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Financial & Banking
Eurohold’s Reinsurance Unit EIG Re will keep and protect the assets of Euroins Romania
Monday, March 20, 2023
With reference to the decision of the Romanian financial regulator ASF to seize the Euroins Romania (part of Eurohold Bulgaria’s insurance Euroins Insurance Group) by revoking the operating license and the opening of bankruptcy proceedings and the appointment of the Insured Guarantee Fund (FGA) as interim administrator of the company, we consider this as a hostile takeover of the assets of the Romanian subsidiary, therefore the management of the ...
Euroins Romania asks insurance law be put on Parliament agenda
Monday, March 20, 2023
Euroins Romania publicly asks the Speaker of the Chamber of Deputies, Marcel Ciolacu, and the interim President of the Senate, Alina Gorghiu, to request, by nature of their prerogatives, that the Romanian Parliament urgently put on the agenda the Insurance Law 132/2017, in order to correct dysfunctions and deficiencies that directly influence the lives of citizens, according to a press release sent on Tuesday.The document mentions that the introduction of ...
Gov't to consider necessary measures to protect insured against troubled insurer
Monday, March 20, 2023
The government will support all the necessary measures to protect the interests of the insured affected by the negative developments in Romania's auto civil liability market, governmental spokesman Dan Carbunaru said on Friday."The Financial Oversight Authority (ASF), following an analysis carried out by it, will send solution proposals to the Ministry of Finance for submission to the government," Carbunaru saidThe ASF Council has decided to ...
Romania wants to push euro adoption by 2026
Monday, March 20, 2023
Romania’s government is looking to adopt the euro by 2026, far earlier than the current plan to join the euro area by 2029, announced Finance Minister Adrian Caciu, adding that for this to happen the National Recovery and Resilience Plan (NRRP) must be fully implemented. While Romania could adopt the euro in 2029 at the earliest, Caciu wants the ...
CEC Bank continues to fund Romanian entrepreneurs through IMM Invest Plus 2023
Monday, March 20, 2023
CEC Bank will continue to fund in 2023 the Romanian entrepreneurs through the governmental programmes IMM Invest Plus, by granting loans to local entrepreneurs with with subsidized interest and fees, the bank announced on Wednesday."Entrepreneurs can access financing both for investment projects, as well as in order to cover the working capital requirements for consolidating and expanding their businesses, adapting to the current climate and digitalization ...
Net loan portfolio of Alpha Bank in Romania reached EUR 2.95 billion in 2022
Monday, March 20, 2023
Alpha Bank Romania is a member of Alpha Bank Group, one of the largest banking and financial groups in Greece, reached, in 2022, a profit after tax of EUR 33 million. In 2022 Alpha Bank Romania continued to stand by its commitment towards its customers and the Romanian economy, despite the challenging macro environment while recording a solid commercial and financial ...
REDI Economic Development, Patria Credit IFN sign funding agreement for Romany entrepreneurs
Monday, March 20, 2023
REDI Economic Development and Patria Credit non-bank financial institution (IFN) have signed a local partnership for the funding and inclusion of Romany entrepreneurs, mainly farmers, from small rural communities of Romania, according to a press statement released on Tuesday.Under this partnership, businesses managed by Roma and local businesses that employ Romany workers will be funded under a programme called "Microfinance knows no ...
OTP Asset Management Romania launches discretionary investment management product
Monday, March 20, 2023
OTP Asset Management Romania is launching a new investment product - individual investment portfolios managed on a discretionary basis - aimed at its clients, individuals and legal entities, according to a press release sent to AGERPRES on Monday.Thus, all responsibility and decisions involved in the investment process are the responsibility of the manager, through an Investment Committee, specially constituted for this ...
Credit Europe Bank Romania’s net profit halves in 2022
Monday, March 20, 2023
The Romanian arm of Dutch-based Credit Europe Bank said that it booked a net profit of 34.5 million lei ($7.5 million/7 million euro) in 2022, down from 70 million lei in the previous year, in the context of ongoing investments in digitisation. Credit Europe Bank Romania’s total income rose to 217 million lei last year, from 214 million lei in 2021, while its operational expenses grew to 176.6 ...
