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Financial & Banking

Romania has the best tax jurisdiction for companies in European Union

Monday, December 13, 2021

Romania, Hungary and Croatia rank as the best countries for running small and mid-size enterprises in Europe, according to the consulting firm Company Romania. The criteria used to put together the ranking accounts for various factors, which ...

Insurance broker Unilink takes over Romanian market leader

Monday, December 13, 2021

Polish Unilink, the main player on the Polish insurance market, reached an agreement to buy an 80% stake of Romanian market leader Safety Insurance Broker from its founder and main shareholder, Viorel Vasile, as a step towards building the largest insurance sales platform in Central and Eastern Europe.   Earlier in September, Unilink took over the largest Bulgarian player, I&G Insurance Brokers, also buying an 80% ...

BCR issued bonds of RON 2.7 billion in the past two years

Monday, December 13, 2021

Banca Comerciala Romana (BCR) has successfully printed a new senior non-preferred  bond issuance of 600 million lei, continuing its strategy towards expanding its financing sources and contributing to the development of the capital market in Romania.   The bank has printed in the two past years an amount of 2.7 billion lei in bond issuance, being one the most active issuers on the Bucharest Stock ...

GoCab Software became an AeRO listed company being the 22nd company that went public in 2021 on the stock exchange

Monday, December 13, 2021

GoCab Software, a company that develops and operates applications used in taxi services, debuted on the AeRO market of the Bucharest Stock Exchange under the stock ...

AROBS Transilvania Software debuts on BVB following the largest private placement in the history of the AeRO market

Monday, December 13, 2021

AROBS Transilvania Software, a Romanian IT company, has debuted on the AeRO market of the Bucharest Stock Exchange (BVB). The shares are traded under the ticker ...

VAT Gap: While gap continues to decrease, EU countries lost €134 billion in VAT revenues in 2019

Monday, December 6, 2021

EU Member States lost an estimated €134 billion in Value-Added Tax (VAT) in 2019, according to a new report released by the European Commission today. This figure represents revenues lost to VAT fraud and evasion, VAT avoidance and optimisation practices, bankruptcies and financial insolvencies, as well as miscalculations and administrative errors.  While some revenue losses are impossible to avoid, decisive action and targeted policy responses could make a ...

Libra Internet Bank continues its financing through the capital market and lists its second bond issue - worth EUR 40mn

Monday, December 6, 2021

Libra Internet Bank, the first bank in Romania to offer a 100% online bank account and 100% online loan, continues the financing through the capital market and lists its second bond issue, worth EUR 40mn. The bonds are traded on the Bucharest Stock Exchange’s Main ...

Alpha Bank Romania announces financial results for the first nine months of the year

Monday, December 6, 2021

The Romanian economy recorded a dynamic recovery in the first three quarters of 2021, confirming the widely anticipated recovery and setting the premises for a solid economic growth at the end of 2021. From a banking system perspective, lending demand has grown at a solid pace, with new volumes reaching the highest levels since 2009.   Robust positive dynamics have been recorded on both ...

Profit of ING Bank Romania up 42% YoY

Monday, December 6, 2021

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ING Bank Romania achieved a net profit of RON 630 mln (EUR 126 mln) in the third quarter of this year, up 42% from the same period in 2020, according to a bank statement.   The revenues increased by only 9% YoY to RON 1.7 bln. Bank’s assets rose by 15% YoY to RON 30 bln (EUR 6 ...

City Insurance Bankrupt: Over 1,000 Romanians to get compensation of over RON 2.3 M on Monday

Monday, December 6, 2021

The City Insurance victims start on Monday to receive the amounts requested based on the damage files opened against this insurer that went bankrupt. It is about 2.3 million lei for 1,003 payment requests. Until November 26, 2021, the Insured Guarantee Fund (FGA) received 68,931 payment requests as well as 35,687 applications for opening files.   According to the data released by the Financial Supervisory ...

Fiscal Council’s preliminary Opinion on the draft of the second budget revision for 2021

Monday, December 6, 2021

On November 24th, 2021, the Ministry of Finance (MF) sent to the Fiscal Council (FC), by address no. 467362/24.11.2021, the draft revision of the general consolidated budget for 2021, the explanatory note and the draft of the Government Emergency Ordinance on the revision of the state budget for 2021, as well as the explanatory note and the draft of the Government Emergency Ordinance for the revision of the social security budget for 2021, requesting, under art. 53, ...

Govt. plans to lend EUR 280 mln to CEC bank for ten years

Monday, December 6, 2021

Government took steps to extend a RON 1.4 bln (EUR 280 mln) to state-owned CEC Bank from the own funds of the Ministry of Finance so that the bank complies with a series of European capital requirements.   The Ministry of Finance, led by Social Democrat Adrian Câciu, published a draft emergency ordinance on Thursday (November 25) that provides for the legal framework for granting a subordinated loan ...

BNR: Monetary indicators – October 2021

Monday, November 29, 2021

According to data from the National Bank of Romania (BNR), at end-October 2021, broad money (M3) amounted to RON 542,910.7 million, up 1.3 percent (down 0.5 percent in real terms1) month on ...

The launch into circulation of the banknote with face value of lei 20

Monday, November 29, 2021

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  As of 1 December 2021, the National Bank of Romania will put into circulation a banknote with face value of lei 20. The new banknote will be presented to the public in a press conference Friday, 26 November 2021, at 12:00 p.m. by the Governor of the National Bank of Romania, Mr. Mugur ...

BSTDB’s Credit Rating Upgraded to “A” by Standard and Poor’s

Monday, November 29, 2021

The Black Sea Trade and Development Bank (BSTDB) received an upgrade of its long- and short-term issuer credit ratings from the S&P Global Ratings to ‘A/A-1’ from ‘A-/A-2’. The outlook is stable.   The credit rating agency stated that the upgrade reflects the BSTDB’s confirmed policy relevance, illustrated by solid loan book growth over the past three years and a recent decision from ...

Leonardo Badea (BNR): On the role of the interest rate corridor in the operational framework of monetary policy in Romania

Monday, November 29, 2021

By Leonardo Badea, Deputy Governor of the National Bank of Romania     The operational framework of monetary policy consists of the whole set of tools and procedures by which the central bank implements monetary policy in order to achieve its fundamental objective, which in the case of the National Bank of Romania (BNR) is ensuring and maintaining ...

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

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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, ...

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