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Financial & Banking

State becomes direct contributor to increase in banking intermediation, after EximBank - Banca Romaneasca merger

Monday, January 9, 2023

The state becomes a direct contributor to the increase in the degree of banking intermediation after the merger of EximBank with Banca Romaneasca, argues the minister of finance, Adrian Caciu.Caciu announces that, after "an ambitious process, unique on the Romanian financial-banking market", the merger between EximBank, as the absorbing company, and Banca Romaneasca, as the absorbed company, was officially registered at the Trade Registry, so that the ...

Raiffeisen Bank, synthetic securitization transaction with European Investment Bank Group

Monday, January 9, 2023

Raiffeisen Bank concludes a synthetic securitization transaction with the European Investment Bank Group, through which it will support the increase in access to financing for small and medium-sized companies, as well as those with medium capitalization in Romania, the bank announced on Friday.Raiffeisen Bank mentions that it is the first bank in Romania to strengthen its financing capacity through a synthetic securitization. The new partnership with the ...

More than 20.232 million cards were active at the end of June 2022

Monday, January 9, 2023

The total number of active cards was, at the end of June 2022, 20,232,563 units, up 3.2% compared to the end of last year, according to the data centralized by the National Bank of Romania (BNR).Of these, 20,191,520 had a cash function, 621,312 more than at the end of December 2021.On the other hand, on June 30, 2022, the number of existing ATMs in Romania was 10,197, that of POS 332,264 and EFTPOS (Electronic Funds Transfer at Point of Sale) ...

Amid a period of economic uncertainty, banks in Romania will face fundamental challenges

Monday, January 9, 2023

Despite solid margin growth, more than half of the world’s banks continue to experience profitability problems and a return on equity that is below their cost of equity, according to the 12th edition of the McKinsey Global ...

Metropolitan Life announces a 16% increase in gross premiums

Monday, January 9, 2023

Metropolitan Life announces a 16% increase in gross premiums subscribed in the first nine months of 2022, compared to 2021.   In the first nine months of 2022, Metropolitan Life recorded gross premiums underwritten in the amount of 451,907,428 lei, compared to the same period in 2021, when the value of the gross premiums underwritten amounted to 389,470,409 ...

Insurance brokerage market grows by 37% in first nine months, to over 9 billion RON

Monday, January 9, 2023

 In the first nine months, insurance dealers brokered over 9 billion RON in gross written premiums, up 37% compared to the same period last year, according to a report published on Tuesday by the Financial Supervisory Authority (ASF)."The positive dynamics is due both to the increase in the volume of premiums distributed for the general insurance activity (+38%), and for the life insurance segment (+18%)," the report states.Thus, brokerage ...

Romania's insurance market up 28pct in the first nine months, to 13.4 billion lei

Monday, January 9, 2023

Romania's insurance market increased in the first nine months by 28pct, to approximately 13.4 billion lei, compared to the value recorded in the same period of the previous year, according to a report published on Tuesday by the Financial Supervisory Authority (ASF).Thus, the total volume of subscriptions for the general insurance activity stood at 10.8 billion lei, up 34pct compared to January - September 2021, holding a share of 81pct of the total value of ...

High inflation in Europe will continue into 2023

Monday, January 9, 2023

Macro commentary by eToro analyst for Romania, Bogdan Maioreanu   Following the US Federal Reserve the European Central Bank decided to slow the pace of interest rate hikes. And as in the US, this policy will continue in Europe too into 2023. But the ECB also announced a quantitative tightening starting in March next year. For investors the news is mixed since estimates are that ...

IBANFIRST FX MARKET: 4 key trends that will impact the global economy in 2023

Monday, January 9, 2023

2023 is expected to be a challenging year. The energy crisis continues to affect Europe, inflation will remain high until 2024, and the scenario of an economic recession seems imminent. The currency market is expected to react to these factors by increasing exchange rate volatility, with negative effects on companies' financial situations. Analysts ...

