
BT Leasing and OTP Leasing have merged
Monday, December 9, 2024
Banca Transilvania Group announces the first merger among the subsidiaries acquired this year from OTP Group, between BT Leasing and OTP Leasing, according to a press release."In addition to the organic growth, which is above the market average, the merger with OTP Leasing contributes to the strengthening of BT Leasing's position in the market, the expansion of its customer base and the diversification of its alternative financing offer. BT ...
Dennis Rijksen succeeds Marian Ion as head of ING Hubs Romania, starting 1 January 2025
Monday, December 9, 2024
ING Hubs Romania announces leadership change: Dennis Rijksen (photo left) becomes the new head of ING Hubs Romania, effective 1 January 2025, succeeding Marian Ion (photo right). Dennis Rijksen joined ING Group in 2015 within Wholesale Banking Lending and has rapidly advanced through several high-level global roles. His career highlights include serving as Chief Data Officer in ...