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Financial & Banking

Prof. Univ. Dr. Nicu Marcu, President of ASF: Digitization requires the adaptation of supervisory models to prevent vulnerabilities

Monday, December 7, 2020

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  The European Commission has recently adopted a new Digital Finance Package, including Digital Finance and Retail Payments Strategies as well as legislative proposals on crypto-assets and digital resilience.   The Commission has proposed for the first time a new legislation on crypto-assets (a digital representation of values or rights that can be ...

Filip & Company assists the Ministry of Public Finance in a EUR 2.5 billion Eurobond issue

Monday, December 7, 2020

Filip & Company, in collaboration with Linklaters, assisted the Ministry of Public Finance in a two-tranche Eurobond issue that drew over EUR 2.5 billion from the international markets. The first tranche of EUR 1.5 billion has a 20-year maturity and a 2.65% annual interest rate, while the second one amounts to EUR 1 billion, has a 9-year maturity and a 1.46% annual interest rate. A key objective of both the private ...

Catalyst Romania launches new venture capital fund to invest more than 40 million euros

Monday, December 7, 2020

Catalyst Romania Investment Fund, backed by 3TS Capital Partners, is launching its second fund aimed at financing technology, media and telecom companies, after the completion of the first round of capitalization, Marius Ghenea, Managing Partner Catalyst Romania, told on last Wednesday an online conference."We are launching the new venture capital fund at the right time for technology companies. The field is experiencing a new stage of development fueled by ...

Capital market volatility has brought new investors to stock market

Monday, December 7, 2020

Capital market volatility has brought new investors to the Stock Exchange, however, in order to increase the number of investors in the market it is essential to support as many companies as possible to grow so as to become attractive, say capital market experts."It is very important to have a dialogue with companies and familiarize them with the mechanisms of the capital market so that entrepreneurs fully understand its advantages. We have seen more and more ...

BT enters voluntary pension market by takeover

Monday, December 7, 2020

Banca Transilvania (BT), has entered the voluntary pensions market (Pillar III) by acquiring and integrating the specialized asset management company Certinvest Pensii.   The financial group has notified all of its clients about the opportunity to contribute to the Pensia mea (My Pension) voluntary pension fund.The fund is managed by BT Pensii, the newest brand of the financial group based in ...

VIG enters Romanian private pension market by taking over Aegon in regional deal

Monday, December 7, 2020

Austrian group Vienna Insurance Group (VIG), active on the Romanian insurance market through Omanisig, Asirom, and BCR Asigurari de Viata, has signed an agreement to buy Dutch insurer Aegon's subsidiaries in Hungary, Poland, Romania, and Turkey.   The deal covers the insurance companies, private pension fund management companies, financial asset management companies, and ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 12 November 2020

Monday, November 30, 2020

24 November 2020   On 12 November 2020, the Board of the National Bank of Romania held a meeting in which the following members took part: Mugur Is?rescu, 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; Leonardo Badea, Board member and Deputy Governor of the National ...

Govt. unveils National Recovery and Resilience Plan draft

Monday, November 30, 2020

Liberal Government, headed by prime minister Ludovic Orban, unveiled on November 26 the National Recovery and Resilience Plan.   This document includes the measures proposed to be financed with the EUR 30 billion in soft loans and grants Romania could get under the EU's EUR 750 bln Facility of Recovery and Resilience (FRR).   The document will be subject to public ...

Monetary indicators – October 2020

Monday, November 30, 2020

At end-October 2020, broad money (M3) amounted to RON 469,279.6 million, up 1.8 percent (1.6 percent in real terms) month on month and 16.0 percent (13.5 percent in real terms) year on ...

Banca Comerciala Romana names new Operations & IT Vice-President

Monday, November 30, 2020

Banca Comerciala Romana (BCR) has named Thomas Kolarik, an experienced IT top executive to Vice President position responsible for operations & IT at BCR starting January 1st 2021. His appointment is subject to regulatory approval by the National Bank of Romania. He shall succeed Ryszard Druzynski, member of the board in charge with operations & IT, who is finishing his mandate and has decided to return to native Poland in order to pursue other career ...

