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Financial & Banking

Five criteria for a sustainable industrial development in Romania

Monday, July 12, 2021

by Leonardo BADEA, PhD* “Beyond the obvious negative effects, the Covid-19 pandemic emphasized several opportunities for Romania, not only to rebuild the economy, but also to valorize our national production potential and the existent capacity toward sustainable recovery. We must take advantage of the possibility to develop a new industrial policy based on the understanding of modern technology, sustainability, and ...

Banca Transilvania CEO about fintechs: Not profitable and possibly unsustainable

Monday, July 12, 2021

headquartered in the growing IT hub Cluj Napoca, says that the so-called 'fintechs', start-ups that provide financial services over modern applications, were not yet profitable, despite high promised growth rates, and their sustainability was questionable.   "Furthermore, an important element in the relationship between the bank and the customer is 'trust', "Tetik stressed, ...

Raiffeisen Communities grant competition - 500,000 lei in non-reimbursable financing for 10 educational projects

Monday, July 12, 2021

 Raiffeisen Bank announces the opening of registrations for the annual Raiffeisen Communities grant competition that offers non-reimbursable financing in amount of 500,000 lei for 10 non-formal education projects implemented by NGOs and public schools.According to a bank statement, the projects must be entered in the competition by July 29, 17:00 hrs, on the Granturi.raiffeisencomunitati.ro platform.The projects eligible for funding in the ...

BNR's Radulescu: Two structural problems in banking system: low bankability, high share of debts to state

Monday, July 12, 2021

The banking system faces two structural problems - low bankability and a high share of banks' debts to the state - and these can only be resolved in the longer term, Eugen Radulescu, Head of the Stability Directorate of the National Bank of Romania (BNR), said."We have two structural problems in the system that we can only solve in a slightly longer time. The first is a low bankability, which persists for decades and which occurs against the background of a ...

ARB's Neacsu : Romania, banking system emerged from pandemic better than entered it

Monday, July 12, 2021

Romania and the banking system have emerged better from this crisis caused by the pandemic than they entered, according to Bogdan Neacsu, president of the Romanian Association of Banks (ARB) and general manager of CEC Bank.In his opinion, the society, as a whole, has united its efforts, so that this unforeseen situation can be overcome in a very applied way."Romania and the banking system have come out better from this pandemic than they have ...

Adviser Marinescu: Romania continues to run up some of the largest current account deficits in the EU

Monday, July 12, 2021

  Unfortunately, Romania continues to run up some of the largest current account deficits in the European Union (EU) as a share of the Gross Domestic Product (GDP), presidential adviser Cosmin Marinescu told the National Recovery Forum on Tuesday."Unfortunately, Romania continues run up some of the largest current account deficits in the European Union, as a share of Gross Domestic Product. As far as the trade balance is concerned, Romania has ...

BNR: International reserves – June 2021

Monday, July 5, 2021

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On 30 June 2021, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 36,831 million, compared to EUR 37,570 million on 31 May 2021.   During the month, the following flows were recorded:   EUR 902 million worth of inflows representing changes in credit institutions’ foreign currency-denominated ...

New loans granted by Romanian banks over Jan - April 2021 up 32 pct YoY

Monday, July 5, 2021

Despite the adverse context of the pandemic, new corporate and retail loans granted by Romanian banks in the first four months of 2021 increased 32 percent to 34 billion lei from 25.7 billion lei registered in the same period of the year before, shows data of the Romanian Banking Association (ARB).Thus, the amount of new loans granted over January - April is by one third higher than last year and represents over 11 percent of the non-government credit. The ...

Hanga (BVB): AeRO's market capitalization exceeded 2.5 billion euros this year; 20% increase

Monday, July 5, 2021

Simtel Team, a Romanian technology and engineering company, founded in 2010 by three Electronics and Telecommunications graduates, went public on the AeRO market, under the ticker SMTL. The company carried out a private placement of shares in May 2021, attracting RON 13.7mn from investors. The funds will go to investments in the ...

