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Financial & Banking

Balance of payments and external debt – January 2024

Monday, March 25, 2024

In January 2024p, the balance-of-payments current account posted a deficit of EUR 1,358 million, compared with EUR 760 million in January 2023. The breakdown shows that the deficit on trade in goods declined by EUR 229 million, the surplus on services fell by EUR 351 million, the primary income deficit stood at EUR 376 million against a EUR 27 million surplus in the same year-ago period, while the secondary income surplus decreased by EUR 72 ...

Communication regarding the interest rate on interbank money market transactions of 20 March 2024

Monday, March 25, 2024

On 20 March 2024 there were no transactions on the interbank money market. Consequently, the daily index will not be calculated for that day and for the quarterly benchmark index only the days in which transactions took place will be taken into account.   The daily index on the interbank money market is calculated every business day as a volume-weighted mean of interest rates on interbank money market transactions. The quarterly ...

Deloitte Romania appoints Alin Chitu, tax professional with nearly 20 years’ experience, as Tax Partner

Monday, March 25, 2024

Deloitte Romania has recruited Alin Chitu for the position of Tax Partner, reporting to Vlad Boeriu, Tax and Legal Partner-in-Charge. With a vast expertise in fiscal advisory, built along almost two decades, Alin Chitu’s new role will be to contribute to the expansion of Deloitte Romania’s tax practice.   “I take this opportunity to publicly welcome back a very dear colleague, a seasoned ...

ING Together, digital solution for joint spending account destined for up to four people

Monday, March 25, 2024

ING Bank Romania announces the launch of the account for joint spending ING Together, dedicated to those who choose to manage their money together with other close people. The solution is available exclusively in the ING Home’Bank mobile app, from where the holders of current accounts in LEI can directly empower, with no trips to the bank, up to three other people on an already owned account or on a new account opened for this purpose.   “At ING ...

Prime Minister Ciolacu warns Romania may lose 500 million euros without European Commission agreement on taxation milestone in Recovery Plan

Monday, March 25, 2024

Prime Minister Ciolacu states that Romania risks losing 500 million euros if there is no agreement with the European Commission on milestone 206 of the National Recovery and Resilience Plan (NRRP) regarding the taxation of micro-enterprises. Prime Minister Marcel Ciolacu mentioned that there is an ongoing dialogue with representatives of the European Commission to find the best solutions, when asked about the fact that the EC considers the taxation of ...

2020-2023 bank loans to population & companies in Romania reach RON 461 billion

Monday, March 18, 2024

Last year, Romanian banks granted new loans to the population and companies in the amount of 140 billion lei, an increase of 10.41% compared to the volume of new loans accessed in 2022. The volume of new loans accessed by the population and companies, last year, represents the equivalent of 36% of the balance of non-governmental credit related to December 2023.   The balance of non-governmental ...

Adobe, Hidroelectrica and One United Properties shares dominate portfolios of investimental clients

Monday, March 18, 2024

The clients of Investimental, the newest broker on the Romanian capital market, showcase diversified investment preferences throughout their portfolios. As of July 2023 until the end of February 2024, Investimental clients have shown a strong preference for a mix of high-growth US tech stocks and stable, high-yield Romanian companies and government bonds.   “Since the launch, we have observed a ...

BVB to mark BET Patria-TradeVille exceeding RON 200 million in assets

Monday, March 18, 2024

  The Bucharest Stock Exchange (BVB) and Patria Asset Management is holding today a Ring the Bell edition to mark ETF BET Patria - TradeVille exceeding RON 200 mn in assets.With over 18,000 investors, ETF BET Patria - TradeVille, the first Exchange Traded Fund in Romania, generated a return of over 33% in 2023 alone.The event that will take place at the CCIB Business Centre Palace will be attended by Adrian Tanase - BVB CEO; Horia ...

WB: Liviu Voinea, Alternate Executive Director

Monday, March 18, 2024

Liviu Voinea, Ph.D., a Romanian national, has been Alternate Executive Director at the World Bank since March 1, 2024, https://www.worldbank.org/ informs. Prior to this, he was Senior Advisor for Romania to the Executive Director at the International Monetary Fund from August 2019 – August ...

