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Financial & Banking
Damage of 277 mln RON, accounting irregularities of 103 bn RON, 90 criminal referrals
Monday, September 9, 2024
The total value of the damage found following the audit missions carried out by the Court of Accounts in 2023 was 277 million RON, and that of the financial-accounting irregularities of 103.095 billion RON, with 90 criminal referrals being filed, informs a press release from the institution sent on Wednesday."The audit missions carried out by the Court of Accounts in 2023 identified a series of cases of non-compliance with legal regulations, ...
Sale of Hidroelectrica S.A assets worth 65 million euros
Monday, September 9, 2024
Infinexa Restructuring, a company specializing in the restructuring of companies in difficulty, has put up for sale a portfolio of assets worth over 65 million euros, belonging to Hidroconstructia S.A, the company announced on Wednesday.The sale of non-essential assets to the reorganization plan aimed at reducing the company's operating costs and allowing the repayment of amounts to creditors was approved at the most recent meeting of ...
Romania’s Stock Market Sees Major Growth, BET Nears Record High
Monday, September 9, 2024
Romania’s stock market is recording one of the biggest gains in Europe, and investors are optimistic about the continuation of the trend, as more companies are expected to list on the stock exchange, reports Bloomberg. The BET index had a return of almost 40%, in dollars, in the last 12 months, the fifth best performance among the more than 90 stock indices ...
EUR 500,000-plus redirected by Garanti BBVA towards WWF-Romania programs over past 14 years
Monday, September 9, 2024
Over the past 14 years, Garanti BBVA has financed environmental projects with more than EUR 500,000 through the partnership developed with WWF-Romania, the Bucharest-based bank said in a release on Monday, detailing that its cooperation with WWF-Romania began in 2010, with the launch of the WWF Bonus Card, which allowed cardholders to direct 0.3 percent of their purchases to WWF projects. Through this initiative, the bank contributed EUR 500,000-plus ...
Romania's factoring market reports 8 pct YoY growth in H1
Monday, September 9, 2024
Romania's factoring market increased approximately 8 percent in H1 2024 compared to the same period of 2023 to an overall EUR 4.33 billion, shows a market survey by the Romanian Factoring Association (ARF) ."In mid-2023, the factoring market stood at EUR 4 billion and reached EUR 8.3 billion at the end of 2023, up 10 percent compared to 2022. One of the explanations for this increase resides in the high level of trust of the companies that ...
BCR Romania Manufacturing PMI: Downturn Sustained Across The Romanian Goods- Producing Sector In August
Monday, September 9, 2024
Romania’s manufacturing economy contracted again in August, as firms continued to contend with weak demand conditions. Though there were sustained falls in output and new orders, the rates of decline eased. Purchasing activity was trimmed at the quickest rate on record. With that, cost pressures cooled slightly, but were nevertheless still elevated. Selling prices rose at the fastest pace since ...
Fondul Proprietatea posts RON 212.9 ml net profit for H1 2024
Monday, September 9, 2024
Fondul Proprietatea ended H1 2024 with a net profit of RON 212.9 million, compared to a loss of RON 680.3 million in the similar period of 2023, a company report informs."The Fund's liquid assets during H1 2024 included current accounts and bank term deposits. All instruments were denominated in RON, with maturities of up to one year. The most important cash inflows during H1 2024 were related to the proceeds from disposal of the entire stake in ...
ICI Bucharest backs BNR and ASF in preparing regulations for the digital market
Monday, September 9, 2024
The National Research-Development Institute in Computer Science (ICI Bucharest) backs the National Bank of Romania (BNR) and the Financial Supervision Authority (ASF) in developing a robust legislative frame and regulations about the digital assets market. According to a press release of the institution, the initiative is meant to ensure a safe environment for ...
Romania's adult financial inclusion rate advances to 71 pct
Monday, September 2, 2024
Romania's adult financial inclusion rate has advanced to 71 percent from 68 percent two years ago, reveals the market survey "The Romanians' perception of the banking system: lending and the Romanians' financial inclusion", conducted by the Romanian Institute for Evaluation and Strategy (IRES) and commissioned by the Romanian Banks Association (ARB).According to the survey, approximately 77 percent of men use banking products and services, ...