Developing local investor community, top priority for Bucharest Stock Exchange

Monday, November 30, 2020

Developing local investor community so as to have a much higher participation of the Romanian population in the capital market is the top priority for the Bucharest Stock Exchange (BVB), CEO Adrian Tanase affirmed."It is very important to have a dialogue with companies and familiarize them with the mechanisms of the capital market so that entrepreneurs fully understand its advantages. We have seen more and more small and medium-sized companies accessing the ...

BCR, part of a European consortium that accessed a grant of EUR 1 M to support innovative Start-Ups and SMEs

Monday, November 30, 2020

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Banca Comerciala Romana (BCR) was selected by the European Commission in a consortium that applied for the European initiative “INNOSUP-10-2020 – Closing the finance gap for IPR-driven start-ups and SMEs” to receive a grant totaling EUR 1 million. The funds will be used to support 15 start-ups and 15 innovative SMEs based in the European Union, including Romania, to efficiently leverage their intangible IP ...

CEC Bank sees 14% asset increase in first nine months

Monday, November 30, 2020

Romanian state-owned lender CEC Bank reported RON 274.2 million (EUR 56.3 mln) preliminary unaudited net profit in the first nine months of the year. The results were "above the target," and they contribute to the bank's consolidation, CEC says in a statement.   "The results are encouraging, in a context shaped by uncertainty and low interest rates. We have managed to ...

The state's tax revenues have fallen sharply

Monday, November 30, 2020

Tax revenues contracted by nearly 10% year-on-year in January-October, to RON 116.6 billion (EUR 23.9 bln), according ...

ALRO extends USD 150 M syndicated credit facility coordinated by EximBank

Monday, November 30, 2020

ALRO aluminium producer has extended until 2023, two syndicated credit facilities cumulating USD 150 million, under the coordination of EximBank.   The banks syndicate included Unicredit Bank, OTP Bank Romania, EximBank, ING Bank Bucharest Branch, Raiffeisen Bank, Intesa Sanpaolo Romania, CEC Bank, Banca Transilvania, Garanti Bank, the International Bank for Economic Cooperation and was legally advised by ...

European Semester Autumn Package: Communication on the fiscal situation in Romania

Monday, November 23, 2020

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BUDGETARY DEVELOPMENTS AND OUTLOOK   According to the notification of 14 October 20208 , validated by Eurostat, the general government deficit in Romania was 4.4% of GDP in 2019, while debt stood at 35.3% of GDP. The Commission 2020 autumn forecast projects a general government deficit of around 10¼% in 2020, 11¼% in 2021 and 12½% in 2022 under a no-policy change ...

25 years of history at Bucharest Stock Exchange

Monday, November 23, 2020

Bucharest Stock Exchange (BVB) celebrates 25 years since its reopening: on November 20th, 1995, the first trades were made at BVB. From 9 companies listed at the end of 1995, over 350 companies are now present on the BVB markets, with a cumulative capitalization of RON 104bn (over EUR 21bn).   Radu Hanga, BVB Chairman of the ...

Transactions on BVB in first ten months, higher than in whole 2019

Monday, November 23, 2020

The value of share trading on the Bucharest Stock Exchange (BVB) reached RON 10.3 bln (EUR 2.12 bln) in the first ten months of this year, up 6.4% compared to the level for the whole of 2019 (RON 9.68 bln), the operator announced in a press release.   However, the evolution of the main market index – BET was negative in October, after a solid recovery from March until September following the plunge ...

Valentina Lazea (BNR) suggests public sector wages should be cut by 20%

Monday, November 23, 2020

The budgetary sector employees should work only four days a week and have their wages cut by 20%, Romania's National Bank (BNR) chief economist Valentin Lazea suggested.   The fiscal consolidation emerged as a hot topic on the public agenda, as the country's public deficit will exceed 9% of GDP this year."It is not normal at all for the average salary in the budget sector to be higher than in the private ...

Raiffeisen Bank and QUALITANCE are developing a 100% digital lending platform for SMEs

Monday, November 23, 2020

Raiffeisen Bank and tech and innovation company QUALITANCE have announced the development of a 100% digital lending platform for small and medium enterprises. The product, which is currently undergoing testing with a limited number of Raiffeisen Bank customers, will become available to all the bank’s SME customers in 2021, as a result of a continuous implementation of new functionalities. The development of the digital platform has started ...

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