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Financial & Banking
BNR: Monetary indicators - May 2024
Monday, July 1, 2024
According to the Central Bank (BNR) data, at end-May 2024, broad money (M3) amounted to RON 690,193.4 million, up 0.2 percent (0.3 percent in real terms) month ...
BCR and European Investment Bank sign €200 million financing agreement for large companies
Monday, July 1, 2024
The Romanian Commercial Bank (BCR) and the European Investment Bank (EIB) signed an agreement for the implementation of the PNRR portfolio guarantee through which BCR will grant loans up to 200 million euro to the companies with over 500 employees. "Through BCR, companies will be able to access loans of up to EUR 25 million (or equivalent in lei), guaranteed up to 80% by the EIB, for investment projects and to support the ...
Romanian fintech Instant Factoring IFN to expand its debt and institutional capacity to support micro and small companies with EIF support
Monday, July 1, 2024
EIF subordinated loan strengthens Instant Factoring’s capital base, helping increase lending to underbanked businesses in Romania. Deal marks first time a Romanian fintech and factoring company receives InvestEU funding. This agreement was facilitated by the InvestEU programme, which aims to trigger over €372 billion in additional investment over ...
EBRD slightly reduces stake in Banca Transilvania
Monday, July 1, 2024
The European Bank for Reconstruction and Development (EBRD) has slightly reduced its stake in Banca Transilvania (BT), the largest lender in Romania, according to a press release. EBRD sold 13.7 million shares in an accelerated bookbuild placement at the Bucharest Stock Exchange (BVB). The shares sold on June 27, 2024 represent 1.7% of the total shares of Banca Transilvania. EBRD maintains a ...
tbi bank successfully issued a EUR 20M bond on the Bulgarian market
Monday, July 1, 2024
tbi bank, one of the leading challenger banks in Southeast Europe offering flexible payment solutions, has successfully issued public bonds of 20 million euro (MREL eligible). The issue was oversubscribed, which allowed it to reach the highest range of the planned amount (from 10 to 20 million), making it the largest bond issued by tbi bank to date. The issue process was solely managed by the tbi team, and the ...
ING Bank gives EUR 150 M loan to Digi Group
Monday, July 1, 2024
ING Bank supported Digi Romania and Digi Communications, the parent company of the telecommunications operator, in arranging a credit facility worth 150 million euros, for a period of 3 years after the first use. The loan will be used to repay the group’s bonds, worth 450m euros, due in 2025. The transaction was led by ING as Coordinator, Subscriber, Mandated Principal Arranger, Original Lender ...
Large state companies listed on stock exchange have cumulative capitalization of almost 110 billion RON
Monday, July 1, 2024
The large state companies listed on the Bucharest Stock Exchange (BVB) currently have a cumulative capitalization of almost 110 billion RON (rd 22 billion EUR), compared to 26 billion RON 10 years ago, BVB president Radu Hanga told Wednesday's event celebrating the tenth anniversary of Electrica's listing on the BVB."In the meantime, the listing of Hidroelectrica, among others, happened, but even beyond that, we see a fourfold increase in the capitalization ...
Insurance Brokerage Academy: 7 out of 10 companies in Romania were not insured at the end of 2023
Monday, July 1, 2024
Most companies in Romania, 7 out of 10 cases, risk severe damages or the closure of the activity, because they are not insured for their specific needs, shows the internal data of the Insurance Brokerage Academy, one of the main centers for education and training of specialists in the field of insurance. Among the most exposed companies by field of activity are those in production, retail, agriculture, construction or HoReCa, and many of these do not have insurance risk ...
The second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO), 18 June 2024
Monday, June 24, 2024
This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 18 June 2024. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) examining the regular analysis on the recalibration of the countercyclical capital buffer, (ii) complying ...
OTP Bank Romania utilizes FLOWX.AI for modern digital mortgage platform dedicated to brokers
Monday, June 24, 2024
OTP Bank Romania has launched a state-of-the-art mortgage lending platform based on the cutting-edge technology of FLOWX.AI. After only 10 weeks of development, the new platform optimizes the working experience for partner brokers, eliminates the need for face-to-face interaction at the branch, and significantly reduces the waiting time for bank clients. The mortgage lending experience ...
