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Financial & Banking
Credit Europe Bank Romania registered a net profit of 66.8 million lei in 2023
Monday, April 1, 2024
In 2023, Credit Europe Bank (România) S.A. kept fortifying its position in the local market. The bank made a net profit of 66.8 million lei in 2023, more than twice as much as in 2022, despite a modest reduction in assets. Additionally, the revenue from Credit Europe Bank Romania's credit card division, which has been instrumental in transforming the local banking industry through the years with CardAvantaj, amounted to 1.6 billion lei, a 13.5% increase ...
Patria Bank launches special package for women entrepreneurs
Monday, April 1, 2024
Patria Bank is launching a special package for women entrepreneurs, which includes a series of tailored financial benefits to support women-led businesses, according to a bank release.The initiative to launch the "Patria Package for Women Entrepreneurs" complements Patria Bank's approach and reaffirms the bank's commitment to promote and support entrepreneurship in Romania and, in particular, businesses run or owned by ...
Ford Otosan Romania obtains EUR 435 million loan from banking syndicate
Monday, April 1, 2024
Ford Otosan Romania, a subsidiary of Ford Otosan, has signed a seven-year credit agreement worth 435 million EUR with a banking syndicate led by Societe Generale and BRD, the bank said in a press release on Tuesday.The loan will help finance the next generation Ford Transit Courier and Ford Tourneo Courier, as well as the launch of the new Ford Puma, including all-electric versions of these models, at Ford's Otosan plant in southern Craiova."Our plant in ...
iBanFirst Forecast 2024: Romanian economy will grow by 2.7%, inflation will hover around 5% and RON/EUR cross will remain stable
Monday, March 25, 2024
In 2024, Romania's economy is expected to continue its growth trend, but at a more moderate pace. Public investment and private consumption are anticipated to drive a 2.7% GDP growth. Inflation will hover around 5% at the end of this year and will only get back to the central bank’s target of 4 % in ...
Gross insurance premiums of over 18 bln RON in 2023, increasing by more than 10%
Monday, March 25, 2024
The insurance market grew by more than 10% in 2023, and the volume of gross written premiums exceeded 18 billion RON, the president of the Financial Supervisory Authority (ASF) Alexandru Petrescu said on last Thursday at the conference "Economic Trends 2024", organized by the European Women's Association."The markets that we regulate at ASF are stable and stability is the word I care about the most in my mandate. We have gross written premiums on insurance of over 18 ...
180,000 investors were at Bucharest Stock Exchange at end-2023
Monday, March 25, 2024
About 180,000 investors were at the Bucharest Stock Exchange (BVB) at the end of last year, an increase of 50% compared to the previous year, 20% being investors in government bonds, and about 15,000 entered with the listing of Hidroelectrica, stated on Wednesday Cosmin Paunescu, head of the Prudential Supervision Service within the Financial Supervision Authority (ASF)."We ended 2023 with 180,000 investors, according to the Investor Compensation Fund, an impressive ...
CEC Bank reports 35% increase in assets in 2023, up to 83.5 billion RON
Monday, March 25, 2024
CEC Bank registered, last year, a 35% increase in net assets, up to 83.5 billion RON, and an estimated, unaudited net profit of 515.8 million RON, the bank informs in a press release."We laid the foundations of the financial group by acquiring the package of 99.993% of the share capital of the Rural Credit Guarantee Fund (FGCR), we maintained the pace of transformation and digitization and successfully issued a new package of bonds within the EMTN Multiannual Program. ...
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 ...
ROCA Industry benefits from the Issuer Market Maker services provided by BRK Financial Group starting with March 12
Monday, March 18, 2024
ROCA ...
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 ...