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Financial & Banking
Bucharest Stock Exchange estimates for this year 15 financing rounds
Monday, February 27, 2023
The Bucharest Stock Exchange (BVB) could carry out 15 financing rounds this year, in February there will be the listing of an investment fund, a bond listing and a stock listing, BVB Business Development & Public Affairs specialist Stefan Musgociu said on Tuesday."Last year there were 42 financing rounds, more than half of the record recorded in 2021. In terms of value, we came close to 2021. The value of the financing rounds was 1.9 billion EUR, compared to 2 ...
OTP Bank Will Support Romanian Entrepreneurs In 2023 As Well, Through The IMM Invest Plus Program
Monday, February 27, 2023
The Bucharest Stock Exchange (BVB) could carry out 15 financing rounds this year, in February there will be the listing of an investment fund, a bond listing and a stock listing, BVB Business Development & Public Affairs specialist Stefan Musgociu said on Tuesday."Last year there were 42 financing rounds, more than half of the record recorded in 2021. In terms of value, we came close to 2021. The value of the financing rounds was 1.9 billion EUR, compared to 2 ...
Romania's capital market starts 2023 on 4pct increase, record number of investors
Monday, February 20, 2023
The Romanian capital market started 2023 with a series of significant rallies in the BET index reflecting the developments in the 20 most traded stocks and the BET-TR, which also includes dividends, according to a report by the Bucharest Stock Exchange (BVB)."The stocks floated on the Bucharest Stock Exchange (BVB) included in these indices closed the first month of 2023 on a 4% growth. The BET index closed the last trading session at 12,139 points, and the ...
Fitch confirms CEC Bank rating at “BB”with stable prospects
Monday, February 20, 2023
Fitch confirmed on Wednesday the long term rating of “BB” to the Romanian bank CEC Bank, with stable perspective, the viability rating of “bb” and the government support rating of “b”, a press release of the financial evaluation agency shows. The long term rating reflects the moderate business profile, the adequate capitalization, the liquidity profile and reasonable ...
CEC Bank lists its first two bonds on the Bucharest Stock Exchange with a total value of over 650 million RON
Monday, February 20, 2023
CEC Bank, the bank with the longest history in the financial-banking market in Romania, which started to operate in 1864, is listing today, 17 February, the first two bonds issued and denominated in RON and EUR, totalling over 650 million RON, on the Main Market of the ...
NN Insurance pays over 770 million RON to its clients in Romania in 2022
Monday, February 20, 2023
NN Insurance paid a total of over 770 million RON to insurance and private pension clients in Romania in 2022, supporting the increased need for protection and financial security in a difficult economic context, according to a company's release sent on Thursday..In the life and health insurance segment, NN Life Insurance recorded gross written premiums of approximately 970 million RON in 2022, up from 940 million RON the previous year, according to unaudited ...
Re/Max Romania collects commissions of over 13.5 million euros from transactions carried out in 2022
Monday, February 20, 2023
The value of commissions collected by the largest network of franchised offices in Romania exceeded 13.5 million euros in 2022, for a number of over 11,000 transactions, by 28 percent higher than in 2021, informs a press release sent by Re/Max Romania on Thursday.The company brokered approximately 11,000 transactions in 2022, with a cumulative value of over 420 million euros, and approximately 87 percent of the fee value came from sales/purchases and 13 ...
Revolut Money Report: Romanians on inflation in 2023
Monday, February 20, 2023
Revolut, a global financial super app used by over 25 million customers worldwide, asked 6,000 people in 6 countries about the impact of inflation and high prices on their financial plans in 2023. 1,000 people answered the questions in Romania. After 10 months of double-digit inflation, have Romanians come to terms with increasing prices? Do they cut expenses or ask for a pay raise? How do they protect their ...
Study: Romanian Companies Are Concerned About Economic Slowdown, Unemployment And High Inflation
Monday, February 20, 2023
Romanian companies are concerned about the slowdown in economic growth, the expected increase in unemployment and high inflation, according to the Deloitte 2023 Romania CFO ...
EasyBill integrated SmartPay, the first local online account-to-account payment service authorized by the BNR
Monday, February 20, 2023
SmartPay is the first local online account-to-account payment service authorized by the National Bank of Romania(BNR). The Smart ...
