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Financial & Banking

BCR Launches A RON 1 Billion Senior Non-Preferred Bonds Issuance

Monday, December 18, 2023

Banca Comerciala Romana (BCR) successfully launches a new issue of non-preferred bonds, worth RON 1 billion. The issue consists of senior non-preferred bonds with a maturity of 6 years and will be listed on the Bucharest Stock Exchange. The issue received a long-term rating of BBB+ from Fitch and Baa2 from Moody’s.   The book building process showed a strong investors interest, hence in the first ...

Analysis: 65% Of Romanians Do Not Have Emergency Funds

Monday, December 18, 2023

If they were to run out of income, 65% of Romanians would not be able to cover their expenses for even a week. Almost half (46%) of the population do not make savings, and of those who do, 27% do not put money aside in an emergency fund, according to the results of the latest national study reflecting Romanians’ attitudes and habits in the financial field, made by KRUK Romania together with IRES in November this year. In contrast, 25% of Polish people say they ...

BVB's Hanga: We ended first 11 months very well

Monday, December 18, 2023

The Bucharest Stock Exchange (BVB) ended the first 11 months of this year very well, with the BET index up almost 26% compared to the beginning of the year, and a 3.3% advance in November alone, president of the Bucharest Stock Exchange Radu Hanga told a specialist event."From the perspective of the Stock Exchange, we ended the first 11 months very well, with the BET index up almost 26% compared to the beginning of the year and an advance of 3.3% in November ...

AGRO IFN Received Approval From The National Bank Of Romania

Monday, December 18, 2023

AGRO IFN SA, the financing instrument for the agricultural sector launched by ROCA Agri RDF, the agriculture holding within ROCA Investments, has received approval from the National Bank of Romania (BNR). In the first two weeks since becoming operational, AGRO IFN SA has already extended its initial loans to support businesses in the Romanian agricultural sector.   “Agriculture plays a crucial ...

The Ability Of The Population To Pay Their Bank Installments, Deteriorating

Monday, December 18, 2023

The ability of the population to pay their installments at the banks registered a slight deterioration, according to the Stability Report, published on Wednesday by the National Bank of Romania (BNR). “This evolution was manifested against the background of the increase in monthly rates as a result of the increase in interest only partially counterbalanced by salary ...

Fitch Reaffirms Garanti BBVA Romania Ratings

Monday, December 18, 2023

International Rating Agency Fitch Ratings has affirmed Garanti BBVA Romania’s (GBR) Long Term Issuer Default Rating at ‘BB-‘ with a stable outlook and its Viability Rating (VR) at ‘bb-‘.   For the second time within the past 12 months, the rating agency has reaffirmed these metrics, following its initial affirmation in December ...

Omniasig sells gross premiums of approximately 1.7 bn RON in Q3 2023

Monday, December 18, 2023

  Omniasig Vienna Insurance Group sold gross premiums of approximately 1.7 billion RON in the first three quarters of 2023, a value that represents an increase of approximately 10% compared to the same period in 2022, according to a company release.The total value of the compensations paid in this interval was approximately 840 million RON."The year 2023 proved to be an intense year, full of changes and unforeseen events, which ...

IMF Concludes 2023 Article IV Romania Consultation

Monday, December 11, 2023

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Romania, and considered and endorsed the staff appraisal without a meeting .   Romania has weathered the economic shocks from the pandemic, Russia's war in Ukraine, and the resulting surges in energy and food prices relatively well. Growth, at 4.7 percent, surprised on the upside in 2022 but slowed in the first half of 2023 to around 1.9 percent y/y ...

Fitch Affirms Romanian UniCredit Bank at 'BBB', with a Stable Outlook

Monday, December 11, 2023

 Fitch Ratings has affirmed UniCredit Bank S.A.'s (UCBRO) Long-Term Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook, and maintained the 'bb' Viability Rating (VR) on Rating Watch Positive (RWP), according to a press release of the financial evaluation institution.According to Fitch, UCBRO's IDRs and Shareholder Support Rating (SSR) reflect a high probability of support from the bank's majority owner, UniCredit S.p.A. (UC; BBB/Stable). The Stable Outlook on ...

Deloitte study: The share of multinationals expecting higher tax burden as a result of the OECD reform decreases to 34%, from 47% last year

Monday, December 11, 2023

  A third of companies worldwide (34%) anticipate a significant increase in their group’s global effective tax rate, as a result of the implementation of the two-pillar global tax reform coordinated by the Organization for Economic Co-operation and Development (OECD), down from 47% in 2022, according ...

CESEE Bank Lending Survey 2023: Credit supply tightens as banks eye expansion amid profitability concerns

Monday, December 11, 2023

The tightening of credit supply that began last year is not over, but the large supply-demand gap seen in previous periods is expected to diminish. A growing number of banks intend to selectively expand in the region, despite mentioning worsened profitability.   The European Investment Bank ...

