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Financial & Banking
Minutes of the monetary policy meeting of the National Bank of Romania Board on 9 November 2021
Monday, November 22, 2021
19 November 2021 The National Bank of Romania (BNR Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and ...
BNR: Balance of payments and external debt – September 2021
Monday, November 22, 2021
In January - September 2021p, the balance-of-payments current account posted a deficit of EUR 11,500 million, compared with EUR 7,836 million in the same year-ago period, the National Bank of Romania informs. The breakdown shows that the deficits on trade in goods and on primary income widened by EUR 2,719 million and EUR 145 million, respectively; the surplus on services and that on secondary income decreased by EUR 418 million and EUR 382 million, ...
EBRD backs sustainability-linked bond issued by Romania’s mobility firm Autonom
Monday, November 22, 2021
EBRD invests €10 million in Romania’s first sustainability-linked bond: Car leasing and rental firm Autonom is raising finance for environmentally friendly growth By 2025, the company plans to cut operating fleet’s carbon emissions by 25 per ...
London Stock Exchange Romania to recruit 100 specialists for Bucharest center
Monday, November 22, 2021
London Stock Exchange Group Romania (LSEG) is announcing the expansion of the local team with 100 new specialists for a variety of data-based technologies and services, which serve the three divisions of the company: Data & Analytics, Capital Markets and Post Trade.According to a release of the company, the announcement comes in the context of the LSEG Romania team nearing 400 persons that cover a wide array of technologies, web services, research, ...
Romanians pay 1.7 million taxes through SelfPay network, in 2021
Monday, November 22, 2021
Over 1.7 million taxes to the state, with a value of almost 229 million lei, were acquired during the first 9 months of this year through the SelfPay payment stations, in cash or through bank cards, according to the data published by the company on Tuesday."Over 44% of the taxes collected by the state through the SelfPay partnership are for issuing driver's licenses and registration certificates; followed, as a share in the total number of transactions, by ...
TEILOR accelerates development with over EUR 8 million in financing from EximBank
Monday, November 22, 2021
TEILOR, the chain of luxury jewelry stores present across the CEE region, received a credit line and an investment credit in the total amount of 8.47 million euros from EximBank. The capital granted by the bank will be used for the acquisition of jewelry stocks and investments in the premium setup of stores that TEILOR will open abroad. “The credit lines received from EximBank will support us in the expansion of ...
Financing rounds unfolded through Bucharest Stock Exchange exceed EUR 1.5 billion in the first 10 months
Monday, November 22, 2021
Effervescence on the Bucharest Stock Exchange (BVB): in the first ten months, 25 bond issues, 9 new government securities issues, and 19 share issues were listed. The financing rounds carried out exceeded EUR 1.5 billion. Romanian companies listed on BVB are becoming more and more valuable: the total capitalization of companies from the Regulated Market and AeRO reached RON 232 billion or the equivalent to ...
Banca Transilvania’s net profit up 57% in Jan-Sep
Monday, November 22, 2021
Romania's largest financial group by assets, Banca Transilvania (TLV), reported for the first nine months of 2021 a consolidated net profit of RON 1.67 bln (EUR 330 mln, at group level), 57% more compared to the RON 1.06 bln recorded in the same period in 2020, according to the report published by the bank. The group's operating revenues rose from RON 3.25 bln to about RON 3.62 bln, while its assets reached about RON 118 ...
BCR expects further rate hikes and stronger reliance on liquidity control
Monday, November 22, 2021
Romanian bank BCR, part of Erste Bank Group, expects the National Bank of Romania (BNR) to hike the refinancing rate again by 25bp (to 2%) in its next board meeting in January, when the monetary authority will further widen the interest rate corridor by 25bp to 1pp. The core inflation edged up by 0.4pp to 4% in October, while the headline inflation moved up to 7.94% - way above the 7.09% Bloomberg consensus and ...
Euroins Romania announces “positive results” in past six months
Monday, November 22, 2021
Euroins Romania, part of the Bulgarian group Euroins - Eurohold, announced “a series of positive results” six months after the appointment of new CEO Tanja Blatnik. The company reported a massive decrease in complaints, radical improvement in processing claims leading to faster payments and important increases in the non-motor third-party liability (MTPL) segment. The involvement of the European Bank for ...
