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Financial & Banking

Credit Europe Bank Romania launches Google Pay

Monday, February 7, 2022

Credit Europe Bank Romania introduces Google Pay for customers with Mastercard cards and thus offers them access to a fast, simple and secure payment method at a large number of merchants, online or in stores.   Credit Europe Bank’s CardAvantaj (Standard, Gold, Platinum), CEB Diamond (Gold and Platinum) and Optimo Card credit cards users and Mastercard debit card can already enjoy the benefits of Google Pay along with ...

EBRD insolvency report ranks emerging markets by ease of business rescue

Monday, February 7, 2022

Kosovo, Moldova and Albania have the most progressive laws outside the EU Better insolvency data help to attract investors to secondary NPL markets Forty jurisdictional profiles include publicly available insolvency ...

ING Bank Romania has a new Head of Business Banking

Monday, February 7, 2022

Serge Offers, CFO of ING Bank Romania for the last three and a half years, will take over the role of Head of Business Banking and Deputy CEO starting with February 1. In this position, Serge will be responsible for the development of the Business Banking division, which meets the financial needs of entrepreneurs with an annual turnover of up to 100 million euros (450 million lei).   Serge Offers has previously held several ...

BRD-SocGen to reportedly dismantle consumer credit arm BRD Finance

Monday, February 7, 2022

BRD Finance, the consumer credit division of BRD-SocGen - the third largest bank in Romania by assets - would be dissolved, and the process will last at least one year. Until then, loans will continue to be granted, according to sources familiar with the plans consulted ...

OECD SecGen Cormann: Romania has come a very long way

Monday, January 31, 2022

The Secretary General of the Organization for Cooperation and Economic Development, Mathias Cormann, stated, on Friday, in Bucharest, that Romania has come a very long way, but "there are areas that still need more work".In the context of the official visit that he is conducting in our country, he participated, at the Victoria Palace of Government, in the launching of the study titled "Economic Survey of Romania.""It's a particular privilege for ...

BNR: Monetary indicators – December 2021

Monday, January 31, 2022

According to the Central Bank (BNR) data, at end-December 2021, broad money (M3) amounted to RON 564,423.6 million, up 3.1 percent month on month and 15.8 percent (7.0 percent in real terms) year on year.   At end-December 2021, loans to non-government ...

The net assets of the 234 investment funds in Romania increased in 2021 by 20, 7% to lei 53, 7 billion

Monday, January 31, 2022

The net assets of the 234 investment funds, local and foreign have increased in December with 4.7%up to the level of 53.7 billion lei (10.8 billion euro) and in 2021 increased by 20.7%, announces the Association of Funds Administrators (AAF).   Most performing five funds over the last twelve months registered annual yields between 34.8% and 40%;on a horizon of 36 months, ...

Fitch: execution of National Resilience Plan is key to Romania's rating

Monday, January 31, 2022

The negative outlook for Romania's rating is still justified by the fiscal imbalances, the debt structure and the volatile political scene with a coalition with little chance of survival, Barriga Salazar, director of the debt rating agency Fitch Ratings, argued.   In October, amid the political turmoil caused by the collapse of the former centre-right coalition, Fitch affirmed Romania's sovereign long-term rating ...

Wiiw trusts RO economic growth accelerates, public gap shrinks to 3%-of-GDP by 2024

Monday, January 31, 2022

The Vienna Institute for International Economic Studies (wiiw) expects a growth of 4.4% for the 11 countries of Central and Eastern Europe (EU-CEE11) in 2022. Romania's performance (+4.3%) is seen just under the ...

Raiffeisen Romania: GDP growth possibly under 4%, but BNR must hike rates faster

Monday, January 31, 2022

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It is possible that the economic growth in Romania will be even lower than 4% in 2022, and a large number of bankruptcies are not excluded, said Ionut Dumitru, chief economist of Raiffeisen Romania.   He reasoned that not all producers would be able to transfer to customers the sharp energy price increases, eventually incurring big losses."Given the imminent staggering growth in energy prices, I refuse to ...

Romanian Venture Report 2021: In 2021, our market tripled from the €30.4M reported in 2020 to more than €116.9M

Monday, January 31, 2022

In 2021, the Romanian venture capital market tripled from the €30.4M reported in 2020 to more than €116.9M, and grew 13x from the €8.2M value of 2017, according to the Romanian Venture Report ...

TBI Bank kicks off 2022 with increased interest rates on all RON deposits

Monday, January 31, 2022

Many Romanians are witnessing rising inflation rates resulting in a steady increase in prices for gas, utilities, food, housing, and home goods. Considering the challenges customers face in preserving their savings, TBI Bank kicks off the year with increased interest rates on all its deposits in lei.   As customers seek better and more efficient mid and long-term savings options to fight inflation, TBI Bank offers a wide ...

Redefining agricultural insurance tools

Monday, January 31, 2022

Following three years of implementation and two years of pilot iterations, as well as the validation of Pilot Data and Operational Data Products, the BEACON project is successfully reaching its end.   Results showed that BEACON toolbox managed to achieve in terms of service uptime and thus significantly reducing the Agricultural Insurance (AgI) process cycle-time, especially for contracts that covered calamities such as ...

CEC Bank to launch insurance arm with a household focus

Monday, January 31, 2022

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The first Romanian state-owned insurance company with a focus on individual customers should be launched as soon as possible, probably this spring, according to finance minister Adrian Caciu. According to sources familiar with the developments quoted ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 10 January 2022

Monday, January 24, 2022

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; ...

Speech at the event for the launching of the Twinning project - Strengthening supervision, corporate governance and risk management in the financial sector of the Republic of Moldova

Monday, January 24, 2022

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Mugur Isarescu, NBR Governor   Esteemed President of the Parliament of the Republic of Moldova, Dear Governor ...

ASF proposes increasing contribution rate of FGA for general insurance companies

Monday, January 24, 2022

The Financial Supervisory Authority (ASF) proposes increasing contribution rate to the Policyholders Guarantee Fund (FGA) for general insurance companies, by 1.5 percentage points from the current level, according to a draft standard regarding contribution rates owed by FGA insurers, published on Wednesday."For the year 2022, the contribution rate for general insurance is 2.5%; the share is applied on volumes of gross premiums received starting with February ...

Study: Romanians are increasingly expecting banks to offer customers dynamic, efficient experiences

Monday, January 24, 2022

The industry split into “rock star” performers and under-performing players and Romanian banks made no exception.   The financial services industry survived the pandemic better than expectations, but the sector is under the sign of a great divergence, according to the 11th edition of ...

EY Romania: Global minimum 15 pct tax rate on multinationals enters straight line

Monday, January 24, 2022

The taxation of multinationals by at least 15 pct goes into a straight line, and Romania will have to adapt its legislation to include these new taxation rules, covering also specific situations, according to an analysis made by Miruna Enache, EY Romania & Moldova Tax Partner, EY CESA Tax Markets Leader."Multinationals must be prepared: Romania, through the voice of its Minister of Finance, Adrian Caciu, begins preparations for the implementation, as of ...

New record highs on Bucharest Stock Exchange. The total trades exceed RON 20 billion for the first time

Monday, January 24, 2022

The cumulative value of transactions with all types of financial instruments on the Regulated Market of the Bucharest Stock Exchange (BVB) exceeded, for the first time, the threshold of RON 20 billion, the equivalent of over EUR 4 billion. The average daily liquidity for all types of financial instruments registered a new maximum: RON 79.4 million ...

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