Fitch confirms outlooks for Romanian BCR and BRD at BBB+, Stable Outlook

Monday, December 11, 2023

 Fitch Ratings has affirmed Banca Comerciala Romana S.A.'s (BCR) and Banca Romana de Dezvoltare's (BRD) Long-Term Issuer Defualt Rating (IDR) at 'BBB+' with a Stable Outlook.BCR's Long-Term IDR and Shareholder Support Rating (SSR) are driven by Fitch's view of a high likelihood of extraordinary support from its parent, Erste Group Bank AG (Erste; A/Stable), the same being the case with BRD's IDRs and Shareholder Support Rating (SSR), which reflect the potential support ...

Fitch Affirm Romanian Garanti Bank at 'BB-'; Outlook Stable

Monday, December 11, 2023

Fitch Ratings has affirmed Garanti Bank S.A.'s (GBR) Long Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook and its Viability Rating (VR) at 'bb-'. A full list of rating actions is below.   KEY RATING DRIVERS Business Profile Drives IDRs: GBR's IDRs are driven by its standalone strength, as reflected in its VR. The VR is constrained by Fitch's assessment of GBR's business profile (scored 'bb-'), reflecting the ...

XTB sets up interest on uninvested funds deposited in RON

Monday, December 11, 2023

XTB, the global fintech that offers an online investment platform also available as a mobile app, announces the expansion of its interest rate offer by adding RON on top of already available EUR and USD funds. With this decision, XTB becomes the first publicly listed investment company in Romania to offer interest on funds not invested in local currency.   As investors are looking for additional interest-based savings opportunities, XTB has recently ...

 Omnicredit named the best digital microfinancing platform in Central and Eastern Europe by the SME Banking Club   

Monday, December 11, 2023

Omnicredit, the first microfinancing, scoring, and factoring fintech platform in Romania, wins the “Best Digital Lending in CEE among FinTechs” award in “The Best Lending Digital Solution in the CEE region” category, awarded by the SME Banking Club association. The awards ceremony took place on the 29th of November in Krakow, Poland. In this category, 34 companies in countries such as Turkey, Poland, the Czech Republic, Bulgaria, and Slovakia, Omnicredit taking ...

Revolut introduces Trading Pro in Romania

Monday, December 11, 2023

Revolut, the financial super app with more than 35 million customers worldwide, and over 3 million customers in Romania, introduces Trading Pro — a powerful set of tools and insights for advanced traders designed to enhance their trading experience. The new subscription is provided by Revolut Securities Europe UAB and can be added on top of existing Revolut plans (except for Ultra plan which includes Trading Pro free of ...

Nicolae Ciuca, the President of the Senate, at FIS2023: There will not be any more fiscal changes in 2024

Monday, December 4, 2023

The President of the Senate, PNL leader Nicolae Ciuca declared on the first day of the Foreign Investors Summit 2023 event, organized by Business Review, that taxation will not change in 2024. Nicolae Ciuca stated that he had discussions in the coalition and there is a line over which The PNL cannot pass, and that he conveyed to Prime Minister Ciolacu and PSD leaders that “any intervention at the moment on taxation upsets absolutely everything and destroys the trust ...

EBRD grants EUR 14.5 million loan to Olt Water Company

Monday, December 4, 2023

The European Bank for Reconstruction and Development (EBRD) is supporting the improvement of access to water and wastewater services in Olt County by providing EUR 14.5 million to Olt Water Company SA, the county's water and wastewater service provider.According to a bank press release, the loan is granted together with co-investments from the European Union (EU) under the EU Operational Programme for Infrastructure for Romania.The loan to Olt ...

IFC grants loan of up to 50 million euros to UniCredit Leasing Corporation

Monday, December 4, 2023

  IFC grants a loan of up to 50 million euros to UniCredit Leasing Corporation (UCLC), a subsidiary of UniCredit Bank Romania and a member of UniCredit SpA, to expand the range of products dedicated to green energy and to increase competitiveness on the climate project financing market, according to a press release.The financing granted by IFC will allow UCLC, a leading company on the leasing market in Romania, to expand its offer for the ...

Uniqa companies report nine-month gross written premiums of 90.3 ml euros

Monday, December 4, 2023

Uniqa Romanian subsidiaries Uniqa Asigurari and Uniqa Asigurari de Viata posted for the first nine months of this year total gross written premiums of 90.3 million euros, up 9 percent year-over-year, the company announced on Tuesday.The nine-month pre-tax statutory profit recorded by both Uniqa companies is 6 million euros.As of the end of Q3 2023, Uniqa had by over 10 percent more customers compared to the year-ago period. Home insurance ...

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