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Financial & Banking
EU Commission Opens Infringement Against Romania Over VAT Rules
Monday, February 3, 2025
The European Commission decided on Friday to open an infringement procedure by sending a letter of formal notice to Romania, Belgium, Bulgaria, Greece, Spain, Lithuania and Portugal for failing to communicate to the Community Executive the measures for the full transposition of EU Directive 2022/542 regarding value added tax rates. EU member states had to communicate the full transposition of the ...
BET-TRN index grew by 15.5% in 2024, driven by heavyweights Banca Transilvania and OMV Petrom
Monday, February 3, 2025
The BET-TRN index, which recorded a total return of 15.5% in 2024, reflects a year shaped by both substantial individual contributions and notable underperformances. The first half of the year saw general growth for the index and the Bucharest Stock Exchange, driven by strong corporate earnings and positive sentiment across multiple sectors. However, the second half of the year was much more negative, influenced by energy market volatilities which drove weaker ...
Voluntary private pension funds (Pillar 3) attract over 133,000 new clients in 2024
Monday, February 3, 2025
Over 133,000 Romanians started saving for retirement in 2024 through voluntary private pension funds (Pillar 3), which is 40% more than in 2023, representing a historical record for the number of new clients attracted to the system in a single year, according to a press release from the Association for Privately Managed Pensions in Romania (APAPR).According to the quoted source, the total number of participants in the 10 voluntary pension funds reached ...
iBanFirst Romania reports a 75% increase in international transaction volume in 2024, to €1.38 billion
Monday, February 3, 2025
iBanFirst, a leading provider of forex exchange and international payments for businesses, present in 10 European countries, achieved remarkable growth in Romania during 2024, as Romanian businesses increasingly turned to digital solutions to power their international ...
Insurance company Hellas Direct announces local asset investment of EUR 68 mln.
Monday, February 3, 2025
Hellas Direct, a leading insurance company celebrating two years of operations in Romania, reaffirms its long-term commitment to the market by currently investing over €68 million in assets generated in Romania directly to the local market to strengthen its presence and expand its service offerings. This strategic move highlights the company’s confidence in Romania’s potential as a rapidly developing market and reinforces Hellas Direct’s ...
OMRO IFN issues new set of bonds worth Euro 1.56 million on BVB
Monday, February 3, 2025
OMRO IFN, as part of the Filbo group, alongside Filbo Pay S.A. and Easybill Digital SRL, a Romanian company specialised in microcrediting services and modern technological payment solutions, that creates an ecosystem dedicated to financing and integrated payment solutions designed for small entrepreneur, is listing today, 30 January, under the Multilateral Trading System of the Bucharest Stock Exchange (BVB), the third issue of corporate unsecured subordinated bonds ...
The new executive vice-presidents of Exim Banca Romaneasca take office
Monday, February 3, 2025
The executive management of Exim Banca Romaneasca is now led by Traian Halalai as Executive President, along with Lidia Stan and Codin Nastase, who assume their mandates as Vice Presidents of the bank following authorization by the National Bank of Romania. Thus, Lidia Stan becomes the new Executive Vice President responsible for retail activities and CFO, while Codin Nastase takes over as Executive ...
EIB Group achieves record results in 2024, targets €95 billion in investments for 2025
Monday, February 3, 2025
· The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024. · A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability. · There was a sharp increase in higher-risk activities, with a record €8 billion committed ...
Revolut users in Romania, over one billion transactions in 2024, 58 pct more than in 2023
Monday, February 3, 2025
Romanians surpassed the 1 billion Revolut transactions threshold in 2024, 58% more than in 2023, with the total amount of card payments made for the entire year up by 57% to 9.7 billion EUR.According to a press release from the digital bank, sent to AGERPRES on Friday, a local user actually carried out, on average, 22 transactions per month with Revolut cards and application, showing a significant increase in the adoption rate of the services of the ...
