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Financial & Banking
Fitch downgrades Euroins Insurance Group IFS Rating to 'B+'; Outlook Negative
Monday, July 4, 2022
Fitch Ratings has downgraded Euroins Insurance Group AD's (EIG) operating non-life insurers' Insurer Financial Strength (IFS) Ratings to 'B+' (Weak) from 'BB-' (Somewhat Weak) and removed them from Rating Watch Negative (RWN). The affected companies are Insurance Company Euroins AD, Insurance Company EIG Re AD and Euroins Romania Asigurare-Reasigurare S.A. The Outlook is Negative. The downgrade reflects ...
BNR report: Romanian households' net wealth up 10 pct in 2021
Monday, June 27, 2022
The Romanian households' net wealth continued to grow at a robust pace of 10 percent in 2021, with real estate assets acting as the main growth driver, shows the Financial Stability Report released by the National Bank of Romania (BNR).According to the cited document, the households' net wealth last year was in excess of 2.600 billion RON."The households' net wealth continued to increase at a robust pace during 2021 (+10 pct). Real estate assets are ...
Insurance market marks historic record based on competition's increase, but also system's concentration
Monday, June 27, 2022
Subscribed Gross Premiums (PBS) from Romanian insurance companies, have reached almost 4.66 billion RON during the first three months of 2022, the highest trimestrial value registered in the history of Romanian insurance market, going up by 46% from the similar period of last year, according to a press release sent by the Financial Supervisory Authority (ASF).Subscribed Gross Premiums related to general insurance have gone up by 53.9%, while premiums for life ...
Raiffeisen Bank is listing the third green bonds issue on BVB
Monday, June 27, 2022
Raiffeisen Bank is listing on Friday, June 24, a new issue of green bonds at the Bucharest Stock Exchange (BVB) worth RON 525mn. The bonds traded under the RBRO27 stock ticker are the third ...
BSTDB concludes the 24th Annual Meeting of the Board of Governors
Monday, June 27, 2022
The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 24th Annual Meeting under the Chairmanship of Mr. Samir Sharifov, Minister of Finance of the Republic of Azerbaijan. The Board of Governors approved the 2021 Financial Statements, and the net profit of EUR 43.9m million, allocated to the Bank, meaning it is in profit for the seventeenth consecutive ...
Norway, Iceland and Liechtenstein launch new round of grants for Romanian startups
Monday, June 27, 2022
Romanian startups can apply for grants of EUR 10,000-200,000 under a new round launched by Norway, Iceland and Liechtenstein through the EEA and Norway Grants. The focus of the projects should be one of the three main areas of the Programme: Green Industry Innovation, Blue Growth and ICT. The projects should contribute to "increased competitiveness for Romanian enterprises within the mentioned ...
Raiffeisen Bank RO sees twin deficit issues but robust growth for 2022
Monday, June 27, 2022
With the trade deficit at 12%-13% of GDP and a current account (CA) gap of rather 8% of GDP (from 7% of GDP last year) on the external balance side and the budget deficit at 5.8% of GDP (with a little help from the sharply rising nominal GDP), the twin deficit problem remains acute for Romania, according to a research report of Raiffeisen Bank Romania published by chief economist Valentin Tataru. "Even ...
OTP Bank expects 4% economic growth in Romania, to possibly ease below 3% in 2023
Monday, June 27, 2022
Romania's economy will grow by 4% this year, and the growth will slow down to 3.5% in 2023 as the central bank will have to rise the refinancing rate to 7% by the end of this year (versus the 8%-9% ideal rate of the refinancing rate), according to a research report published by OTP Bank Romania. The fiscal consolidation has stalled and will resume maybe next year, while the current account (CA) deficit ...
Business environment recommends flat tax preservation, cut of tax evasion, harsher sanctions
Monday, June 27, 2022
The business environment recommends to the authorities several directions for fiscal measures, including maintaining the flat tax, a real reduction of tax evasion, increasing tax collection, combating evasion through harsher actions and re-establishing the tax system so as to stimulate work, a release by the main organizations in the business environment reads.The flat tax rate should be maintained, being a simple and essential tax system for economic growth, ...
BCR lists 702 mln lei green bond on BVB
Monday, June 27, 2022
Banca Comerciala Romana (BCR), part of Austria's Erste Group, listed a 702 million lei ($149 million/142 million euro) senior green bond issue on the main market of the Bucharest Stock Exchange (BVB), the bourse said on Wednesday. The new bond issue is traded on the bourse's main market under the stock ticker BCR27A, the Bucharest Stock Exchange, BVB, said in a press ...