CEC Bank extends EUR 39 mln pre-financing loan for major data centre ClusterPower
Monday, November 22, 2021
Romanian state-owned lender CEC Bank announced that it is financing the construction of major data centre ClusterPower - a RON 208 mln (EUR 41 mln) greenfield investment in the southern part of the country - with a pre-financing loan in the amount of RON 175.3 mln (EUR 39 mln). ClusterPower, a company founded in 2019 by Romanian entrepreneurs Cosmin Georgescu, Vladimir Ester and Carmen Ursa Georgescu, started in July the ...
BNR Board decisions on monetary policy
Monday, November 15, 2021
The Board of the National Bank of Romania (BNR) , having convened for the meeting of 9 November 2021, decided: to increase the monetary policy rate to 1.75 percent per annum, from 1.50 percent per annum, as of 10 November 2021; to extend the symmetric corridor of interest rates on standing facilities around the policy rate to ±0.75 ...
Daianu: We have big difficulties in managing difficult situations, we don't learn quickly and persist in making mistakes
Monday, November 15, 2021
The pandemic showed us we have difficulties in managing difficult situations, we don't learn quickly and we do not correct errors, which is serious because we persist in making mistakes, said Daniel Daianu, the president of the Fiscal Council at a specialized conference. “I don't see 2021 with problems concerning deficit. The big test will start in 2022 because we must continue ...
Zdenek Romanek nominated as the new CEO of Raiffeisen Bank in Romania
Monday, November 15, 2021
Raiffeisen Bank International Group (RBI) has appointed the new CEO of Raiffeisen Bank Romania, after an international selection process: Zdenek Romanek will join Raiffeisen Bank Romania on February 1st, 2022 and will take over his mandate upon approval from the National Bank of Romania. Steven van Groningen, who concludes his mandate after 20 years as the Bank’s CEO, will ensure the Bank’s management during the transition ...
KPMG Survey: Real Estate lending gains importance in pandemic times
Monday, November 15, 2021
Investments in property in Central & Eastern Europe (CEE) for H1 2021 were down by a whopping 22% compared to the same period a year earlier, which may come as no surprise, given the immense economic repercussions of the COVID-19 international health crisis on most sectors. Indeed, real estate development, investment and lending to the sector have taken a beating due to ...
National Bank of Romania’s declaration of engagement as a member of Network for Greening the Financial System
Monday, November 8, 2021
On September 16, 2020, National Bank of Romania has become member of the Central Banks’ and Supervisors’ Network for Greening the Financial System (NGFS). The National Bank of Romania has taken steps to identify, develop and utilize some of the specific climate risk analysis tools within the financial stability policy ...
BNR sets up Sustainability, Green Economy Office
Monday, November 8, 2021
The National Bank of Romania (BNR) has set up an internal department, the Sustainability and Green Economy Office, to further explore further explore climate change implications in the Romanian banking sector. According to a BNR press statement released on Thursday."On September 16, 2020, the National Bank of Romania has become a member of the Central Banks' and Supervisors' Network for Greening the Financial System (NGFS). The National Bank of Romania has taken ...
Central and Eastern Europe’s insurance market grows by 8.3% in 1H/2021
Monday, November 8, 2021
The new edition of XPRIMM Insurance Report CEE, SEE & CIS (1H 2021), providing an analysis of the financial results for over 30 markets from the mentioned regions, shows that the value of ...
Total capitalization of companies that have listed on BVB issuing shares is close to EUR one billion
Monday, November 8, 2021
The total capitalization of the companies that listed on the Bucharest Stock Exchange (BVB) issuing shares is close to EUR one billion, and the total value of the financing with bond issues this year exceeds RON 3.5 billion, Radu Hanga, the president of the Bucharest Stock Exchange said on Wednesday."Speaking about the Bucharest Stock Exchange, we are in a very good period. We are in a period of development, in a period when we are glad that you too ...
BCR's 9-month net profit goes up 35 pct to 1.14 bln lei
Monday, November 8, 2021
BCR posted a 9-month net profit of 1.14 billion lei (232.5 million euros), up 35 percent compared to 845.8 million lei (175.2 million euros) in the first 9 months of 2020, as an effect of improved operational performance amid a higher turnover and lower risk cost allocations, the bank said in a release on Tuesday.BCR's operating profit increased 12.3 percent to 1.57 billion lei (321.0 million euros) in the first 9 months of 2021 from 1.4 billion lei (290.8 ...