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Financial & Banking

Alpha Bank Romania has expanded its network of Gold Centres Personal Banking now encompassing a total of 30 locations

Monday, January 15, 2024

During 2023, Alpha Bank Romania continued the development of its Gold Personal Banking segment, increasing its geographical presence to 30 locations dedicated to premium customers. The Gold Personal Banking client portfolio has grown steadily over the last 3 years, on two important dimensions: in terms of number of clients and of value of personal assets managed by the bank, both of which recorded average annual increases of over ...

Alternative fund managers expect capital raising and fund launch surge in 2024

Monday, January 15, 2024

Alternative fund managers are forecasting a strong year for capital raising in 2024 at their firms and new fund launches across the industry as investors are increasingly looking to diversify, new research from Ocorian, a global market leader in alternative investment fund administration, shows.   Around 85% of private equity, venture capital and real estate fund managers questioned in Ocorian’s global study are ...

Voluntary pension system (Pillar III) reaches almost 1 billion euro

Monday, January 15, 2024

 The voluntary private pension system (Pillar III) attracted a record number of new clients in 2023 and is approaching 1 billion euro under management, reports the Association for Privately Administered Pensions in Romania (APAPR).The total number of voluntary pension system participants reached 710,000 at the end of 2023, on whose behalf the 10 voluntary pension funds manage net assets of RON 4.74 billion (EUR 953 million), up 31% from 2022 and ...

Aegon Pensii becomes Carpathia Pensii

Monday, January 15, 2024

Aegon Pensii transforms into Carpathia Pensii, marking a redefinition of the company’s identity and strategy. By adopting the name Carpathia Pensii, the company reaffirms its commitment to respond carefully and professionally to the dynamics of the local market.   “This rebranding is a promise to continue the best practices we have adopted since our ...

ING Bank Romania, 3rd quarter: over 1.8 million customers

Monday, January 15, 2024

ING Bank launched, in the third quarter of 2023, the 100% online loan for businesses with a turnover of up to 9 million lei, through the ING Business platform, with instant access to the received funds. The total number of customers (private individuals and legal entities) increased by more than 4% vs. previous year’s 3rd quarter, exceeding 1.8 million and total ...

Exim Banca Romaneasca partners with EIB to provide advantageous investment loans to SMEs

Monday, January 15, 2024

Exim Banca Romaneasca entered a financing agreement with the European Investment Bank (EIB) to provide SMEs and mid-cap businesses with advantageous loans for investment projects within a ceiling of 50 million euros, the bank said in a release.Applicant companies benefit from a reduced interest rate compared to the standard interest for an investment loan, and the lending period is correlated with the financed investment project.Funds can be ...

Financial intermediation loses ground in Romania on sluggish lending

Monday, January 15, 2024

The stock of non-government bank loans in Romania increased by 0.6% m/m and 5.4% y/y to RON 384.2 billion (EUR 77 billion) at the end of November.   The annual growth rate, dragged down by more cautious household borrowing and moderate corporate lending, remained inferior to consumer price inflation (+6.7% y/y in November) and to the 13% nominal advance estimated for Romania’s GDP in 2023 compared ...

Report: Romania shows slight improvement in economic sentiment indicator (ESI) in December 2023

Monday, January 15, 2024

Romania recorded a slight improvement in the economic sentiment indicator (ESI) in December 2023, according to ...

International reserves – December 2023

Monday, January 8, 2024

On 31 December 2023, the National Bank of Romania’s foreign exchange reserves stood at EUR 59,770 million, compared to EUR 58,894 million on 30 November 2023 and EUR 46,636 million on 31 December 2022.   During the month, the following flows were recorded: EUR 4,999 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; inflows into ...

Competition Council analysing First Bank take over by Intesa Sanpaolo Bank

Monday, January 8, 2024

 The Competition Council is analysing the transaction by which Intesa Sanpaolo S.p.A. intends to take over First Bank S.A, the competition authority announced on Friday.Intesa Sanpaolo S.p.A. is mainly active in the financial-banking sector, being the parent company of the Intesa Sanpaolo group. The Intesa Group is present in Romania through its Romanian subsidiary, Banca Comerciala Intesa Sanpaolo Romania S.A.First Bank S.A. is a credit institution active ...

