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Financial & Banking

The removal of tax incentives in the IT sector is exacerbating an already felt labor market crisis

Monday, October 2, 2023

2023 has been a challenging year for the IT sector, both globally and especially in Romania. On the one hand, significant layoffs in the early part of the year left many candidates searching for jobs in a market with increasingly high demands. On the other hand, the taxation of incomes over 10,000 lei gross, a measure expected to be implemented this autumn, puts pressure on recruitment and may lead employers to lean towards younger candidates who fall within the non-taxable ...

BCR study: Lack of an emergency fund is the main financial concern for 44% of Romanians

Monday, October 2, 2023

Banca Comerciala Romana (BCR) presents the data of a sociological study carried out together with the research company Cult Market Research, regarding the saving behaviors and financial challenges of Romanians. The conclusions show that, although Romanians are increasingly aware of the need for an emergency fund, less than half of full-time employees, aged between 30 and 45, manage to save money. Most of the time, the study reveals, the obstacles to saving are more of a ...

Romania transposes European legislation, including bank reporting for individuals with high income

Monday, October 2, 2023

Romanian banks have submitted, according to the National Bank of Romania (BNR) Order 4/2023, the first reporting of the income of individuals working in the financial sector whose total annual remuneration is at least 1 million euros, according to EY Romania representatives.According to the same source, the reporting is a transposition of the European Union Directive for individuals in the management of banks who have achieved in 2022 income above this ...

NN Pensii appoints new CEO

Monday, October 2, 2023

Gerke Witteveen is appointed CEO of NN Pensii SAFPAP S.A. starting 9 October 2023. Gerke takes over from Andreea Pipernea, who led NN Pensii SAFPAP S.A. for the past six years and who will pursue new professional and entrepreneurial opportunities outside NN.   Gerke has a valuable experience of almost 20 years in finance. In the last seven years, he was CFO of NN Asigurari de Viata and is a member of the ...

AON Romania organized an event on parametric insurance dedicated to Romanian farmers

Monday, October 2, 2023

AON Romania, one of the global leaders in the insurance brokerage market, organized a strategic debate with farmers on agricultural insurance on Thursday, September 21st. The dialogue was open and constructive, focusing on risk management in agriculture and the traditional or innovative solutions available in the insurance market.   Farmers face multiple risks, including cost control, technical and ...

FIC: New Fiscal Measures Package Puts Investments Under Question Mark

Monday, September 25, 2023

The Foreign Investors Council (FIC) warns on the recent proposals for tax changes, which not only substantially change the tax legislation and introduce a series of new taxes or increases, but also cancel the fundamental principle of the Code that granted a 6-month period needed for businesses to adjust to the new rules. For many of the new fiscal measures it is impossible to estimate the impact accurately; given the precarious situation of the budget and the economy, ...

CEC Bank launches a new product aimed at farmers

Monday, September 25, 2023

CEC Bank continues its support for Romanian agriculture by introducing a quick approval credit product designed specifically for cereal farmers. “Agriculture is a top priority for us. In 2022, CEC Bank was the largest player in the banking system under the government’s Rural Invest program, as well as the leading financier of APIA loans, with around 7,000 credits extended. Agricultural entrepreneurs have specific, seasonal needs, and ...

Revolut Looking For Fresh Talent In Romania

Monday, September 25, 2023

Revolut, the global financial app with more than 3 million retail customers in Romania, joins DevTalks 2023 in Cluj-Napoca and organises its first RevDev meeting in Bucharest, to engage with the local tech community and look for fresh talent.   During the two events, the digital bank expects to meet with the local tech community and to tell them more about ...

Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application

Monday, September 25, 2023

Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application.   In addition to the traditional installment system ...

The National Bank Of Romania And Alpha Bank Romania Organize The Exhibition “Two Sides Of The Same Coin. Means Of Transactions – Masterpieces Of Art”

Monday, September 25, 2023

  The National Bank of Romania and Alpha Bank Romania are organizing, from September 22 2023 to March 1 2024, the exhibition “Two sides of the same coin. Means of Transactions – Masterpieces of Art”, an event held to celebrate the 50th anniversary of the collection. It is the first time that the Alpha Bank Numismatic Collection, one of the most important ...