EBRD and CIPE to support women on boards in Croatia, Bulgaria, Greece and Romania
Monday, March 20, 2023
EBRD and CIPE to support training for women on boards in four EU countries Training courses, developed in Croatia, will be expanded to Bulgaria, Greece and Romania Partnership announced at the conference “Corporate Governance and Gender Diversity on ...
SmartBill integrates Smart Accounts, the first automated Open Banking service authorized by the National Bank of Romania
Monday, March 20, 2023
SmartBill, the leader of the invoicing and inventory management software market, with over 85.000 users, announces the ...
Eurohold’s statement on recent evolutions on the Romanian insurance market
Monday, March 13, 2023
With reference to recent affirmations and speculations in the public space, ?urohold Bulgaria AD, owner ...
Women on a path to gender equity in investment
Monday, March 13, 2023
by eToro analyst for Romania, Bogdan Maioreanu March 8 is International Women’s Day that celebrates the achievements of women and pushes for rights progress. The first recorded celebration was in 1911 in Austria, Denmark, Germany and Switzerland when over a million people rallied to support women's rights. During time it grew in importance as women gained ...
Fiscal Agency targets economy sectors posting significant increases, which aren't reflected in their taxes
Monday, March 13, 2023
The inspectors of the National Agency for Fiscal Administration (ANAF) will verify such economic sectors that last year saw important increases, which were not reflected in the amounts they paid as taxes, ANAF head Lucian Heius informs on Wednesday."This year, if we discuss the general fiscal inspections, we are trying to focus more on VAT evasion, considering that we are speaking of an important tax of 19 per cent. We will also check such sectors of the economy ...
USR'S Drula: ASF chiefs, their appointers should explain why RCA policy is up 40pct
Monday, March 13, 2023
National leader of the Save Romania Union (USR) Catalin Drula is requesting the management of the Financial Oversight Authority (ASF) to give explanations regarding the increase in RCA third-party car insurance policies, noting that ASF Chairman Nicu Marcu had been summoned to Parliament more than a month ago."The governance of Ciolacu and Ciuca leads to a surge in all prices, including RCA policies. The heads of the ASF and those who put them in charge should ...
Polish payment fintech BLIK enters the Romanian market
Monday, March 13, 2023
BLIK, a Polish payment fintech, is launching in Romania, the second largest market in Central and Eastern Europe. The newly established company, BLIK Romania, will develop a unique and innovative digital payment system in RON that will bring a number of major advantages, including high security and simplifying payments by generating and using an individual six-digit code for each transaction. In the first phase, the system operator will focus on implementing the solution in ...
USR's Dragu: We could pay for about 3-4 highways with what we spend on loans
Monday, March 13, 2023
At a plenary sitting on Wednesday, Save Romania Union (USR - opposition) senator Anca Dragu told Finance Minister Adrian Caciu, as part of a Government Question Time, that in 2023 he has borrowed for Romania at very high costs and that Romania is facing "the biggest government deficit since the 2008 crisis.""In January 2023, Mr Minister, you managed to run the widest deficit since the 2008 crisis. There is a government deficit of RON 4 billion, almost 0.25% of ...
BNR: International reserves – February 2023
Monday, March 6, 2023
On 28 February 2023, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 52,001 million, compared to EUR 50,202 million on 31 January 2023. During the month, the following flows were recorded: EUR 3,250 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; inflows into the ...
Mandatory private pension funds reach assets of 100.17 billion RON in January
Monday, March 6, 2023
Mandatory private pension funds (Pillar II) had assets worth 100.17 billion RON at the end of January, up by 11.75% compared to the level recorded at the same date in 2022, according to the statistics of the Financial Supervisory Authority (ASF)."Investments of privately managed pension funds were focused in a percentage of 90% in Romanian assets, most of which were RON-denominated," the report said.Government securities held the largest ...
Optional pension funds' assets reach 3.77 billion RON in January
Monday, March 6, 2023
Optional pension funds (Pillar III) had assets worth 3.77 billion RON, at the end of January, up 9.85% compared to the level recorded on the same date of the previous year, according to a report by the Financial Supervisory Authority (ASF)."Most investments were made locally (94%), most of them being denominated in RON (90%)", the report states.State bonds held the largest share in assets, of 2.391 billion RON, respectively 63.51%. In second place were shares, ...