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Financial & Banking
Ramona Livinti is the new CFO of NN Asigurari de Viata
Monday, January 8, 2024
NN Asigurari de Viata announces the appointment of Ramona Livinti (photo) as CFO. Ramona succeeds Gerke Witteveen who became CEO of NN Pensii SAFPAP S.A. Ramona Livinti has extensive experience of over 16 years in the financial industry, both in core business as well as in audit and consulting. Throughout her career, she evolved in financial controlling roles in insurance and banking and joined NN Asigurari de Viata in 2020 as Controlling ...
Over 21 million cards active in Romania, at end-June 2023
Monday, January 8, 2024
The total number of active cards was, at the end of June 2023, 21,078,127 units, an increase of 442,781 cards, compared to the end of last year, shows the data centralized by the National Bank of Romania (BNR).Of these, 20,958,154 had a cash function, with 388,146 more compared to the end of December 2022.On the other hand, on June 30, 2022, the number of existing ATMs in Romania was 10,244, an increase of 104 compared to the end of last year, that of POS stands ...
EIB and BRD Sogelease IFN SA to support Romanian SMEs and Midcaps
Monday, January 8, 2024
· Operation to support economic growth and create new opportunities for small businesses in Romanian · Out of the €50 million loan agreed, a €10 million envelope is earmarked for green investments The European Investment Bank (EIB) and BRD Sogelease IFN SA have signed a ...
UNSAR: Extending capping of mandatory civil liability car insurance puts huge pressure on insurers
Monday, January 8, 2024
Extending the capping of the mandatory civil liability car insurance (RCA) puts huge pressure on insurers, increasing the risk of other players leaving a market that has only six companies authorized and regulated in Romania and another two operating under the European passport, say representatives of the National Association of Insurance and Reinsurance Companies in Romania (UNSAR).According to a press release issued by the organisation, any potential exit from the market ...
Banca Comerciala Romana lists new bond issue with the Bucharest Stock Exchange
Monday, January 8, 2024
BCR (Banca Comerciala Romana - Romanian Commercial Bank) is listing a new bond issue with the Bucharest Stock Exchange (BVB), thus raising to 8.8 billion RON the value of all its bond issues listed so far on the stock exchange, BVB informs in a press release."A new issue of bonds worth 1 billion RON, issued by Banca Comerciala Romana, one of the most important financial groups in Romania, entered trading today on the Bucharest Stock Exchange," the press release ...
BRD-SocGen distributes half of 2022 profit as dividends
Monday, January 8, 2024
The shareholder meeting at BRD SocGen (BVB: BRD), the third largest lender in Romania after Banca Transilvania and BCR, agreed on December 14 to distribute 50% of the retained earnings for 2022 in the form of dividends, according to a report published by the Bucharest Stock Exchange. Based on the trading price of December 14, the dividend implies a yield of 5.23%. The dividend will be paid on January 26, 2024, or November 29, ...
BNR’s Press release: Financial Stability Report, December 2023
Monday, December 18, 2023
In its meeting of 8 December 2023, the National Bank of Romania (BNR) Board examined and approved the Financial Stability Report, December 2023. The main systemic risks to financial stability have remained the same since the previous Report, yet global economic and geopolitical uncertainties have ...
Balance of payments and external debt – October 2023
Monday, December 18, 2023
According to the National Bank of Romania data, in January - October 2023p, the balance-of-payments current account posted a deficit of EUR 18,340 million, compared with EUR 22,971 million in the same year-ago ...
BCR Launches A RON 1 Billion Senior Non-Preferred Bonds Issuance
Monday, December 18, 2023
Banca Comerciala Romana (BCR) successfully launches a new issue of non-preferred bonds, worth RON 1 billion. The issue consists of senior non-preferred bonds with a maturity of 6 years and will be listed on the Bucharest Stock Exchange. The issue received a long-term rating of BBB+ from Fitch and Baa2 from Moody’s. The book building process showed a strong investors interest, hence in the first ...
Analysis: 65% Of Romanians Do Not Have Emergency Funds
Monday, December 18, 2023
If they were to run out of income, 65% of Romanians would not be able to cover their expenses for even a week. Almost half (46%) of the population do not make savings, and of those who do, 27% do not put money aside in an emergency fund, according to the results of the latest national study reflecting Romanians’ attitudes and habits in the financial field, made by KRUK Romania together with IRES in November this year. In contrast, 25% of Polish people say they ...