Eurohold moves to protect interests of shareholders, creditors
Monday, February 20, 2023
Eurohold Bulgaria said on Monday it has taken all possible operational and legal measures to protect the interests of shareholders, creditors and investors following what it describes as "a coordinated attack by employees of the insurance supervisory authority in Romania" against the local unit of its insurance arm Euroins. "Along with in-house experts, the company has engaged a solid team of external consultants with ...
BNR Board decisions on monetary policy
Monday, February 13, 2023
In its meeting of 9 February 2023, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; to ...
Analyst:Romanian insurance industry struggling to reach penetration rate comparable to the West
Monday, February 13, 2023
Economist Mircea Cosea says that in a country like Romania, reaching an insurance penetration rate comparable to that of Western countries will always be very difficult.Speaking at the Quo Vadis 2023! conference on 'Life Insurance: Stimulus for Economy, Support for Consumers in Times of Crisis', an event organized by the Foundation of the Financial Studies Institute and DC Media Group, Cosea said: "Romanians have a different economic behavior, and excluding ...
BRD GSG Group, net profit slightly up, to approx. 1.34 billion RON, in 2022
Monday, February 13, 2023
The BRD Group obtained a net profit of approximately 1.34 billion RON in 2022, a slight increase compared to the result in 2021, when it reported almost 1.32 billion RON, while the bank's profit rose to 1.29 billion RON, according to the consolidated and individual financial statements as of December 31, 2022, submitted to the Bucharest Stock Exchange on Wednesday.Return on own equity was 16%.The annual revenues of the BRD Group reached 3.46 ...
Loan guarantees for SMEs worth 163 million RON in 20 years, 45pct between 2020-2022
Monday, February 13, 2023
The National Credit Guarantee Fund for Small and Medium-Sized Enterprises (FNGCIMM) provided guarantees worth 163 million RON in 20 years of activity, of which 45pct between 2020-2022, Director General of the Fund Dumitru Nancu told a relevant conference on Tuesday."As of 2020, the National Credit Guarantee Fund was basically the main support for crediting the real economy. I want to tell you that from 2002, when the Fund was established, until now, 461,817 ...
CEC Bank raises over 119 ml euros through a new international bond issue
Monday, February 13, 2023
CEC Bank raised on February 7 over 119 million euros (more than 587 million RON) through a new international placement of MREL-eligible bonds, which brings to 1.2 billion RON the total funding raised from capital markets through the three MREL-eligible bond tranches, the bank informs in a statement."We are proud that CEC Bank is attractive to institutional investors, all the more so as the market context is difficult and marked by uncertainties both from a ...
Romanian economy: lowest degree of financial intermediation, yet highest lending rate
Monday, February 13, 2023
The way of financing the domestic economy is characterized by some seemingly paradoxical behaviors, Romania having the lowest degree of financial intermediation, but also the highest growth rate of lending, said on Tuesday, Florian Neagu, deputy director within the Directorate Financial Stability of the National Bank of Romania (BNR)."On the one hand, we have the lowest degree of financial intermediation in the European Union, i.e. the share of bank credit ...
Mugur Isarescu, NBR Governor: Speech on the occasion of 50 years since Romania joined the International Monetary Fund and the World Bank
Monday, February 6, 2023
Distinguished audience, In December 1972, Romania joined the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund (IMF). At that time, Romania was the first – and remained until 1989- the only country from the Treaty of Warsaw and COMECON (Council for Mutual Economic Assistance) that had entered the circuit of international financial ...
BNR: International reserves – January 2023
Monday, February 6, 2023
On 31 January 2023, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 50,202 million, compared to EUR 46,636 million on 31 December 2022. During the month, the following flows were recorded: EUR 4,754 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves ...
The 2022 budget deficit below target
Monday, February 6, 2023
Romania ended 2022 with 5.68% of GDP, which is below the estimate included in the latest budget revision and one percentage point less than the recorded amount in 2021, euractiv.com reads. In November, the government estimated the budget deficit for the whole of 2022 at 5.74% of GDP, which was down one percentage point from the gap recorded in ...