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Financial & Banking

ING Bank gives EUR 150 M loan to Digi Group

Monday, July 1, 2024

ING Bank supported Digi Romania and Digi Communications, the parent company of the telecommunications operator, in arranging a credit facility worth 150 million euros, for a period of 3 years after the first use. The loan will be used to repay the group’s bonds, worth 450m euros, due in 2025.   The transaction was led by ING as Coordinator, Subscriber, Mandated Principal Arranger, Original Lender ...

Large state companies listed on stock exchange have cumulative capitalization of almost 110 billion RON

Monday, July 1, 2024

The large state companies listed on the Bucharest Stock Exchange (BVB) currently have a cumulative capitalization of almost 110 billion RON (rd 22 billion EUR), compared to 26 billion RON 10 years ago, BVB president Radu Hanga told Wednesday's event celebrating the tenth anniversary of Electrica's listing on the BVB."In the meantime, the listing of Hidroelectrica, among others, happened, but even beyond that, we see a fourfold increase in the capitalization ...

Insurance Brokerage Academy: 7 out of 10 companies in Romania were not insured at the end of 2023

Monday, July 1, 2024

Most companies in Romania, 7 out of 10 cases, risk severe damages or the closure of the activity, because they are not insured for their specific needs, shows the internal data of the Insurance Brokerage Academy, one of the main centers for education and training of specialists in the field of insurance. Among the most exposed companies by field of activity are those in production, retail, agriculture, construction or HoReCa, and many of these do not have insurance risk ...

The second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO), 18 June 2024

Monday, June 24, 2024

This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 18 June 2024.   During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) examining the regular analysis on the recalibration of the countercyclical capital buffer, (ii) complying ...

OTP Bank Romania utilizes FLOWX.AI for modern digital mortgage platform dedicated to brokers

Monday, June 24, 2024

OTP Bank Romania has launched a state-of-the-art mortgage lending platform based on the cutting-edge technology of FLOWX.AI. After only 10 weeks of development, the new platform optimizes the working experience for partner brokers, eliminates the need for face-to-face interaction at the branch, and significantly reduces the waiting time for bank clients.   The mortgage lending experience ...

National Bank of Romania approves acquisition of Porsche Bank by Dan Ostahie, Altex founder and CEO

Monday, June 24, 2024

  The National Bank of Romania (BNR) has approved the direct acquisition by Dan Ostahie, Altex founder and CEO (90.10%) and Real Estate SRL (9.89%) of a 100% stake in the share capital and voting rights of Porsche Bank Romania SA.According to the agreement between Porsche Bank AG and Dan Ostahie, the seller undertakes to transfer the ownership of the bank's shares and the buyer undertakes to take over the business on the basis of the balance ...

Raiffeisen Bank Launches MoonShotX

Monday, June 24, 2024

Raiffeisen Bank Romania announces the launch of MoonShotX – a unique project on the local market, supporting companies with a turnover between 5 million and 50 million euros (Mid-Corporate) to scale their businesses regionally.   “MoonShotX represents a strategic project for Raiffeisen Bank Romania, through which we support Mid-Corporate companies in Romania to reach a new level of development and ...

ARB's Neacsu: Banking system in Romania is healthy, very resilient

Monday, June 24, 2024

  The banking system in Romania is healthy, very resilient, and solvency is currently at 23%, Bogdan Neacsu, president of the Romanian Bankers Association (ARB), said on Monday at the 12th edition of the ZF Bankers Summit."I would not say that the banking system is shrinking, even if the economy is growing. I would say that it is growing and if we look at the banking assets in general we have a significant growth. Moreover, financial ...

Alior Bank Sells Portfolio Of Almost EUR 20 M To Romanian Bank Patria Bank

Monday, June 24, 2024

Polish bank Alior Bank S.A. (Alior Bank), through its branch in Romania, sold a portfolio of approximately 4,000 retail clients, to Romanian bank Patria Bank S.A. International law firm CMS has advised Alior Bank on this sale.   Founded in 2008 by an Italian Group, Alior Bank is the eighth largest banking group in Poland (in terms of assets). It is listed on the Warsaw Stock Exchange and is a component of ...

Commission clears acquisition of Alpha Bank Romania by UniCredit

Monday, June 17, 2024

The European Commission approved, under the EU Merger Regulation, the acquisition of sole control of Alpha Bank Romania S.A. of Romania by UniCredit S.p.A. of Italy.   The transaction relates primarily to various banking and financial services in Romania, such as retail and corporate banking, financial market services and other financial ...

