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Financial & Banking

Revolut appoints Romanian tech expert to Group Board

Monday, December 4, 2023

Revolut, the financial global super app with over 35 million customers, has announced the appointment of Romanian-born Dan Teodosiu to the Board as a Non-Executive Director.   Dan has over 30 years of experience building and managing high-performing engineering and research teams, as well as scaling platforms and infrastructure that can support billions of customers. Dan held senior positions at Google in ...

Banca Transilvania receives investment grade credit rating from Moody's

Monday, December 4, 2023

Banca Transilvania has received an investment grade credit rating from Moody's, which rates BT as having robust capital, strong and resilient profitability and significant liquidity, according to a bank press release sent on last Monday.The stable outlook on BT's long-term ratings reflects Moody's expectation that financial performance, particularly capital and profitability, will remain strong despite a less favourable macroeconomic environment and if the ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 8 November 2023

Monday, November 27, 2023

  Publishing date: 20 November 2023   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; Florin ...

BNR: Monetary indicators - October 2023

Monday, November 27, 2023

According to the National Bank of Romania (BNR)  data, at end-October 2023, broad money (M3) amounted to RON 640,861.4 million, up 0.02 percent (-0.6 percent in real ...

Government approves higher budgets for several ministries

Monday, November 27, 2023

The government approved on Thursday higher budgets for several ministries from the Reserve Government Fund.   *** The Education Ministry budget will grow with 3.015 billion lei. Funds will ensure the payment of education personnel incomes, scholarships for students and pupils and will cover expenses for hostels and canteens subordinated to the Education Ministry. Also, the money additionally allocated ...

Gov't approves Tax Code amendments applicable as of Jan 1, 2024

Monday, November 27, 2023

 The government approved on last Thursday a draft act amending and supplementing the Tax Code, which transposes into national law certain provisions of the European Directive on the common VAT system, and which would apply from January 1, 2024."The provisions regarding the statement submission deadlines for the special regimes provided for at Art. 314, 315 and 315^2 of the Tax Code are clarified, as the last calendar day of each month is expressly ...

tbi bank survey: 70% of Romanians seek unrestricted personal needs loans

Monday, November 27, 2023

Over the previous year, Romanians have needed an easier and faster access to financing, and more money for their personal needs or to purchase the necessities for a more comfortable lifestyle due to increased costs, and personal needs loans seem to fit better in their plans. Almost 70% of Romanians would want this type of loan, and more than 60% would like a simpler and faster application process when accessing financing, according to a tbi bank survey among 1,057 ...

Maria Rousseva appointed CEO of BRD by Romania’s National Bank

Monday, November 27, 2023

The National Bank of Romania has approved the appointment of Maria Rousseva as the CEO of BRD for a term of 4 years, according to the Bucharest Stock Exchange. Maria Rousseva has been a Member of the BRD Management Committee and since 2022, she has served as the Deputy CEO Global Corporates BRD.   Rousseva has over 23 years of experience in the banking industry, including 18 years in management positions ...

BLIK payments to be available in Romania and Slovakia

Monday, November 27, 2023

Poland-based mobile payment system BLIK has partnered with DXC Technology to modernise its services and expand across Romania and ...

Romanian banks’ profits exceed EUR 2 bln, resulting in 21% ROE in Jan-Sept

Monday, November 27, 2023

Romania’s 32 banks achieved an aggregated net profit of RON 10.4 billion (nearly EUR 2.1 billion) in January-September 2023, which is 16% of their equity, resulting in an annualised return on equity (ROE) of 21.3%, far above the 16.4% posted in 2022 and 13.3% in 2021.   The annualised return on assets (ROA) was 1.9%, up from 1.5% in 2022 and 1.36% in ...

Governor Isarescu about the history of evacuated gold treasure deposited in Moscow in 1916-1917

Monday, November 27, 2023

The governor of the National Bank of Romania, Mugur Isarescu, stated on last Monday, at a specialized symposium , that Romania has a fully valid historical and legal claim over its gold deposit evacuated to Moscow in 1916-1917.   Joining the Allies in August 1916 within WWI, Romania soon faced an extremely challenging situation due to battles on two fronts in Transylvania and along the Danube. Therefore, ...

UniCredit and Intesa Sanpaolo expand in Romanian banking sector

Monday, November 27, 2023

Today, the Romanian banking landscape is undergoing significant changes with two major players, UniCredit SpA and Intesa Sanpaolo (OTC:ISNPY) SpA, ...

Gov't approves taking loan from IBRD for development policies on disaster risk management

Monday, November 20, 2023

 The Government approved on Thursday a memorandum on taking from the International Bank for Reconstruction and Development (IBRD) a loan for development policies regarding disaster risk management, with the option of postponing the drawing until a catastrophe occurs (CAT-DDO).According to a press release from the Executive, the memorandum proposes that the Ministry of Finance start the formalities for contracting this loan, with the option of postponing ...

Agreement with EBRD on assistance for implementation of projects financed from EU funds, updated by Gov't

Monday, November 20, 2023

The Government updated on Thursday, through a decision, some technical provisions of the Agreement between the Government of Romania and the European Bank for Reconstruction and Development (EBRD) on assistance for the implementation of projects financed from EU funds.According to a press release from the Government, it was decided to approve the Agreement between the Government of Romania and the EBRD regarding assistance for the implementation of projects ...

Gov't approves establishment of Investment and Development Bank

Monday, November 20, 2023

The Government approved on Thursday the articles of association of the Investment and Development Bank - S.A..According to a Government press release, Romania has committed itself through the National Recovery and Resilience Plan to operate the Investment and Development Bank, thus the act of incorporation of the Bank was approved by decision."The mission of the Investment and Development Bank - S.A. is to support strategic projects that cannot ...

FONDUL PROPRIETATEA FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2023

Monday, November 20, 2023

Fondul Proprietatea (hereinafter “The Fund”) published today its financial results for the nine months ended on 30 September 2023 and would like to share the following highlights:   During the third quarter of 2023, the Fund Manager managed to successfully list its holding in Hidroelectrica on the Bucharest Stock Exchange, the largest ever IPO in Romania. It also proceeded to ...

iBanFirst Forecast: How will the De-Euroization and the rise of the Chinese Yuan impact Romanian trade companies  

Monday, November 20, 2023

  The euro’s share in international payments fell from 38% to 23%, while the US dollar remains strong with a 42% share. This reflects the changes in Europe’s energy sector, reduced intra-European trade and the declining competitiveness of European companies.   The de-euroization trend may ...

Alpha Bank Romania launches Instant Payments

Monday, November 20, 2023

Alpha Bank Romania launches instant payments, through which customers – both individuals and legal entities – can send and receive money in a few seconds, at any time: 24 hours a day, 7 days a week, 365 days a year.   Through Alpha Bank Romania’s participation in the instant payment scheme made available by TRANSFOND, customers can receive or send money via online banking, in just a few seconds, to almost ...

Mandatory private pension funds reach assets of 117.18 billion RON in September

Monday, November 20, 2023

Mandatory private pension funds (Pillar II) had assets worth 117.18 billion RON, at the end of September, up 32.1% compared to the level recorded at the same date in 2022, according to the statistics of the Financial Supervisory Authority (ASF)."The investments of privately managed pension funds were made in a percentage of 93% in Romanian assets, most of them being denominated in RON (national currency). A large part of the Romanian instruments are ...

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