Alpha Bank Romania introduces financial instruments of portfolio guarantees in partnership with the European Investment Fund

Monday, January 8, 2024

Continuing its strategy and mission to contribute significantly to supporting the local business environment, Alpha Bank Romania signed in December a partnership with the European Investment Fund (EIF) for the implementation of financial instruments such as portfolio guarantees.   The two guarantee products align with the financial instruments component of the PNRR and target the areas of sustainability and competitiveness, as ...

Reuters: Romania to lower net Eurobond issuance in 2024, plans green bonds

Monday, January 8, 2024

Romania's net eurobond issuance will fall to no more than 6 billion euros ($6.64 billion) in 2024 from 9.5 billion this year, and the country plans to continue front-loading both domestic and foreign borrowing pending market demand, the treasury chief said on Friday quoted by Reuters.   Debt managers expect Romania's gross funding needs to fall by roughly 11% to 181 billion lei ($40.23 billion) in 2024, driven by a lower ...

Ramona Livinti is the new CFO of NN Asigurari de Viata

Monday, January 8, 2024

NN Asigurari de Viata announces the appointment of Ramona Livinti (photo) as CFO. Ramona succeeds Gerke Witteveen who became CEO of NN Pensii SAFPAP S.A.   Ramona Livinti has extensive experience of over 16 years in the financial industry, both in core business as well as in audit and consulting. Throughout her career, she evolved in financial controlling roles in insurance and banking and joined NN Asigurari de Viata in 2020 as Controlling ...

Over 21 million cards active in Romania, at end-June 2023

Monday, January 8, 2024

The total number of active cards was, at the end of June 2023, 21,078,127 units, an increase of 442,781 cards, compared to the end of last year, shows the data centralized by the National Bank of Romania (BNR).Of these, 20,958,154 had a cash function, with 388,146 more compared to the end of December 2022.On the other hand, on June 30, 2022, the number of existing ATMs in Romania was 10,244, an increase of 104 compared to the end of last year, that of POS stands ...

EIB and BRD Sogelease IFN SA to support Romanian SMEs and Midcaps

Monday, January 8, 2024

·       Operation to support economic growth and create new opportunities for small businesses in Romanian ·       Out of the €50 million loan agreed, a €10 million envelope is earmarked for green investments   The European Investment Bank (EIB) and BRD Sogelease IFN SA have signed a ...

UNSAR: Extending capping of mandatory civil liability car insurance puts huge pressure on insurers

Monday, January 8, 2024

Extending the capping of the mandatory civil liability car insurance (RCA) puts huge pressure on insurers, increasing the risk of other players leaving a market that has only six companies authorized and regulated in Romania and another two operating under the European passport, say representatives of the National Association of Insurance and Reinsurance Companies in Romania (UNSAR).According to a press release issued by the organisation, any potential exit from the market ...

Banca Comerciala Romana lists new bond issue with the Bucharest Stock Exchange

Monday, January 8, 2024

BCR (Banca Comerciala Romana - Romanian Commercial Bank) is listing a new bond issue with the Bucharest Stock Exchange (BVB), thus raising to 8.8 billion RON the value of all its bond issues listed so far on the stock exchange, BVB informs in a press release."A new issue of bonds worth 1 billion RON, issued by Banca Comerciala Romana, one of the most important financial groups in Romania, entered trading today on the Bucharest Stock Exchange," the press release ...

BRD-SocGen distributes half of 2022 profit as dividends

Monday, January 8, 2024

The shareholder meeting at BRD SocGen (BVB: BRD), the third largest lender in Romania after Banca Transilvania and BCR, agreed on December 14 to distribute 50% of the retained earnings for 2022 in the form of dividends, according to a report published by the Bucharest Stock Exchange.   Based on the trading price of December 14, the dividend implies a yield of 5.23%. The dividend will be paid on January 26, 2024, or November 29, ...

BNR’s Press release: Financial Stability Report, December 2023

Monday, December 18, 2023

In its meeting of 8 December 2023, the National Bank of Romania (BNR) Board examined and approved the Financial Stability Report, December 2023.   The main systemic risks to financial stability have remained the same since the previous Report, yet global economic and geopolitical uncertainties have ...

Balance of payments and external debt – October 2023

Monday, December 18, 2023

According to the National Bank of Romania data, in January - October 2023p, the balance-of-payments current account posted a deficit of EUR 18,340 million, compared with EUR 22,971 million in the same year-ago ...

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