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Financial & Banking

JC Flowers wants to retire from Romania

Monday, January 3, 2022

  JC Flowers, the American investment fund that owns First Bank Romania, seems to have eventually found a buyer, according to sources familiar with the deal quoted ...

The National Committee for Macroprudential Oversight meeting of 15 December 2021

Monday, December 20, 2021

The fourth meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 December 2021 by written procedure.   During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk.   The NCMO General Board was informed of: (i) ...

BNR: Balance of payments and external debt – October 2021

Monday, December 20, 2021

In January – October 2021p, the balance-of-payments current account posted a deficit of EUR 13,850 million, compared with EUR 8,767 million in the same year-ago period. The breakdown shows that the deficits on trade in goods and on primary income widened by EUR 3,368 million and EUR 689 million, respectively; the surplus on secondary income and that on services decreased by EUR 645 million and EUR 381 million, ...

TBI Bank expands its operations in the EU by entering Greece as a third main market of operation

Monday, December 20, 2021

TBI Bank, one of the most dynamic lenders in Eastern Europe, is entering the Greek market after obtaining approval from the Bank of Greece. This makes Greece the bank’s third main market of operations, alongside Romania and Bulgaria. Over the past 20 years, the Bank has developed unique know-how in the field of phygital all inclusive lending, as well as in-store and online point-of-purchase financing for the benefit of both merchant partners and ...

BNR identifies new systemic risk, delay on reforms and absorption of European funds

Monday, December 20, 2021

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The National Bank of Romania (BNR) has identified a new systemic risk, that of delays on reforms and the absorption of European funds, especially through the National Recovery and Resilience Plan (NRRP), according to the Financial Stability Report published by the bank central."Similar to the previous report, only one severe systemic risk was identified, with prospects for maintenance: tensions in internal macroeconomic balances, including as a result of the ...

EBRD invests in Alpha Bank’s first synthetic securitisation

Monday, December 20, 2021

EBRD supporting Alpha Bank S.A.  in enhancing capital resilience and increase lending capacity Investment will contribute to the establishment of synthetic securitisation as a new instrument in the Greek market Alpha Bank commits to finance new green projects, ...

Fairo, the financial app for freelancers, is now available for SRLs for free

Monday, December 20, 2021

Fairo, the financial app helping PFAs realize more of their business goals by doing less paperwork, is now also available for sole owner SRLs.    From now on, freelancers operating as PFA and sole owner SRL with up to one employee can enjoy the app for free, with no hidden costs and zero obligations.  Fairo customers can create professional invoices in 60 ...

Raiffeisen Romania will reportedly extend EUR 325 mln loan to Romgaz for Neptun Deep

Monday, December 20, 2021

Raiffeisen Bank Romania won the tender organized by natural gas company Romgaz, which needs a EUR 325 mln loan to finance the acquisition of the 50% stake in Neptun Deep offshore project from ...

Govt. to keep in place fiscal allowances for constructions and IT&C

Monday, December 20, 2021

The Romanian Social Democratic Party (PSD), the senior ruling party, assured that it would keep in place the existing fiscal facilities for strategic areas of the economy, such as the construction and IT&C industries.   Previous comments prompted concerns about PSD planning to waive the fiscal allowances with a view of boosting budget revenues and financing its 1% of GDP social expenditures ...

JP Morgan sees Romanian central bank as excessively dovish

Monday, December 20, 2021

Because it acted too little and too late, Romania's central bank BNR will have to increase the refinancing rate not only next year but also in 2023 - up to 5.5%, according to a research report of JP Morgan consulted ...

Tender for bank card payment system in means of transport, worth over 1.39 million euros

Monday, December 20, 2021

The Bucharest Transport Company (STB) announces on the electronic public procurement system - SICAP a tender for introducing the contactless bank card payment system directly to the dual validators that will be installed on the public transport vehicles.The total estimated value is 6,881,873 lei (over 1.39 million euro). The only award criterion is the lowest price, and the expected duration of the contract is 60 months (five years).The deadline for ...

BCR continues the financing through Bucharest Stock Exchange and lists the third bond issue this year worth RON 600mn

Monday, December 20, 2021

Banca Comerciala Romana (BCR), one of the most important financial groups in Romania, lists on Bucharest Stock Exchange the third bond issue this year, worth RON 600mn. The total value of the financing attracted by BCR this year, through the capital market, amounts to over RON 2bn. The new bond issue is traded on BVB’s Main Market under the stock ...

Insurance market up 20% in 2021, still in the range of 1% of GDP

Monday, December 20, 2021

The Romanian insurance market ended the first nine months of 2021 with a volume of gross written premiums of RON 9.8 bln (EUR 2 bln), up 15% from the same period last year, according to data presented by Cristian Ro?u, vice president of the Financial Supervision (FSA), quoted ...

CEC Bank: Non-performing loans ratio, at level that does not raise concerns - 5.42 pct

Monday, December 20, 2021

A large part of the loans granted by CEC Bank for which the deferral of the installments was requested have returned to payment, 93 pct being with the payments up to date, and the non-performing loans ratio is maintained at a level that does not raise concerns - 5.42 pct, said Bogdan Neacsu, general manager and president of the Bank's Directorate, in an interview with Agerpres.According to the data presented by him, in the first nine months of 2021, CEC Bank ...

The trading activity gains momentum on the Bucharest Stock Exchange and goes up by 20 percent in 11 months as total trades exceed EUR 3.5 billion

Monday, December 20, 2021

The total trading value from the Regulated Market of the Bucharest Stock Exchange (BVB) is up by 21.6% in the first 11 months to RON 17.4 billion (EUR 3.5 billion), while the average daily trading value is up by 20.5% to RON 75 million (EUR 15.2 million). The upward trend of the market liquidity also spills over to the Multilateral Trading System (MTS). ...

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

Monday, December 13, 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, ...

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 ...

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