Balance of payments and external debt – April 2024

Monday, June 17, 2024

According to the Central Bank data, in January – April 2024p, the balance-of-payments current account posted a deficit of EUR 6,576 million, compared with EUR 5,191 million in January – April 2023. The breakdown shows that the deficit on trade in goods widened by EUR 464 million, the surplus on services fell by EUR 651 million, the primary income deficit increased by EUR 791 million, while the secondary income surplus grew by EUR 521 ...

Romania wins Astra Asigurari bankruptcy case

Monday, June 17, 2024

The Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Romania in the Astra Asigurari bankruptcy case, the Finance Ministry (MF) informs in a press release."On 13 June, Romania received the decision of the Arbitral Tribunal of the International Centre for Settlement of Investment Disputes of the World Bank (ICSID), which awarded it the case in case number ARB/16/19, based on the Agreement on the ...

ASF okays revised form of draft law for amending Law on issuance of financial instruments

Monday, June 17, 2024

The Council of the Financial Supervisory Authority (ASF) approved the revised form of the draft law for the amendment and completion of Law no. 24/2017 regarding the issuance of financial instruments and market operations, according to a press release from the institution.This legislative initiative constitutes an important step in strengthening the capital market in Romania, aiming to provide protection and confidence to investors, to facilitate access to ...

Romanian banks working on new payment scheme, RoPay, to be available in July

Monday, June 17, 2024

Romanian banks are working with Transfond on a new payment scheme, RoPay, through which a beneficiary will be able to request money from a payer, Ionut Chiriac, chapter lead customer journey, Payments division, at ING Bank Romania, said on Tuesday."A scheme that is, if anything, more of an additional service on top of the instant payment scheme. It is called RoPay. This new scheme offers the possibility for a beneficiary, whether a merchant, an individual or ...

Finance Ministry considering three options for granting same deduction to minimum wage earners

Monday, June 17, 2024

The Ministry of Finance is considering three options for granting a RON 300 deduction to minimum wage earners so that all 1.8 million of them will get it, Finance Minister Marcel Bolos told a conference on Monday on the 30th anniversary of the National Union of Romania's Insurers and Reinsurers (UNSAR)."There are two cumulative conditions: earning the minimum wage and no more than RON 4,000 in gross wage. We are doing an analysis at the Ministry of Finance ...

Credit Europe Bank Romania to merge with parent company Credit Europe N.V

Monday, June 17, 2024

On the 7th of June the General Assembly of Shareholders of Credit Europe Bank (Romania) S.A. approved the intra-group cross-border merger. The cross-border merger is an extensive process that depends on several factors and is subject to approvals from the Romanian and Dutch regulators.   After the merger, Credit Europe Bank (Romania) S.A. will continue its activities in Romania as a branch office of ...

Public pension system ends previous year with deficit of over 2 billion RON

Monday, June 17, 2024

  The public pension system ended last year with a deficit of more than 2 billion RON, while revenues amounted to 109.8 billion RON and expenses to 111.9 billion RON, according to a draft law published by the Ministry of Finance.Revenues of the system for workplace accidents and occupational diseases amounted to 221.1 million RON.Thus, the total revenues of the state social insurance budget collected in 2023 amount to ...

Allianz Trade analysis: Romania’s inflation rate remains the highest in the region

Monday, June 10, 2024

In Central and Eastern European markets, inflation is expected to rise or remain above central bank target ranges until the end of 2024. The decline in the rate of consumer inflation in the EEC over the past year has been above expectations, mainly due to the sharp drop in food and energy prices, says an Allianz Trade analysis. However, recent April data show a pick-up in inflation in Poland (2.4% y/y, March 2.0%), Czech Republic (2.9% y/y, March 2.0%) and ...

Alpha Bank Romania, EIF enter partnership for advantageous lending to SMEs

Monday, June 10, 2024

Alpha Bank Romania has entered into a partnership with the European Investment Fund (EIF) under which small and medium-sized companies can take out loans under flexible and competitive conditions, supported by the guarantees and expertise of the EIF, according to a press release from the bank."Based on our partnership with the EIF, we can offer companies and start-ups credit facilities with significantly lower costs than those usually offered, accessing the ...

Revolut Joins Hands with BRCC: Bridging Trade between UK and Romania

Monday, June 10, 2024

  In 2023, the firm processed almost 74,000 transactions per hour for its Romanian retail customers. Revolut Bank UAB, licensed by the European Central Bank and regulated by the Bank of Lithuania, operates in 30 EU markets.   Revolut, the British fintech company, has joined ...

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