 GROSS DOMESTIC PRODUCTS IN Q2 2023 WAS, IN REAL TERMS, BY 0,9%1 HIGHER, AS COMPARED TO Q1 2023

Monday, September 18, 2023

• As against the same quarter of 2022, the Gross Domestic Product recorded an increase by 1.1% for the unadjusted series and 2,7% for the seasonally adjusted series; • In the first semester of 2023, as against the same period of the previous year, the Gross Domestic Product increased by 1.7 % for the unadjusted series and by 2,8% for the seasonally adjusted series; • ...

Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application

Monday, September 18, 2023

Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application.   In addition to the traditional installment system ...

MoneyGram expands its Romanian money transfer services with Arsis Trading SRL partnership

Monday, September 18, 2023

MoneyGram International, Inc., a global leader in the financial industry connecting communities worldwide, announces a new collaboration with Arsis Trading SRL, the largest independent telecommunications retailer in Romania, to extend access to both national and international money transfer options throughout the country.   Through this collaboration, anyone can send and receive money using MoneyGram services at Arsis ...

UniCredit Romania extends HQ building lease deal with Globalworth

Monday, September 18, 2023

UniCredit Bank Romania has extended the lease agreement with London-based real estate developer Globalworth for the UniCredit headquarters building in Bucharest for a period exceeding 2030, Globalworth said on Tuesday.   Globalworth acquired the building in 2014 for 43 million euro ($46.1 million), it said in a press release.   The building ...

2 years of iBanFirst in the CEE region: Romania is in the top 3 markets with the highest adoption rate of fintech services among companies  

Monday, September 18, 2023

 Romania is in the early majority phase, where more than 50% of SMEs now collaborate with fintechs for fast and cost-effective foreign exchange and international payment solutions. Over the last 7 years, the rise of fintechs offering access to international payments within the local market has translated to substantial savings for Romanian SMEs, amounting to €1 billion ...

Romania Taps International Markets For Funding as Higher Deficit Looms

Monday, September 18, 2023

According to BNN Bloomberg, Romania seeks to raise about €3 billion ($3.2 billion) on international markets, tapping foreign debt investors for a third time this year and exceeding its borrowing goal as the country is likely to need more funds to finance a bigger budget deficit.    The Balkan nation is expected to finalize the sale of euro-denominated bonds due 2028 at a final spread of 225 ...

Franklin Templeton believes that it is in the best position to continue as Fund Manager of Fondul Proprietatea and generate returns for all shareholders

Monday, September 18, 2023

  Franklin Templeton International Services S.À R.L. (“FTIS”), in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea ...

FinMin Bolos, about reconfirmation of ratingby Fitch: Strong signal that Romania is on the right track

Monday, September 11, 2023

 Fitch's decision to reconfirm Romania's sovereign rating and maintain the stable outlook is a strong signal that the country is on the right track and that we are viewed with confidence by investors and international partners, the Minister of Finance, Marcel Bolos wrote on his Facebook account on Saturday."Excellent news from Fitch Ratings: They have reconfirmed our stable outlook and country rating. The announcement comes as a recognition of our ...

The Competition Council Is Investigating A Possible Bank Cartel For Setting Loan Interest Rates

Monday, September 11, 2023

The representatives of the Competition Council carried out unannounced inspections at the headquarters of several commercial banks on Tuesday, suspecting that the financial institutions colluded with each other to set loan interest rates, official sources told Hotnews.   Also according to Profit.ro, the inspectors of the Competition Council descended, on Tuesday, on the offices of the commercial banks in ...

Tarfin aims to support Romanian agribusiness in the autumn season with a total financing amount of €10 million

Monday, September 11, 2023

Tarfin, the regional agri-fintech specializing in providing advanced and diverse solutions for the agricultural sector through its digital platform, announces strengthening its position in the local market. The company has enrolled over 200 retailers on its online platform in ...

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