BVB's Hanga: We ended first 11 months very well
Monday, December 18, 2023
The Bucharest Stock Exchange (BVB) ended the first 11 months of this year very well, with the BET index up almost 26% compared to the beginning of the year, and a 3.3% advance in November alone, president of the Bucharest Stock Exchange Radu Hanga told a specialist event."From the perspective of the Stock Exchange, we ended the first 11 months very well, with the BET index up almost 26% compared to the beginning of the year and an advance of 3.3% in November ...
AGRO IFN Received Approval From The National Bank Of Romania
Monday, December 18, 2023
AGRO IFN SA, the financing instrument for the agricultural sector launched by ROCA Agri RDF, the agriculture holding within ROCA Investments, has received approval from the National Bank of Romania (BNR). In the first two weeks since becoming operational, AGRO IFN SA has already extended its initial loans to support businesses in the Romanian agricultural sector. “Agriculture plays a crucial ...
The Ability Of The Population To Pay Their Bank Installments, Deteriorating
Monday, December 18, 2023
The ability of the population to pay their installments at the banks registered a slight deterioration, according to the Stability Report, published on Wednesday by the National Bank of Romania (BNR). “This evolution was manifested against the background of the increase in monthly rates as a result of the increase in interest only partially counterbalanced by salary ...
Fitch Reaffirms Garanti BBVA Romania Ratings
Monday, December 18, 2023
International Rating Agency Fitch Ratings has affirmed Garanti BBVA Romania’s (GBR) Long Term Issuer Default Rating at ‘BB-‘ with a stable outlook and its Viability Rating (VR) at ‘bb-‘. For the second time within the past 12 months, the rating agency has reaffirmed these metrics, following its initial affirmation in December ...
Omniasig sells gross premiums of approximately 1.7 bn RON in Q3 2023
Monday, December 18, 2023
Omniasig Vienna Insurance Group sold gross premiums of approximately 1.7 billion RON in the first three quarters of 2023, a value that represents an increase of approximately 10% compared to the same period in 2022, according to a company release.The total value of the compensations paid in this interval was approximately 840 million RON."The year 2023 proved to be an intense year, full of changes and unforeseen events, which ...
IMF Concludes 2023 Article IV Romania Consultation
Monday, December 11, 2023
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Romania, and considered and endorsed the staff appraisal without a meeting . Romania has weathered the economic shocks from the pandemic, Russia's war in Ukraine, and the resulting surges in energy and food prices relatively well. Growth, at 4.7 percent, surprised on the upside in 2022 but slowed in the first half of 2023 to around 1.9 percent y/y ...
Fitch Affirms Romanian UniCredit Bank at 'BBB', with a Stable Outlook
Monday, December 11, 2023
Fitch Ratings has affirmed UniCredit Bank S.A.'s (UCBRO) Long-Term Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook, and maintained the 'bb' Viability Rating (VR) on Rating Watch Positive (RWP), according to a press release of the financial evaluation institution.According to Fitch, UCBRO's IDRs and Shareholder Support Rating (SSR) reflect a high probability of support from the bank's majority owner, UniCredit S.p.A. (UC; BBB/Stable). The Stable Outlook on ...
Deloitte study: The share of multinationals expecting higher tax burden as a result of the OECD reform decreases to 34%, from 47% last year
Monday, December 11, 2023
A third of companies worldwide (34%) anticipate a significant increase in their group’s global effective tax rate, as a result of the implementation of the two-pillar global tax reform coordinated by the Organization for Economic Co-operation and Development (OECD), down from 47% in 2022, according ...
CESEE Bank Lending Survey 2023: Credit supply tightens as banks eye expansion amid profitability concerns
Monday, December 11, 2023
The tightening of credit supply that began last year is not over, but the large supply-demand gap seen in previous periods is expected to diminish. A growing number of banks intend to selectively expand in the region, despite mentioning worsened profitability. The European Investment Bank ...
Fitch confirms outlooks for Romanian BCR and BRD at BBB+, Stable Outlook
Monday, December 11, 2023
Fitch Ratings has affirmed Banca Comerciala Romana S.A.'s (BCR) and Banca Romana de Dezvoltare's (BRD) Long-Term Issuer Defualt Rating (IDR) at 'BBB+' with a Stable Outlook.BCR's Long-Term IDR and Shareholder Support Rating (SSR) are driven by Fitch's view of a high likelihood of extraordinary support from its parent, Erste Group Bank AG (Erste; A/Stable), the same being the case with BRD's IDRs and Shareholder Support Rating (SSR), which reflect the potential support ...