CEC Bank lends 5 mln euro to industrial group RAAL
Monday, June 27, 2022
Romanian state-owned savings bank CEC said on Wednesday it is lending 5 million euro ($5.3 million) to local cooling systems and heat exchangers manufacturer RAAL. The loan has a state guarantee issued by EximBank under the Covid-19 state aid scheme for companies, which covers 90% of the funding, CEC Bank said in a press release. RAAL will use the loan to finance ...
ANAF to start massive controls starting with July 1 to verify personal income
Monday, June 20, 2022
The National Tax Administration Agency (ANAF) will start massive controls starting with July 1 to verify the personal income as a source of each person's wealth, announced on Friday the president of the institution, Lucian Ovidiu Heius, during a conference of press."It is an insult to honest people who work hard, sometimes from morning till night, to see that others around them buy state-of-the-art houses, buy exorbitantly expensive cars, and they have not ...
BNR: Balance of payments and external debt – April 2022
Monday, June 20, 2022
In January - April 2022p, the balance-of-payments current account posted a deficit of EUR 7,568 million, compared with EUR 4,114 million in the same year-ago period, the Central bank (BNR) informs. The breakdown shows that the deficit on trade in goods widened by EUR 2,589 million, the surplus on services increased by EUR 345 million, the primary income deficit grew by EUR 1,126 million, while the secondary income surplus narrowed by EUR 84 ...
President Iohannis signs decree on deounciation of agreement for setting up International Investment Bank
Monday, June 20, 2022
President Klaus Iohannis on Wednesday signed the decree on the submission for adoption by Parliament of the denunciation of the agreement for the establishment of the International Investment Bank, informs the Presidential Administration.Specifically, it concerns the denunciation of the Intergovernmental Agreement on the Establishment of the International Investment Bank and its Statute, signed in Moscow on July 10, 1970, and the Protocol amending the Agreement on ...
BCR prints new green Senior Non-Preferred RON bond issuance, worth RON 702 M
Monday, June 20, 2022
Banca Comerciala ...
TBI Bank reports record quarterly net profit in Q1 2022, 40% higher than the same period last year
Monday, June 20, 2022
Challenging times like these we live in, require an even sharper company vision, a stronger team effort and customer focus from every business. Over the past years TBI Bank has proven to have all these ingredients and the results follow. TBI Bank’s consolidated unaudited financial results for the first quarter of 2022 show all-time quarterly record net profit of EUR ...
CEC Bank survey: 66.5% of the Romanians have no savings
Monday, June 20, 2022
66.5% of the Romanians surveyed in a survey conducted by CEC Bank in partnership with the bank comparator FinZoom.ro say that they have no savings, and of those who managed to put money aside, most of them (77.6%) have savings of a lifetime below 10,000 euros, according to a press release issued by the bank, on last Tuesday.According to the source, at the opposite pole, savings of over 20,000 euros manage to have only 9.8% of respondents.When asked ...
Insurer Allianz-Tiriac doubles business in Q1 2022 after City Insurance bankruptcy
Monday, June 20, 2022
Romanian insurer Allianz-Tiriac, a joint venture between German group Allianz and Romanian billionaire Ion Tiriac, doubled its gross written premiums in the first quarter of 2022 compared with the same period of last year as the number of new customers increased fourfold. The company reported that its business reached RON 820 million (EUR 166 mln) in the first quarter as car insurance subscriptions tripled year-on-year. ...
46% of Romanians believe that their purchasing power has decreased in the last 12 months
Monday, June 20, 2022
The circular economy, a concept that is gaining more and more validation: 27% of Romanians say they regularly buy second-hand product. 80% of Europeans have a positive image of the circular economy; 1 in 2 Europeans say they have recycled more and reduced their waste in the last three years, with Romanians being among the leaders in this ...
IMF projecting moderate economic growth in Romania at around 3.5% -4.5% in 2022 and 2023
Monday, June 13, 2022
The International Monetary Fund (IMF) has improved Romania's economic growth forecast to about 3.5% - 4.5% for 2022 and 2023, IMF official Jan Kees Martijn told a news conference on Friday."Romania's economy has recovered well from the COVID pandemic, but?like other EU countries?is now facing strong headwinds. GDP reached pre-crisis levels in in the first half of 2021 and rebounded very strongly in Q1 2022 from the COVID wave in the fall of last year. However, the ...