RSS
Financial & Banking
FIC: New Fiscal Measures Package Puts Investments Under Question Mark
Monday, September 25, 2023
The Foreign Investors Council (FIC) warns on the recent proposals for tax changes, which not only substantially change the tax legislation and introduce a series of new taxes or increases, but also cancel the fundamental principle of the Code that granted a 6-month period needed for businesses to adjust to the new rules. For many of the new fiscal measures it is impossible to estimate the impact accurately; given the precarious situation of the budget and the economy, ...
CEC Bank launches a new product aimed at farmers
Monday, September 25, 2023
CEC Bank continues its support for Romanian agriculture by introducing a quick approval credit product designed specifically for cereal farmers. “Agriculture is a top priority for us. In 2022, CEC Bank was the largest player in the banking system under the government’s Rural Invest program, as well as the leading financier of APIA loans, with around 7,000 credits extended. Agricultural entrepreneurs have specific, seasonal needs, and ...
Revolut Looking For Fresh Talent In Romania
Monday, September 25, 2023
Revolut, the global financial app with more than 3 million retail customers in Romania, joins DevTalks 2023 in Cluj-Napoca and organises its first RevDev meeting in Bucharest, to engage with the local tech community and look for fresh talent. During the two events, the digital bank expects to meet with the local tech community and to tell them more about ...
Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application
Monday, September 25, 2023
Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application. In addition to the traditional installment system ...
The National Bank Of Romania And Alpha Bank Romania Organize The Exhibition “Two Sides Of The Same Coin. Means Of Transactions – Masterpieces Of Art”
Monday, September 25, 2023
The National Bank of Romania and Alpha Bank Romania are organizing, from September 22 2023 to March 1 2024, the exhibition “Two sides of the same coin. Means of Transactions – Masterpieces of Art”, an event held to celebrate the 50th anniversary of the collection. It is the first time that the Alpha Bank Numismatic Collection, one of the most important ...
GROSS DOMESTIC PRODUCTS IN Q2 2023 WAS, IN REAL TERMS, BY 0,9%1 HIGHER, AS COMPARED TO Q1 2023
Monday, September 18, 2023
• As against the same quarter of 2022, the Gross Domestic Product recorded an increase by 1.1% for the unadjusted series and 2,7% for the seasonally adjusted series; • In the first semester of 2023, as against the same period of the previous year, the Gross Domestic Product increased by 1.7 % for the unadjusted series and by 2,8% for the seasonally adjusted series; • ...
Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application
Monday, September 18, 2023
Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application. In addition to the traditional installment system ...
MoneyGram expands its Romanian money transfer services with Arsis Trading SRL partnership
Monday, September 18, 2023
MoneyGram International, Inc., a global leader in the financial industry connecting communities worldwide, announces a new collaboration with Arsis Trading SRL, the largest independent telecommunications retailer in Romania, to extend access to both national and international money transfer options throughout the country. Through this collaboration, anyone can send and receive money using MoneyGram services at Arsis ...
UniCredit Romania extends HQ building lease deal with Globalworth
Monday, September 18, 2023
UniCredit Bank Romania has extended the lease agreement with London-based real estate developer Globalworth for the UniCredit headquarters building in Bucharest for a period exceeding 2030, Globalworth said on Tuesday. Globalworth acquired the building in 2014 for 43 million euro ($46.1 million), it said in a press release. The building ...
2 years of iBanFirst in the CEE region: Romania is in the top 3 markets with the highest adoption rate of fintech services among companies
Monday, September 18, 2023
Romania is in the early majority phase, where more than 50% of SMEs now collaborate with fintechs for fast and cost-effective foreign exchange and international payment solutions. Over the last 7 years, the rise of fintechs offering access to international payments within the local market has translated to substantial savings for Romanian SMEs, amounting to €1 billion ...
Romania Taps International Markets For Funding as Higher Deficit Looms
Monday, September 18, 2023
According to BNN Bloomberg, Romania seeks to raise about €3 billion ($3.2 billion) on international markets, tapping foreign debt investors for a third time this year and exceeding its borrowing goal as the country is likely to need more funds to finance a bigger budget deficit. The Balkan nation is expected to finalize the sale of euro-denominated bonds due 2028 at a final spread of 225 ...
Franklin Templeton believes that it is in the best position to continue as Fund Manager of Fondul Proprietatea and generate returns for all shareholders
Monday, September 18, 2023
Franklin Templeton International Services S.À R.L. (“FTIS”), in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea ...
FinMin Bolos, about reconfirmation of ratingby Fitch: Strong signal that Romania is on the right track
Monday, September 11, 2023
Fitch's decision to reconfirm Romania's sovereign rating and maintain the stable outlook is a strong signal that the country is on the right track and that we are viewed with confidence by investors and international partners, the Minister of Finance, Marcel Bolos wrote on his Facebook account on Saturday."Excellent news from Fitch Ratings: They have reconfirmed our stable outlook and country rating. The announcement comes as a recognition of our ...
The Competition Council Is Investigating A Possible Bank Cartel For Setting Loan Interest Rates
Monday, September 11, 2023
The representatives of the Competition Council carried out unannounced inspections at the headquarters of several commercial banks on Tuesday, suspecting that the financial institutions colluded with each other to set loan interest rates, official sources told Hotnews. Also according to Profit.ro, the inspectors of the Competition Council descended, on Tuesday, on the offices of the commercial banks in ...
Tarfin aims to support Romanian agribusiness in the autumn season with a total financing amount of €10 million
Monday, September 11, 2023
Tarfin, the regional agri-fintech specializing in providing advanced and diverse solutions for the agricultural sector through its digital platform, announces strengthening its position in the local market. The company has enrolled over 200 retailers on its online platform in ...
The economic dynamics of the last quarter of a century in Romania and the current need to re-balance public finances
Monday, September 11, 2023
By Leonardo Badea, Deputy Governor BNR Economic developments in the last quarter of a century have been influenced by three characteristics, which, in my opinion, have been decisive: uncertainty, the need to reform systems, and the (global) growth of public debt. It is true that during this period the world economy faced a ...
Euroins Bankruptcy: CITR Analysis, Preliminary Results
Monday, September 11, 2023
CITR has completed the first stage in the management of the Euroins bankruptcy. In the approximately 3 months after its designation as the court-appointed liquidator of Euroins, the CITR team analyzed over 1,100 receivable statements which involved studying more than 350,000 documents, in order to draft the list of creditors. At the same time, the CITR team carried out an inventory of assets and initiated public tender procedures. The money was used to cover salary ...
SIGNAL IDUNA ASIGURARE REASIGURARE S.A. completed the merger of SIGNAL IDUNA ASIGURARI DE VIATA S.A.
Monday, September 11, 2023
SIGNAL IDUNA ASIGURARE REASIGURARE S.A. announces the completion of the merger by absorption of the company SIGNAL IDUNA ASIGURARI DE VIATA S.A. The Financial Supervisory Authority (ASF) published the ...
Central Bank :International reserves – August 2023
Monday, September 4, 2023
On 31 August 2023, the National Bank of Romania’s foreign exchange reserves stood at EUR 53,901 million, compared to EUR 53,936 million on 31 July 2023. During the month, the following flows were recorded: EUR 1,932 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the ...
Victoria Zinchuk is the new director of the EBRD for Romania
Monday, September 4, 2023
EBRD appoints Victoria Zinchuk as new Director for Romania Ms Zinchuk last served as EBRD Regional Director for Central Europe from Zagreb Total EBRD investments in Romania above €10 ...