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Financial & Banking
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 ...
Credit Europe Bank Romania to merge with parent company Credit Europe N.V
Monday, June 17, 2024
On the 7th of June the General Assembly of Shareholders of Credit Europe Bank (Romania) S.A. approved the intra-group cross-border merger. The cross-border merger is an extensive process that depends on several factors and is subject to approvals from the Romanian and Dutch regulators. After the merger, Credit Europe Bank (Romania) S.A. will continue its activities in Romania as a branch office of ...
Public pension system ends previous year with deficit of over 2 billion RON
Monday, June 17, 2024
The public pension system ended last year with a deficit of more than 2 billion RON, while revenues amounted to 109.8 billion RON and expenses to 111.9 billion RON, according to a draft law published by the Ministry of Finance.Revenues of the system for workplace accidents and occupational diseases amounted to 221.1 million RON.Thus, the total revenues of the state social insurance budget collected in 2023 amount to ...
Allianz Trade analysis: Romania’s inflation rate remains the highest in the region
Monday, June 10, 2024
In Central and Eastern European markets, inflation is expected to rise or remain above central bank target ranges until the end of 2024. The decline in the rate of consumer inflation in the EEC over the past year has been above expectations, mainly due to the sharp drop in food and energy prices, says an Allianz Trade analysis. However, recent April data show a pick-up in inflation in Poland (2.4% y/y, March 2.0%), Czech Republic (2.9% y/y, March 2.0%) and ...
Alpha Bank Romania, EIF enter partnership for advantageous lending to SMEs
Monday, June 10, 2024
Alpha Bank Romania has entered into a partnership with the European Investment Fund (EIF) under which small and medium-sized companies can take out loans under flexible and competitive conditions, supported by the guarantees and expertise of the EIF, according to a press release from the bank."Based on our partnership with the EIF, we can offer companies and start-ups credit facilities with significantly lower costs than those usually offered, accessing the ...
Revolut Joins Hands with BRCC: Bridging Trade between UK and Romania
Monday, June 10, 2024
In 2023, the firm processed almost 74,000 transactions per hour for its Romanian retail customers. Revolut Bank UAB, licensed by the European Central Bank and regulated by the Bank of Lithuania, operates in 30 EU markets. Revolut, the British fintech company, has joined ...
UniCredit Bank And Endeavor Join Forces To Boost Support For High-Impact Romanian Startups
Monday, June 10, 2024
Endeavor Romania and UniCredit Bank have launched a strategic partnership to support high-impact startups. This collaboration will facilitate the access to financing and resources for companies founded by Romanian entrepreneurs. Endeavor Romania, the local chapter of the global Endeavor network, is a key player dedicated to fostering Romania’s vibrant entrepreneurial ecosystem, ...
Allianz-Tiriac Q1 2024 Results: Strong growth in life insurance; total claims increased by 44%
Monday, June 10, 2024
Allianz-Tiriac Asigurari has continued to provide real financial support to its clients in unforeseen situations, concluding the first quarter of this year with solid results and positive developments across all business lines. The total gross claims expense was approximately LEI 612 million at the end of Q1. Out of ...
Romania's chief arbitrator Deaconu appointed to World Bank's arbitration centre
Monday, June 10, 2024
Chairman of the Court of International Commercial Arbitration with the Romanian Chamber of Commerce and Industry (CCIR) Stefan Deaconu has been appointed arbitrator on behalf of Romania with the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank, according to CCIR. He is one of the lawyers who successfully ...
One United Properties’ shareholders approve 70 million euros share capital increase
Monday, June 3, 2024
The shareholders of One United Properties, the leading Romanian green developer of residential, mixed-use, and office real estate, approved, during the General Meeting of Shareholders held on May 28th, 2024, the share capital increase operation with cash contributions that will raise 70 million euros to finance the Company's next growth phase. The GMS quorum was over ...
Intesa Sanpaolo completes acquisition of First Bank Romania
Monday, June 3, 2024
Intesa Sanpaolo has successfully completed the acquisition of the Romanian group First Bank S.A. (Romania) from the US-based private investment fund J.C. Flowers & Co. Following the signing, on October 28, 2023, by Intesa Sanpaolo S.p.A. and JCF Tiger Holdings S.A.R.L., the majority shareholder of First Bank S.A., of a sale-purchase agreement for the acquisition of 99.980513% of the ...
Patria Credit IFN's 2023 net profit up 44 pct to RON 8.54 ml
Monday, June 3, 2024
Patria Credit IFN SA, the non-banking financial institution of Patria Bank Group, posted a net profit of RON 8.54 million in 2023, by 44 percent higher compared to the previous year, while its loan portfolio increased 14 percent year-over-year to RON 184 million, the company said in a release.New loan sales were 1 percent up from 2022 to RON 94 million.Agriculture stays a major component in the NBFI's loan portfolio, accounting for 81 percent ...
New banking IT development hub Raiffeisen Tech to officially launch in Romania in early July
Monday, June 3, 2024
Raiffeisen Tech, the new finance and banking tech and software development center, will officially launch on July 1 in Romania, the parent group informed in a release on Wednesday."The newly established company is headed by Diana Andrei as General Manager, a professional with over 20 years of experience in banking, of which the last 8 years with Raiffeisen Bank Romania, where she has served since 2018 as Head of IT Delivery Department," the source ...
Banca Transilvania Group, agreement for acquisition of BRD Pensii
Monday, June 3, 2024
Banca Transilvania Financial Group reached an agreement with BRD - Groupe Societe Generale and Societe Generale Assurances for the acquisition of BRD Societate de Administrare a Fondurilor de Pensii Private (BRD Pensii), a company active in Romania, in the field of mandatory private pensions (Pillar II) and optional private pensions (Pillar III).For the acquisition, the approval of the Financial Supervisory Authority (ASF) is required in ...
Romanians paid 250 million RON in charges, taxes in first 4 months through SelfPay
Monday, June 3, 2024
Romanians paid over 250 million RON in charges and taxes in the first four months of this year through SelfPay payment terminals, with 1.5 million such payments being processed, according to the data sent by the company on Tuesday.SelfPay operates in Romania more than 11,000 payment terminals located in more than 2,000 locations.Currently, SelfPay offers users the opportunity to pay 63 types of taxes and fees (compared to only 47 at the end of ...