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Financial & Banking

Raiffeisen Romania will reportedly extend EUR 325 mln loan to Romgaz for Neptun Deep

Monday, December 20, 2021

Raiffeisen Bank Romania won the tender organized by natural gas company Romgaz, which needs a EUR 325 mln loan to finance the acquisition of the 50% stake in Neptun Deep offshore project from ...

Govt. to keep in place fiscal allowances for constructions and IT&C

Monday, December 20, 2021

The Romanian Social Democratic Party (PSD), the senior ruling party, assured that it would keep in place the existing fiscal facilities for strategic areas of the economy, such as the construction and IT&C industries.   Previous comments prompted concerns about PSD planning to waive the fiscal allowances with a view of boosting budget revenues and financing its 1% of GDP social expenditures ...

JP Morgan sees Romanian central bank as excessively dovish

Monday, December 20, 2021

Because it acted too little and too late, Romania's central bank BNR will have to increase the refinancing rate not only next year but also in 2023 - up to 5.5%, according to a research report of JP Morgan consulted ...

Tender for bank card payment system in means of transport, worth over 1.39 million euros

Monday, December 20, 2021

The Bucharest Transport Company (STB) announces on the electronic public procurement system - SICAP a tender for introducing the contactless bank card payment system directly to the dual validators that will be installed on the public transport vehicles.The total estimated value is 6,881,873 lei (over 1.39 million euro). The only award criterion is the lowest price, and the expected duration of the contract is 60 months (five years).The deadline for ...

BCR continues the financing through Bucharest Stock Exchange and lists the third bond issue this year worth RON 600mn

Monday, December 20, 2021

Banca Comerciala Romana (BCR), one of the most important financial groups in Romania, lists on Bucharest Stock Exchange the third bond issue this year, worth RON 600mn. The total value of the financing attracted by BCR this year, through the capital market, amounts to over RON 2bn. The new bond issue is traded on BVB’s Main Market under the stock ...

Insurance market up 20% in 2021, still in the range of 1% of GDP

Monday, December 20, 2021

The Romanian insurance market ended the first nine months of 2021 with a volume of gross written premiums of RON 9.8 bln (EUR 2 bln), up 15% from the same period last year, according to data presented by Cristian Ro?u, vice president of the Financial Supervision (FSA), quoted ...

CEC Bank: Non-performing loans ratio, at level that does not raise concerns - 5.42 pct

Monday, December 20, 2021

A large part of the loans granted by CEC Bank for which the deferral of the installments was requested have returned to payment, 93 pct being with the payments up to date, and the non-performing loans ratio is maintained at a level that does not raise concerns - 5.42 pct, said Bogdan Neacsu, general manager and president of the Bank's Directorate, in an interview with Agerpres.According to the data presented by him, in the first nine months of 2021, CEC Bank ...

The trading activity gains momentum on the Bucharest Stock Exchange and goes up by 20 percent in 11 months as total trades exceed EUR 3.5 billion

Monday, December 20, 2021

The total trading value from the Regulated Market of the Bucharest Stock Exchange (BVB) is up by 21.6% in the first 11 months to RON 17.4 billion (EUR 3.5 billion), while the average daily trading value is up by 20.5% to RON 75 million (EUR 15.2 million). The upward trend of the market liquidity also spills over to the Multilateral Trading System (MTS). ...

Fiscal Council’s preliminary Opinion on the draft of the second budget revision for 2021

Monday, December 13, 2021

On November 24th, 2021, the Ministry of Finance (MF) sent to the Fiscal Council (FC), by address no. 467362/24.11.2021, the draft revision of the general consolidated budget for 2021, the explanatory note and the draft of the Government Emergency Ordinance on the revision of the state budget for 2021, as well as the explanatory note and the draft of the Government Emergency Ordinance for the revision of the social security budget for 2021, requesting, under art. 53, ...

Romania has the best tax jurisdiction for companies in European Union

Monday, December 13, 2021

Romania, Hungary and Croatia rank as the best countries for running small and mid-size enterprises in Europe, according to the consulting firm Company Romania. The criteria used to put together the ranking accounts for various factors, which ...

