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Financial & Banking

Moody’s upgrades rating of deposits in three RO banks in line with debt rating

Monday, December 21, 2020

International rating agency Moody's has upgraded the foreign currency (FC) deposit ratings of ten banks in the region, including three Romanian banks: BRD - Groupe Societe Generale, Banca Comerciala Romana (BCR), and Raiffeisen ...

Syndicated credit worth 51 million euro signed by BCR for Pehart Tec Group

Monday, December 21, 2020

The Romanian Commercial Bank (BCR, Banca Comerciala Romana) signed a syndicated loan worth 51 million euro for Pehart Tec Group, the financing to be used to develop the two factories of the company in Petresti and Dej, the bank announced on Friday."Our development plans include investing 20 million euro over three years, through a solid partnership with the banks that facilitated the credit. We are committed to being an example for the paper production industry ...

Romanians save just over EUR 700 on average in 2020

Monday, December 21, 2020

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Romanians set aside as savings or investments EUR 59 per month on average in 2020, 6% more than one year earlier and 28% more compared to 2015, according to a Central and Eastern Europe (CEE) regional report carried by Erste Bank Group. However, this is only half of the money set aside by Slovaks - the leaders in the group of countries polled by the Austrian ...

PayPoint enters the mobile payment market by launching PayPoint mobile application

Monday, December 21, 2020

PayPoint, the leading operator in Romania of cash payments and electronic charging through retail points, announces the launch of the PayPoint mobile application, thus taking an important step towards the updated needs of customers. The card payment solution through the PayPoint application is provided by Alpha Bank Romania in partnership with Europayment Services ...

Patria Bank lists EUR 8.2 mln subordinate bonds

Monday, December 21, 2020

Romanian lender Patria Bank, controlled by private equity fund Emerging Europe Accession Fund (EEAF), with EBRD, EIF, DEG (Development Bank, part of the KfW banking group) and BSTDB (Black Sea Trade and Development Bank) among its investors, has listed the EUR 8.2 mln subordinate bonds previously issued under a private placement.   This second round of financing carried out by the credit institution on ...

President Iohannis: housing bank customers should return subsidies received illegally

Monday, December 14, 2020

President Klaus Iohannis returned to Parliament the law aimed at exempting the housing bank customers from returning the subsidies (bonuses) received illegally from the state by 2016, under the saving-borrowing mechanism for mortgage ...

Fitch: Romania Election Does Not Allay Medium-Term Fiscal Uncertainty

Monday, December 14, 2020

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Fitch Ratings-London-10 December 2020: Romania’s general election result points to continued political uncertainty and hence a still-challenging policy-making environment, says Fitch Ratings. The need to pass a 2021 budget will be a near-term test of the next administration’s cohesion and an indication of likely fiscal policy settings.In Sunday’s election, the incumbent centre-right PNL secured around 25% of the vote compared to 30% for the main ...

EximBank ensures Romanian exports to EU and OECD for 6 months

Monday, December 14, 2020

Romanian companies can benefit from extensive protection in carrying out commercial relations with foreign partners, in conditions in which EC has authorized to extend the extension until June 30, 2021 of non-market short term risks and temporary non market risks which EximBank offers on behalf of the the Romanian state, the bank announced on Tuesday.   EximBank mentions that this insurance product was ...

Volt Analysis: Microcredits, the life-saving solution for those who want bigger and better loans

Monday, December 14, 2020

Although they want their own homes, young people between the ages of 18 and 25 encounter great difficulties in obtaining large loans, such as real estate loans, due to their low FICO score. The FICO score is identical to that of the Credit Bureau and is the main factor that determines whether the applicant qualifies for a loan and its type.   A ...

BVB: The trading value is up by 42 percent after 11 months while the daily average nears 13 million euros

Monday, December 14, 2020

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Liquidity, measured in terms of the average daily trading value, increased by over 42% at the cumulative level of all types of financial instruments and exceeded RON 62 million (EUR 12.86 million) for the first 11 months of the year. The total value of transactions, including offers, with all types of financial instruments traded on the Bucharest Stock Exchange (BVB) approached the threshold of EUR 3 billion, or ...