National Bank of Romania approves acquisition of Porsche Bank by Dan Ostahie, Altex founder and CEO
Monday, June 24, 2024
The National Bank of Romania (BNR) has approved the direct acquisition by Dan Ostahie, Altex founder and CEO (90.10%) and Real Estate SRL (9.89%) of a 100% stake in the share capital and voting rights of Porsche Bank Romania SA.According to the agreement between Porsche Bank AG and Dan Ostahie, the seller undertakes to transfer the ownership of the bank's shares and the buyer undertakes to take over the business on the basis of the balance ...
Raiffeisen Bank Launches MoonShotX
Monday, June 24, 2024
Raiffeisen Bank Romania announces the launch of MoonShotX – a unique project on the local market, supporting companies with a turnover between 5 million and 50 million euros (Mid-Corporate) to scale their businesses regionally. “MoonShotX represents a strategic project for Raiffeisen Bank Romania, through which we support Mid-Corporate companies in Romania to reach a new level of development and ...
ARB's Neacsu: Banking system in Romania is healthy, very resilient
Monday, June 24, 2024
The banking system in Romania is healthy, very resilient, and solvency is currently at 23%, Bogdan Neacsu, president of the Romanian Bankers Association (ARB), said on Monday at the 12th edition of the ZF Bankers Summit."I would not say that the banking system is shrinking, even if the economy is growing. I would say that it is growing and if we look at the banking assets in general we have a significant growth. Moreover, financial ...
Alior Bank Sells Portfolio Of Almost EUR 20 M To Romanian Bank Patria Bank
Monday, June 24, 2024
Polish bank Alior Bank S.A. (Alior Bank), through its branch in Romania, sold a portfolio of approximately 4,000 retail clients, to Romanian bank Patria Bank S.A. International law firm CMS has advised Alior Bank on this sale. Founded in 2008 by an Italian Group, Alior Bank is the eighth largest banking group in Poland (in terms of assets). It is listed on the Warsaw Stock Exchange and is a component of ...
Commission clears acquisition of Alpha Bank Romania by UniCredit
Monday, June 17, 2024
The European Commission approved, under the EU Merger Regulation, the acquisition of sole control of Alpha Bank Romania S.A. of Romania by UniCredit S.p.A. of Italy. The transaction relates primarily to various banking and financial services in Romania, such as retail and corporate banking, financial market services and other financial ...
Balance of payments and external debt – April 2024
Monday, June 17, 2024
According to the Central Bank data, in January – April 2024p, the balance-of-payments current account posted a deficit of EUR 6,576 million, compared with EUR 5,191 million in January – April 2023. The breakdown shows that the deficit on trade in goods widened by EUR 464 million, the surplus on services fell by EUR 651 million, the primary income deficit increased by EUR 791 million, while the secondary income surplus grew by EUR 521 ...
Romania wins Astra Asigurari bankruptcy case
Monday, June 17, 2024
The Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Romania in the Astra Asigurari bankruptcy case, the Finance Ministry (MF) informs in a press release."On 13 June, Romania received the decision of the Arbitral Tribunal of the International Centre for Settlement of Investment Disputes of the World Bank (ICSID), which awarded it the case in case number ARB/16/19, based on the Agreement on the ...
ASF okays revised form of draft law for amending Law on issuance of financial instruments
Monday, June 17, 2024
The Council of the Financial Supervisory Authority (ASF) approved the revised form of the draft law for the amendment and completion of Law no. 24/2017 regarding the issuance of financial instruments and market operations, according to a press release from the institution.This legislative initiative constitutes an important step in strengthening the capital market in Romania, aiming to provide protection and confidence to investors, to facilitate access to ...
Romanian banks working on new payment scheme, RoPay, to be available in July
Monday, June 17, 2024
Romanian banks are working with Transfond on a new payment scheme, RoPay, through which a beneficiary will be able to request money from a payer, Ionut Chiriac, chapter lead customer journey, Payments division, at ING Bank Romania, said on Tuesday."A scheme that is, if anything, more of an additional service on top of the instant payment scheme. It is called RoPay. This new scheme offers the possibility for a beneficiary, whether a merchant, an individual or ...
Finance Ministry considering three options for granting same deduction to minimum wage earners
Monday, June 17, 2024
The Ministry of Finance is considering three options for granting a RON 300 deduction to minimum wage earners so that all 1.8 million of them will get it, Finance Minister Marcel Bolos told a conference on Monday on the 30th anniversary of the National Union of Romania's Insurers and Reinsurers (UNSAR)."There are two cumulative conditions: earning the minimum wage and no more than RON 4,000 in gross wage. We are doing an analysis at the Ministry of Finance ...