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Financial & Banking
Leonardo Badea (BNR): Economic reconstruction must also target the future, not only the present
Monday, July 13, 2020
* Leonardo Badea is Deputy Governor of the National Bank of Romania (BNR) “Our society, as we know it today, is at a moment of decision being at an evolutionary crossroads. The trend of worsening social inequalities has been manifesting for a long time and as most long-term developments have accelerated in recent years due to globalization, the increasing degree of automation of activities, much faster amplification of the complexity of ...
SEEPEA: The Romanian Fund for Investments will allow infusions of Romanian capital in real economy
Monday, July 13, 2020
The Association of Private investments and risk capital in south-east Europe (SEEPEA) welcomes the decision of the government of Romania to constitute the Romanian Fund for Investments as sovereign fund for development and investments according to a press release on Monday. ‘We hope this will become a cathalyst for the development of industry of private equity (investment funds with acquisition strategies, growth or mezzanine) and risk capital in Romania.It is another ...
Analysts: Romania's promotion to emerging secondary market will attract new investments
Monday, July 13, 2020
Romania's reclassification by global index provider FTSE Russell from frontier market to emerging secondary market will bring new investments to the Bucharest Stock Exchange (BVB), consider Wood & Co analysts cited in a BVB statement.The two Romanian companies that will be included in the FTSE Russell indices, specifically Banca Transilvania and Nuclearelectrica, will attract 59 million dollars in cumulative investments as a result of the promotion of the ...
EBRD unveils proposal to be majority green bank by 2025
Monday, July 13, 2020
The European Bank for Reconstruction and Development (EBRD) has unveiled an ambitious plan to scale up even further its climate and environmental finance and its work supporting a green, low-carbon and resilient future. Already at the forefront of climate and environmental action, the EBRD is now considering a goal of devoting over 50 per cent of its annual investments to the green economy by 2025. In addition to the aim of ...
Between two groundless accusations, Autocar invoices amounts as if repairing cars with gold – 5 times above the national average prices
Monday, July 13, 2020
After months of unjust accusations and calumnies, Euroins Romania Asigurare Reasigurare SA has no choice but to make public a comparison between the tariffs invoiced by Autocar and the associated repair shops which have been attacking the insurer for months now, and rates charged by any other similar shop in Romania, a statement sent to ACTMedia reads. The differences are indecent and made Euroins Romania to officially inform all the competent authorities for the ...
OTP Bank launches the micro department, dedicated to financing local entrepreneurs
Monday, July 13, 2020
OTP Bank Romania has established its Micro Department, through which it provides dedicated financing and consulting services for small companies, with a turnover of up to one million euros per year. Through the new specialized direction, OTP Bank aims to support the business environment and liberal professions with banking products and solutions adapted to the specific needs and size of this type of entrepreneurial companies, which usually do not have ...
WB upgrades Romania to high-income country group
Monday, July 13, 2020
Romania made it to the high-income group of countries, with a gross national income (GNI) per capita of USD 12,630 in 2019, up from USD 11,290 in 2018 (current exchange rates), the World ...
Press release on the registration in the Central Credit Register of payment obligations suspended by Government Emergency Ordinance No. 37/2020
Monday, July 13, 2020
The National Bank of Romania highlights the fact that borrowers’ payment obligations to credit institutions and non-bank financial institutions, which were suspended in accordance with Government Emergency Ordinance No. 37/2020 (GEO No. 37/2020), are not recorded in the Central Credit Register (CCR) as overdue payments, but in a manner entirely different from the default events registered in the CCR. Consequently, payment delays caused by the COVID-19 pandemic should ...
BNR: International reserves – June 2020
Monday, July 6, 2020
On 30 June 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,002 million, compared to EUR 35,646 million on 31 May 2020. During the month, the following flows were recorded: EUR 3,600 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into ...
Amcham: Romania risks to be placed on the list of downgrade of the capital market in 2021 by FTSE Russell
Monday, July 6, 2020
The Romanian capital market risks to be placed on the list of downgrade by FTSE Russell în September 2021 in case no state-run company is listed on the BVB until the summer of 2021, stated on Monday the representative of the Romanian-American Chamber of Commerce (AmCham) Cristian Agalopol in a plenary meeting of the Coalition for the Development of Romania (CDR).He presented the results of the working group for the capital market with CDR, the biggest ...