Private pension becomes biggest segment of non-bank financial sector

Monday, December 14, 2020

The private pensions sector has become the segment of Romania's non-banking financial market with the largest capitalization, around 7% of GDP, Nicu Marcu, president of the Financial Supervision Authority (ASF) commented.He praised the sector's dynamics, which he attributed to the sound institutional framework.   Boasting total assets of about RON 73 billion (nearly EUR 15 bln) as of October 2020, the ...

Insurance market up 4.8% in Jan-Sep

Monday, December 14, 2020

Romania's general and life insurance market reached approximately RON 8.5 billion (EUR 1.75 bln) in the first nine months of this year, up 4.8% compared to the same period of 2019, announced Valentin Ionescu, member of the Financial Supervision Authority's top management in an online conference.   "Despite the restrictions imposed by the pandemic that impacted the market, the insurance market grew by 4.8% ...

Allianz-Tiriac takes over Gothaer’s Romanian subsidiary

Monday, December 14, 2020

Allianz-Tiriac Asigurari, the second-biggest insurer in the Romanian market, has signed an agreement to take over German group Gothaer's local subsidiary. This is Allianz-Tiriac's first acquisition after more than 25 years of organic growth. Allianz-Tiriac and Gothaer Asigurari Reasigurari will continue to operate independently until they receive all the necessary ...

BNR Survey:At least 18% of banks believe that lending conditions to SMEs and mortgages will be tightened

Monday, December 14, 2020

About 18% of the Romanian banks plan to tighten lending terms for small and medium-sized enterprises (SMEs) by the end of the year, according to a survey conducted by Romania's National Bank (BNR), quoted ...

Population invests almost 1 bln euros in gov't securities this year

Monday, December 14, 2020

The Ministry of Public Finance has attracted 1.3 billion lei and 289 million euros, respectively, through the second primary offering of retail government securities (FIDELIS) carried out this year through the Bucharest Stock Exchange (BVB), BVB said in a release.The Finance Ministry has attracted 2.52 billion lei and 457.4 million euros this year through the two rounds of financing carried out on the Bucharest Stock Exchange."The success of the second ...

OLX Group acquires Kiwi Finance, largest loan broker in Romania

Monday, December 14, 2020

OLX Group announces the acquisition of Kiwi Finance, after the transaction received the approval of the Competition Council, the largest loan broker in Romania thus entering the Group's local portfolio, to which OLX, Storia.ro and Autovit.ro already belong."We are pleased to announce that the transaction has been successfully completed and we are confident that we have the ideal partner in this new journey. The acquisition of Kiwi Finance comes as a result of OLX ...

Banks in Romania have granted population, companies new loans of 67.42 billion lei in first 10 months

Monday, December 14, 2020

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The banks operating in Romania have granted the population and companies new loans worth 67.42 billion lei in the first ten months of 2020, which represents almost a quarter of the non-governmental credit balance for October, according to data submitted by the Romanian Association of Banks (ARB)."The share of new loans accessed by the population and companies, of 24.15 pct of the non-governmental credit balance, represents a rather high percentage, especially ...

Financial threats in 2021: cryptocurrency transit, web skimmers move to the server side and extortion plague

Monday, December 14, 2020

In 2021, many financial cybercriminals are likely to target Bitcoin more often, while other cybercriminals will switch to transit cryptocurrencies when demanding payment from victims for enhanced privacy. On top of that, extortion practices will become even more widespread, be it as part of DDoS or ransomware attacks, with the operators of the latter consolidating and using advanced exploits to target victims. These are the key predictions from Kaspersky regarding ...

S&P Global Ratings affirms Romania at BBB-/A-3, outlook remains negative

Monday, December 7, 2020

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Standard & Poor's Global Ratings maintained Romania's rating at BBB-/A-3, with a negative outlook, and warned that the country's economic situation could deteriorate further if policymakers fail to produce a credible plan to lower fiscal imbalances.   Romania's ratings could be lowered fiscal and external imbalances remain elevated for longer than anticipated, for instance, because of challenges to ...

International reserves – November 2020

Monday, December 7, 2020

On 30 November 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,393 million, compared to EUR 33,795 million on 31 October 2020.   During the month, the following flows were recorded: EUR 1,142 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, ...

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