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Financial & Banking
Exhibition în Brussels: “The gold Treasure of the National Bank of Romania sent to Moscow and never returned – A claim older than a century”
Monday, March 11, 2024
On 5 March, the exhibition “The gold Treasure of the National Bank of Romania sent to Moscow and never returned – A claim older than a century” was opened at the European Parliament in Brussels. The exhibition runs for three days, showcasing written documents, historical and legal evidence as well as the commitments of the Russian and Romanian authorities concerning the 91.5 tonnes of fine gold sent to ...
Banca Transilvania Group posts 20 pct increase in net consolidated profit in 2023
Monday, March 4, 2024
Banca Transilvania Financial Group's net consolidated profit increased by 20% in 2023 compared to the previous year, to RON 2.98 billion, of which the bank's profit of RON 2.49 billion was 14% higher than in 2022, reads a BT press release.The bank's operating profit rose to RON 3.50 billion, up 29.8% from 2022.BT Financial Group's assets reached RON 169.2 billion at the end of last year. Loans grew to RON 75.6 billion while ...
BCR Group closes 2023 on net profit up 33pct
Monday, March 4, 2024
Banca Comerciala Romana BCR Group has reported a net profit of RON 2,321 million (EUR 469 million) in 2023, up 33% from RON 1,746 million (EUR 354 million) in 2022, driven by improved operating result underpinned by advance in customer business, according to a press statement released on Thursday by the groupOperating result improved by 17.2% to RON 3,206 million (EUR 648 million) in 2023 from RON 2,735 million (EUR 555 million) in 2022, on higher operating ...
Credit Europe Bank Romania implements the contactless functionality across its entire ATM network
Monday, March 4, 2024
Credit Europe Bank continues the integration of digital banking solutions by introducing the contactless function throughout its ATMs. With this feature, Credit Europe Bank customers can perform transactions at ATMs with a simple tap of their card, phone, watch or other smart device equipped with NFC technology over the reader, regardless of the issuing bank of the card. This option is ideal for quick payments and cash withdrawals and is a fast and convenient way for ...
BCR Launches BCR Romania PMI® Index
Monday, March 4, 2024
Banca Comerciala Romana (BCR), in collaboration with the National Council of Small and Medium-Sized Private Enterprises in Romania (CNIPMMR), announces the launch of the BCR Romania Purchasing Managers’ Index™ (PMI®), an essential indicator in determining the health of the economy. This initiative, under the global methodology provided by S&P Global, marks a significant milestone in providing accurate, timely insights into the Romanian manufacturing ...
IFC Helps Boost Access to Green Logistics Infrastructure in Bulgaria and Romania
Monday, March 4, 2024
IFC is investing up to €150 million in a Bulgaria-based commercial property investment company to support its expansion into green warehousing in Bulgaria and Romania—boosting access to prime logistics infrastructure in both countries and supporting Europe's green transition. IFC's financing package to Lion's Head Investments comprises a senior loan of €45 million, €65 million ...
Revolut Launches Its First Savings Product With Interest In Romania
Monday, March 4, 2024
Revolut rolls-out annual interest-bearing in-app savings accounts to its over 3.5 million customers in Romania. Savings account is the first in a batch of savings products built entirely in-house by Revolut and Romanian customers will be able to earn up to 4.25% annual interest on their RON deposits held with Revolut Bank UAB. Revolut Savings is a new home for savings products in the app and it ...
Groupama, the leader of the insurance market in Romania, chooses SAP for digital transformation
Monday, March 4, 2024
Groupama, the insurance market leader in Romania, with a presence on the local market since 2009, has chosen SAP for its digital transformation and to improve the overall experience of its team. Groupama focuses on building partnerships based on trust, with the aim of helping customers enjoy every moment, wherever they are, knowing they have a partner they can count on. Along with the focus on customers and partners, ...
FONDUL PROPRIETATEA PRELIMINARY FINANCIAL RESULTS FOR FY 2023
Monday, March 4, 2024
Fondul Proprietatea (hereinafter “The Fund”) published today its preliminary financial results for FY 2023 and would like to share several highlights included in the report. Overview of key activities and events undertaking during 2023: • Continued efforts to promote the Fund and raise its visibility, as well as the ...