New VAT Rules for E-Commerce as of 1 July 2021

Monday, July 5, 2021

By Theodor Artenie (Head of Tax) & Carmen Mazilu (Senior Tax Adviser), Noerr   The VAT legislation applicable to cross-border e-commerce will be modernised at EU level by new EU e-commerce rules with effect from 1 July ...

EBRD doubles forecast for Romania's 2021 GDP growth to 6%

Monday, July 5, 2021

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Romania's GDP will increase by 6% in 2021, and the country's economy will end the year 1.9% above the pre-crisis 2019 level - according to the latest Regional Economic Prospects ...

Raiffeisen Bank largest issue of green bonds worth over RON 1.2bn starts trading at the Bucharest Stock Exchange

Monday, July 5, 2021

Raiffeisen Bank is listing the second green bonds issue on the Bucharest Stock Exchange, worth over RON 1.2bn. It is the largest corporate bond issue in RON of an issuer in Romania. The total value of the two Raiffeisen Bank green bond issues traded on the stock ...

BNR head Mugur Isarescu: We are not proposing to stimulate credit towards rational exuberance

Monday, June 28, 2021

The National Bank of Romania (BNR) does not simply aim to stimulate credit toward rational exuberance, a rapid credit growth that will end in the explosion of non-performing loans, BNR Governor Mugur Isarescu said on Wednesday at the seminar on "Target: Boosting financial intermediation"."Today we have organized a seminar-debate on a topic that has long preoccupied us all: how to healthily grow financial intermediation, namely to have an increase in ...

BNR: Monetary indicators – May 2021

Monday, June 28, 2021

According to data issued by the National Bank of Romania, at end-May 2021, broad money (M3) amounted to RON 505,771.4 million, up 0.4 percent (-0.1 percent in real terms)month on month and 13.5 percent (9.4 ...

BSTDB concludes annual meeting of the Board of Governors

Monday, June 28, 2021

  The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 23rd Annual Meeting in a virtual session .   Under the Chairmanship of the Republic of Armenia, the Board reviewed and approved the Bank’s financial statements for 2020. The Board of Directors approved 22 new operations for over EUR 771 million in 2020. New commitments reached a total of EUR 624 ...

EBRD supports CTP’s green Eurobond issue

Monday, June 28, 2021

EBRD invests €42.5 million in CTP’s €500 million green Eurobond issue Funds to support the company’s portfolio expansion in five countries CTP to enhance climate governance and promote youth ...

BSTDB Supports Energy Efficiency Upgrade in Romanian Industry New USD 40 million 7-year loan to aluminium producer ALRO

Monday, June 28, 2021

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The Black Sea Trade and Development Bank (BSTDB) is providing a USD 40 million corporate loan to Romanian aluminium producer ALRO, part of Vimetco Group for its capital investment programme. The seven-year loan will be used primarily for improving the company’s energy management performance as well as high value-added production capacity.   The project’s total cost amounts to around USD 95 ...

Investors are more and more interested in green financing at the global level

Monday, June 28, 2021

  Bucharest Stock Exchange wants to become the main financing channel for green investments and intends to implement a segment of green bonds on the local capital market for an easier identification of financial instruments that support sustainable projects. The Ministry of Finance intends to issue the first ...

Bank lending gains momentum in Romania amid weak financial intermediation

Monday, June 28, 2021

The stock of bank loans in Romania increased by 10.1% year-on-year (YoY) as of the end of May, to RON 296.27 bln (EUR 60.2 bln), accelerating from 8.3% YoY one month earlier and 5.5% YoY at the end of December, the National Bank of Romania ...

Garanti BBVA Romania has a new CEO

Monday, June 28, 2021

Garanti BBVA Romania appointed Mustafa Tiftikcio?lu as its new CEO. He replaces Ufuk Tando?an, who completed his mandate after nine years at the bank’s helm, the financial institution said.The National Bank of Romania (BNR) approved the appointment.   With extensive experience in Corporate and Commercial Credit Risk Management and Project, Acquisition and Structured Finance, Mustafa Tiftikcio?lu has ...

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