C-suite optimistic for a year of transformation, but say more regulation and ethical considerations needed

Monday, March 18, 2024

Mazars, the international audit, tax and advisory firm, released its latest C-suite barometer: outlook 2024. Optimism and confidence ...

Marius Cara is the new representative of the EIB Group in Romania

Monday, March 18, 2024

The European Investment Bank (ElB) Group is announcing that Marius Cara will succeed Lara Tassan Zanin as resident ...

Alpha Bank Romania reports its net profit rose by 15%in 2023

Monday, March 18, 2024

Alpha Bank Romania, which is in the process of being taken over by Unicredit Romania to form the third-largest bank in the country, announced that its net profit rose by 15% y/y to nearly EUR 38mn in 2023.    The bank's total assets exceeded EUR 4.7bn at the end of 2023, 11% more compared to one year earlier.    At the end of last ...

EIB reports record financing for Romanian economy

Monday, March 11, 2024

The President of the European Investment Bank (EIB) Group Nadia Calviño met Romania’s political leadership today to discuss priorities for future financing, and growth-enhancing investment goals. Romania was among the top beneficiaries of EIB Group support in 2023 relative to the size of its economy. New financing committed last year reached a record high of €4.1 billion, which corresponds to around 1.3% of Romania’s gross domestic ...

ASF:Retail is the growth area with the best potential for Bucharest Stock Exchange

Monday, March 11, 2024

 Retail is the growth area with the best potential for the Bucharest Stock Exchange (BVB), said on Friday Chairman of the Financial Oversight Authority (ASF) Alexandru Petrescu at the initial float of Fidelis bonds on BVB."I feel a special affinity for BVB, and I am very happy to be with you. Even more so, Fidelis, is a government bond issue that I follow. I was involved at one point. It is the first edition of this year, out of a long 15 (...) ...

OTP Bank Romania posts net profit of 262 million RON in 2023

Monday, March 11, 2024

OTP Bank Romania recorded a consolidated net profit of 262 million RON in 2023, seven times higher than the amount of 2022.   Operating profit in 2023 reached RON 270 million, up 25 percent higher than in 2022, as a result of a 13 percent increase in total income, while net interest income grew by 4 percent y-o-y, and net fees and commissions increased by 8 percent, following an increase in card ...

Groupama, the leader of the insurance market in Romania, chooses SAP for digital transformation

Monday, March 11, 2024

Groupama, the insurance market leader in Romania, with a presence on the local market since 2009, has chosen SAP for its digital transformation and to improve the overall experience of its team. Groupama focuses on building partnerships based on trust, with the aim of helping customers enjoy every moment, wherever they are, knowing they have a partner they can count on.   Along with the focus on customers and partners, ...

Credit Europe Bank Romania To Be Absorbed By Parent

Monday, March 11, 2024

Credit Europe Bank Romania will be absorbed into the Dutch bank that holds the majority stake.   Credit Europe Bank (Romania) S.A. will be the absorbed company in the cross-border merger by absorption by Credit Europe Bank N.V., the absorbing company. Credit Europe Bank N.V. (CEB N.V.) is based in the Netherlands and is the majority shareholder of Credit Europe Romania, with 99.36% of the ...

This year first Fidelis government bonds debuted on the Bucharest Stock Exchange

Monday, March 11, 2024

The Ministry of Finance (MF) attracted RON 844mn and EUR 190mn through five issues of government bonds for retail investors (Fidelis), within the first offer held this year on the capital market. Blood donors bought Fidelis government bonds worth over RON 135mn, at an interest rate of 7% p.a. Through the 15 offers held since ...

Exhibition în Brussels: “The gold Treasure of the National Bank of Romania sent to Moscow and never returned – A claim older than a century”

Monday, March 11, 2024

On 5 March, the exhibition “The gold Treasure of the National Bank of Romania sent to Moscow and never returned – A claim older than a century” was opened at the European Parliament in Brussels. The exhibition runs for three days, showcasing written documents, historical and legal evidence as well as the commitments of the Russian and Romanian authorities concerning the 91.5 tonnes of fine gold sent to ...

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