Four in five Romanian homes are not insured against natural disasters
Monday, March 4, 2024
Only 20 percent of the more than 9.7 million homes in Romania are currently insured, as the Law on the mandatory insurance of residential property has never been practically applied, director general of the Natural Disaster Insurance Pool (PAID) Nicoleta Radu told a specialist event on Thursday."So, there are 7.6 million uninsured homes in Romania, practically four in five homes are not insured against natural disasters," Radu told the conference "Quo ...
ASF: Financial education plays an extremely important role in financial markets development
Monday, March 4, 2024
Financial literacy must be taught at an early age, in order to form the necessary skills to allow the adoption of rational decisions in adulthood, generating responsible financial behaviour, Financial Supervisory Authority (ASF) President Alexandru Petrescu told a specialist event on Thursday."Financial education, the central theme of today's meeting, is a fundamental pillar in the evolution of a society and that is why I think it is very important to ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 13 February 2024
Monday, February 26, 2024
Publishing date: 23 February 2024 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, 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; ...
Monetary indicators – January 2024
Monday, February 26, 2024
At end-January 2024, broad money (M3) amounted to RON 668,960.7 million, up 0.2 percent ( -0.9 percent în real terms) month on month. In year-on-year comparison, broad money rose by 10.8 percent (3.2 percent in real terms). At end-January 2024, broad money (M3) ...
COFACE STUDY: INSOLVENCIES IN ROMANIA REPORTED THE SAME LEVEL IN 2023 AS IN THE PREVIOUS YEAR
Monday, February 26, 2024
* Insolvencies of companies with revenues over 0.5 million EUR, increased by 29% compared to 2022 The latest Coface Romania study shows that 6,650 new insolvency procedures were opened in 2023 compared to 6,649 in 2022. The refused payment instruments increased both in value (+37%) and in number (+17%) compared to 2022, but below the levels recorded in 2019. The construction sector reports the highest number of insolvencies, respectively ...
Giorgi Shagidze to extend mandate as CEO and Chairman of the Management Committee at maib
Monday, February 26, 2024
Maib, the largest bank in Moldova, has announced today that Mr. Giorgi Shagidze will extend his mandate as CEO and Chairman of the Management Committee until December 31, 2025. In the event of a successful IPO of the bank, the mandate shall be extended through December 31, 2026. The decision to extend Mr. Shagidze’s mandate is subject to customary formal approvals. The formalization of this extension is anticipated to be completed ...
Completion of the sale of Fondul Proprietatea’s minority shareholding in Engie Romania S.A.
Monday, February 26, 2024
Further to the current reports published on 11 December 2023 and 27 December 2023, Franklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director (”AIFM / Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), would like to inform shareholders about the completion of the sale of the Fund’s entire holding in Engie Romania S.A. (the ...
Winter 2024 Economic Forecast: A delayed rebound in growth amid faster easing of inflation
Monday, February 19, 2024
The Commission publishes macroeconomic forecasts for the EU and its member countries four times a year. This Winter interim Forecast lowers the growth outlook for this year and sets inflation on a lower downward path than projected last autumn. Economic activity in 2023 is now estimated to have expanded by only 0.5% in both the EU and the euro area. The growth outlook for 2024 is revised down to 0.9% in the EU and 0.8% in the euro area. In 2025, economic activity ...
BNR Board decisions on monetary policy
Monday, February 19, 2024
In its meeting of 13 February 2024, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per ...
Balance of payments and external debt – December 2023
Monday, February 19, 2024
In January - December 2023, the balance-of-payments current account posted a deficit of EUR 22,694 million, compared with EUR 26,040 million January through December 2022. The breakdown shows that the deficit on trade in goods declined by EUR 2,990 million, the surplus on services expanded by EUR 204 million, the primary income deficit decreased by EUR 9 million, while the secondary income surplus increased by EUR 143 ...
NN Asigurari launches NN Safety Belt
Monday, February 19, 2024
NN Asigurari launches the NN Safety Belt, an insurance policy that provides protection and financial support in the event of a car accident resulting in death, developed in a strategic partnership with www.roviniete.ro. The insurance has a fixed annual cost and can be purchased 100% online, quick and easy, supporting customers to protect their family's financial situation in unfortunate ...