S&P cuts Romania's credit ratings outlook to negative on fiscal worries
Monday, January 27, 2025
S&P lowered the outlook on Romania’s BBB- grade, the lowest investment level, to negative, the credit assessor said in a statement on Friday. It left the rating unchanged. Tanczos Barna, Minister of Finance, stated that the downgrade is a signal that Romania requires deficit reduction measures, a prudent budget, and a leaner state:“The measures agreed upon by the ...
Only 8pct of high income employees in Romania consider saving a priority
Monday, January 27, 2025
Employees in Romania do not show interest in financial education, given that only 8% of the people with high incomes, over 10,000 RON/month, consider saving a priority, while four out of ten Romanians say they use up to 90% of their monthly income, is the conclusion of a study published on Wednesday by the APSAP Training Centre.According to the research, 60% of Romanian employees say they are moderately satisfied with the way they manage their expenses, and ...
RAFINOR estimates 150 kilogram investment gold sales through the MAGNOR store network
Monday, January 27, 2025
Gold has been one of the most sought-after assets for centuries, and in the modern era, it has become a highly popular component of investment portfolios. A preferred asset for protection against economic risks, gold has delivered attractive long-term returns, increasing by approximately 8% per year over the past two decades. Since the end of 2023, the precious metal has experienced significant growth, consistently reaching new historical highs. In 2024, it was one of ...
Fees and taxes can be paid with the CEC Bank Internet Banking and Mobile Banking apps
Monday, January 27, 2025
CEC Bank offers now its clients the opportunity to pay their fees and taxes to public institutions enrolled in the Ghiseul.ro platform with the help of Mobile Banking and Internet Banking applications. “CEC Bank, through the Mobile Banking and Internet Banking platforms, offers direct access to the current situation of fees and taxes owed to the authorities, by querying the information from the Ghi?eul.ro ...
Bucharest Stock Exchange records highest number of transactions in 2024
Monday, January 27, 2025
The Bucharest Stock Exchange (BVB) recorded the highest number of transactions in 2024, namely 2.6 million, up 32% compared to the previous year, BVB President Radu Hanga said on Tuesday during the listing ceremony of Autonom bond issue."Looking back at 2024, the market capitalisation of companies listed on the Bucharest Stock Exchange reached 363 billion lei, nearly 18% higher than at the end of the previous year. If we look at the local companies listed on ...
Revolut makes 9,000 assets available for Romanian clients to invest in
Monday, January 27, 2025
Revolut makes 9,000 assets, namely stocks, ETFs, corporate and government bonds, available to Romanian customers to invest in 2025, according to a press release of the bank.Investments in stocks and ETF investment plans are commission-free, depending on the type of Revolut plan held by the customer.Also from January 2025, Revolut has brought a new product to its portfolio and ETF investment plans with zero commission, from an investment of just 1 ...
BNR Board decisions on monetary policy
Monday, January 20, 2025
In its meeting of 15 January 2025, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 6.50 percent per annum; to leave unchanged the lending (Lombard) facility rate at 7.50 percent per annum and the deposit facility rate at 5.50 percent per ...
Balance of payments and external debt – November 2024
Monday, January 20, 2025
In January – November 2024p, the balance-of-payments current account posted a deficit of EUR 26,301 million, compared with EUR 19,770 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 3,824 million, the surplus on services fell by EUR 1,766 million, the primary income deficit increased by EUR 1,056 million, while the secondary income surplus grew by EUR 115 ...
PKO Bank Polski enters the Romanian market
Monday, January 20, 2025
Multinational banking and financial services company PKO Bank Polski has announced that as of 1 January 2025, its corporate branch has started ...
NN is Top Employer for the seventh consecutive year in Romania
Monday, January 20, 2025
NN, the leader of the life insurance and private pensions market in Romania, received the Top Employer 2025 certification for the seventh consecutive year. NN ranks second among top employers in Romania, up from fourth place last year as a result of its solid people-centric HR strategy, and NN Group ranks seventh in Europe based on certifications as Top Employer received by all international business ...
CEC Bank Selects Temenos to Power Retail and Corporate Banking
Monday, January 20, 2025
Temenos announced that CEC Bank, the third largest bank in Romania, has selected Temenos to modernize its retail and corporate core banking systems, ...