Insurance broker Unilink takes over Romanian market leader

Monday, December 13, 2021

Polish Unilink, the main player on the Polish insurance market, reached an agreement to buy an 80% stake of Romanian market leader Safety Insurance Broker from its founder and main shareholder, Viorel Vasile, as a step towards building the largest insurance sales platform in Central and Eastern Europe.   Earlier in September, Unilink took over the largest Bulgarian player, I&G Insurance Brokers, also buying an 80% ...

BCR issued bonds of RON 2.7 billion in the past two years

Monday, December 13, 2021

Banca Comerciala Romana (BCR) has successfully printed a new senior non-preferred  bond issuance of 600 million lei, continuing its strategy towards expanding its financing sources and contributing to the development of the capital market in Romania.   The bank has printed in the two past years an amount of 2.7 billion lei in bond issuance, being one the most active issuers on the Bucharest Stock ...

GoCab Software became an AeRO listed company being the 22nd company that went public in 2021 on the stock exchange

Monday, December 13, 2021

GoCab Software, a company that develops and operates applications used in taxi services, debuted on the AeRO market of the Bucharest Stock Exchange under the stock ...

AROBS Transilvania Software debuts on BVB following the largest private placement in the history of the AeRO market

Monday, December 13, 2021

AROBS Transilvania Software, a Romanian IT company, has debuted on the AeRO market of the Bucharest Stock Exchange (BVB). The shares are traded under the ticker ...

VAT Gap: While gap continues to decrease, EU countries lost €134 billion in VAT revenues in 2019

Monday, December 6, 2021

EU Member States lost an estimated €134 billion in Value-Added Tax (VAT) in 2019, according to a new report released by the European Commission today. This figure represents revenues lost to VAT fraud and evasion, VAT avoidance and optimisation practices, bankruptcies and financial insolvencies, as well as miscalculations and administrative errors.  While some revenue losses are impossible to avoid, decisive action and targeted policy responses could make a ...

Libra Internet Bank continues its financing through the capital market and lists its second bond issue - worth EUR 40mn

Monday, December 6, 2021

Libra Internet Bank, the first bank in Romania to offer a 100% online bank account and 100% online loan, continues the financing through the capital market and lists its second bond issue, worth EUR 40mn. The bonds are traded on the Bucharest Stock Exchange’s Main ...

Alpha Bank Romania announces financial results for the first nine months of the year

Monday, December 6, 2021

The Romanian economy recorded a dynamic recovery in the first three quarters of 2021, confirming the widely anticipated recovery and setting the premises for a solid economic growth at the end of 2021. From a banking system perspective, lending demand has grown at a solid pace, with new volumes reaching the highest levels since 2009.   Robust positive dynamics have been recorded on both ...

Profit of ING Bank Romania up 42% YoY

Monday, December 6, 2021

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ING Bank Romania achieved a net profit of RON 630 mln (EUR 126 mln) in the third quarter of this year, up 42% from the same period in 2020, according to a bank statement.   The revenues increased by only 9% YoY to RON 1.7 bln. Bank’s assets rose by 15% YoY to RON 30 bln (EUR 6 ...

City Insurance Bankrupt: Over 1,000 Romanians to get compensation of over RON 2.3 M on Monday

Monday, December 6, 2021

The City Insurance victims start on Monday to receive the amounts requested based on the damage files opened against this insurer that went bankrupt. It is about 2.3 million lei for 1,003 payment requests. Until November 26, 2021, the Insured Guarantee Fund (FGA) received 68,931 payment requests as well as 35,687 applications for opening files.   According to the data released by the Financial Supervisory ...

Fiscal Council’s preliminary Opinion on the draft of the second budget revision for 2021

Monday, December 6, 2021

On November 24th, 2021, the Ministry of Finance (MF) sent to the Fiscal Council (FC), by address no. 467362/24.11.2021, the draft revision of the general consolidated budget for 2021, the explanatory note and the draft of the Government Emergency Ordinance on the revision of the state budget for 2021, as well as the explanatory note and the draft of the Government Emergency Ordinance for the revision of the social security budget for 2021, requesting, under art. 53, ...

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