ARIR: The capital market is a great opportunity for the economic recovery of Romania
Monday, July 6, 2020
The Romanian Investor Relations Association (ARIR) organized the third edition of the event “Market Sentiment”. What is the current economic context and what are the perspectives of this year are two of the topics debated by Daniela Serban, ARIR President ...
Romania's active mandatory home insurance policies up 1.99 pct this May
Monday, July 6, 2020
The number of active mandatory home insurance policies was 1.99 percent up this May from the year-ago period, at roughly 1.74 million, compared to 1.70 million as of May 31, 2019, according to statistical data of the Natural Disaster Insurance Pool (PAID), the company that provides this type of insurance. There were 1.73 million active policies as of December 31, 2019.According to PAID, home insurance policies taken out in urban areas accounted for 74.7 percent of ...
Alpha Bank Romania launches Alpha PhonePOS, an application that turns mobile phones into POS
Monday, July 6, 2020
Alpha Bank is the first bank in Romania to launch an application that turns your mobile phone into a POS. The solution is compatible with Android mobile devices and responds to the growing trend of digitization. Alpha Bank Romania recognizes the essential role that entrepreneurs and freelancers have in the development of the local economy, their support being one of the fundamental objectives of the bank. By launching the application, the banking ...
Raiffeisen Bank approved 1,000 loans worth a combined 500 ml lei under IMM Invest program
Monday, July 6, 2020
Raiffeisen Bank approved 1,000 loans worth a combined 500 million lei under the IMM Invest program for small and medium-sized businesses, the lender announced on Thursday, adding that it received more than 5,000 applications."The IMM Invest program means a lot of collective effort and commitment from all those involved: customers, the lending team, but the authorities as well. We learned together as applications were being initiated, assessed and promoted, and ...
GFG Alliance boosts small-sized bank it took over in Romania
Monday, July 6, 2020
The Romanian small-sized lender Credit and Investment Bank (BRCI) announced that it wants to return to the retail market by opening ten branches in major cities in the country in the near future, with the first one in ...
Clearstream adds Romanian equities to its network
Monday, July 6, 2020
Deutsche Börse’s Clearstream started providing easier access to the Romanian capital markets for the international investors by adding a new domestic link to enable settlement and safekeeping of Romanian equities as of July 1. The international central securities depository (ICSD) connected the Romanian central securities depository (CSD) Depozitarul Central to its network on July 1. The platform was already offering access to Romanian ...
Insurer Certasig goes bankrupt
Monday, July 6, 2020
Romanian small-sized insurer CertAsig went bankrupt at the request of the Financial Supervisory Authority (ASF). Its market share was under 1% in 2018. The authority filed the request as the company did not restore the level of eligible equity covering the minimum capital requirement (MCR) within the deadline provisioned by law. CertAsig needed a capital infusion of between EUR 5.5-6 million, of which about EUR 2 million to meet the minimum capital ...
Online payments by Visa cards, up over 50pct in April
Monday, July 6, 2020
Online payments by Visa cards increased by more than 50pct in April 2020 compared to the same period of last year, given that the e-commerce sector in Romania registered a strong boom after the outbreak of the COVID-19 pandemic, according to a company's release.According to the quoted source, this period accelerated the transition to the digital environment, with many companies being forced to operate online to keep their business afloat, and security measures ...
Romanian subsidiary of Bulgarian insurer faces new insolvency claims
Monday, July 6, 2020
A group of car repair shops operated by major car importers in Romania asked in court the insolvency of Euroins Romania, the local subsidiary of the Bulgarian insurer Euroins, according ...
Banca Transilvania, Romanian largest bank by assets
Monday, July 6, 2020
Banca Transilvania maintained its leading position in the ranking of Romanian banks by assets at the end of 2019. It's total assets reached RON 87.7 billion (EUR 18.35 bln) at the end of 2019 while its market share went up to 17.7% from 16.5% one year earlier. The banks on the 2nd and 3rd places, BCR owned by Erste Group and BRD part of Societe Generale group, lost market share to 14.4% (-0.6pp) and 11.3% (-0.7pp) ...