Atypical Summer In The Consumers- Banks Relationship
Monday, September 2, 2024
During the summer months, consumers sent 50% more requests to the Alternative Banking Dispute Resolution Center (CSALB) compared to the same period last year, and the number of negotiations between consumers and banks is 60% higher than in June, July, and August of 2023. For example, in the first week of August, consumers submitted 114 negotiation requests to banks, the second-highest weekly number this ...
Salt Bank draws 250,000 clients in first 100 days since launch
Monday, September 2, 2024
Salt Bank, Romania's first 100% digital neobank, has seen remarkable adoption, with over 250,000 users embracing its innovative and fully digital banking experience in the first 100 days since launching in the spring of 2024. Salt Bank aims to blend the financial stability of a traditional bank with the agility and user-centric approach of a fintech. "We aim to change the rules of the game ...
Revolut reports over four million retail customers in Romania
Monday, September 2, 2024
Revolut, the global fintech with over 45 million retail customers, has surpassed 4 million retail customers in Romania, its first market in the EU by number of active users and the second largest globally after the United Kingdom, the company reported on Monday.Over the last seven months, the bank processed an average of 103 million transactions for customers on the local market, with a third of them being card payments (33 million payments)With ...
Differences In The Investment Behavior Of Generations
Monday, September 2, 2024
* Millennials and Gen. Z prefer risky and non-traditional investments, while Gen. X and baby boomers are more cautious. Understanding how investor behavior changes over time is crucial, as it provides insights into potential shifts in the markets. It is estimated that over the next twenty years, approximately 72 trillion dollars in assets will be transferred in the United States alone from the ...
IBANFIRST ANALYSIS: Central banks are back in action. The Fed is preparing to cut interest rates
Monday, September 2, 2024
The Fed is expected to cut interest rates by 25 basis points in September, a measure considered enough to maintain economic stability in the United States. The European Central Bank will continue to cut interest rates by 25 basis points, although a more aggressive cut of 50 basis points would be more justified given the fragile economic situation in ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 7 August 2024
Monday, August 26, 2024
Publishing date: 20 August 2024 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicolaescu, Board member and Deputy Governor of the National Bank of Romania; Csaba Bálint, ...
NN paid over 575 million lei to insurance and private pensions clients in the first half of 2024
Monday, August 26, 2024
NN life, health, and home insurance clients and participants to the pension funds managed by NN benefited from over 575 million lei in the first half of 2024, up nearly 30% compared to the same period last year. This reflects the financial support people can rely on when they need their insurance, and the contribution private pensions have to the revenues needed to maintain their lifestyle at retirement. The strong performance across all business lines in the first ...
The highest claims paid by Omniasig in the first half of 2024 were for fires
Monday, August 26, 2024
Fires are the main cause for the highest claims paid in the first quarter by Omniasig Vienna Insurance Group,the highest claim paid being 19.5 million lei, according to a press release .This claim was offered, for Property, after a fire in a production warehouse and at the level of the equipment included. The second highest claim paid for property was of approximately 3.3million lei, paid followinga fire at an equipment for waste recycling. The third, ...
Alin Latu, Country Manager for iBanFirst Romania, expands role to oversee the fintech’s operations in Hungary
Monday, August 26, 2024
Alin Latu has seven years of expertise in the foreign exchange market and international payments. For the past three years, he served as Country Manager for iBanFirst Romania. The promotion comes after the successful results registered in Romania: increase of 100% of the business year-to-year and 565 companies onboarded as ...
Romanians' credit property purchases up 40 pct in H1 2024
Monday, August 26, 2024
The share of Romania's credit property purchases increased 40 percent in H1 2024 from the same period in 2023, shows a survey by real estate agency Re/Max Romania released on Tuesday.Among the factors that determined the increase in lending for home purchases were the reduction of bank interest rates and bank dedicated offers."The specific of H1 2024 was a more active approach by real estate buyers, reflected in a 5 percent increase in the volume ...
BRD Partners With The European Investment Fund (EIF) To Guarantee Loans To Finance Sustainable Projects
Monday, August 26, 2024
As part of its sustainability strategy, BRD Groupe Société Générale has entered into a new partnership agreement with the European Investment Fund (EIF), aimed at supporting Romanian companies in the ecological transition of their economic activity. The Sustainability Financial Instrument is a portfolio guarantee product (RRF Sustainability Portfolio), which subscribes to the ...