Mazars releases 2022 ‘Financial Reporting of European Banks’

Monday, January 9, 2023

The report is based on Mazars’ analysis of information published in the 2022 interim reports of 26 banks across 11 European countries. The main findings reveal a decrease in the number of defaults, thanks to the support offered by different governments through the pandemic. War in Ukraine raises concerns over geopolitical instability and subsequent energy crisis ...

The National Committee for Macroprudential Oversight meeting of 15 December 2022

Monday, December 19, 2022

The fourth meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 December 2022.   The NCMO was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of national ...

Fitch Affirms BCR at 'BBB+'; Outlook Negative

Monday, December 19, 2022

Fitch Ratings has affirmed Banca Comerciala Romana S.A.'s (BCR) Long-Term IDR at 'BBB+' with a Negative Outlook and Viability Rating (VR) at 'bb+'. A full list of rating actions is at the end of this commentary.   KEY RATING ...

More than 6 million Romanians will make finance-focused New Year’s resolutions, trumping fitness and professional goals

Monday, December 19, 2022

Half (50%) of those making 2023 New Year’s resolution will focus on their finances but less than the 51% that will focus on health and wellbeing Side hustles, investing, saving and budgeting are most common financial aspirations for next ...

 Avis Romania estimates GROWTH OF BUSINESS in 2023, sustained by the upward trend of the rent a car market

Monday, December 19, 2022

The rental car market is on an upward trend, and as passenger traffic at airports continues to grow, the industry will continue to see growth next year, according to Avis Car Rental Romania estimates.   The company is anticipating higher growth domestically in 2023, operating with a larger fleet, and a growth ...

CNAIR to sanction Austria on blocking Romania’s Schengen accession

Monday, December 19, 2022

  The National Road Infrastructure Administration Company (CNAIR) is the first large state company to sanction Austria for the vote given in the JHA Council, where it prevented Romania’s accession to Schengen. CNAIR has decided to close all its accounts with BCR, a member of Erste Group, Austria, one of the most important financial groups in ...

Raiffeisen Bank Romania returns 13.4 mln euro to customers

Monday, December 19, 2022

Romania’s consumer protection authority, ANPC, said on Friday that the Romanian arm of Austria’s Raiffeisen Bank has reimbursed with 13.4 million euro ($14.2 million) as many as 5,530 customers affected by unfair commercial practices. The reimbursements represent an initial share out of a total of roughly ...

Romania still loses third of VAT to budget, but ANAF digitalization to have visible impact 

Monday, December 19, 2022

  Romania ranks last in the EU in terms of VAT collection, once again recording the largest VAT gap from the total amount that should be collected, estimated at 35.5 percent, according to the recently published report of the European Commission (EC), which uses data for 2020, says Daniel Anghel, partner, leader of Tax&Legal PwC Romania, in a document sent on ...

Report: 36% of the Romanian consumers say they save more than they did 12 months ago

Monday, December 12, 2022

Inflation generated a domino effect in the growth of food and energy prices, and 36%  of the Romanian consumers (against 32% the European average)say they save more than they did 12 months ago, as they make sure they have financial reserves in case of economic trouble, according to the European  Report Regarding Consumers Payments,  edition 2022.   The Intrum report shows, according to a ...

ARB: Banking industry is also financing Romania, not only offering loans to make a profit

Monday, December 12, 2022

 The banking industry is not only offering loans to make a profit, but is also the financier of Romania, said on Friday, during the debate "Learned Lessons in Crises Times A Global Puzzle", the executive president of the Romanian Association of Banks (ARB), Florin Danescu."If we look at it this way, suddenly the perception of someone giving credit to make a profit changes massively. Perhaps we should realize that this industry that finances a country, if it ...

Investment fund assets at roughly 45 bln RON at end-Q3

Monday, December 12, 2022

Investment fund assets followed a steady upward trend over the last ten years, and statistics indicate that they have trebled in the last decade, executive director of the Fund Managers Association (AAF) Jan Pricop told the debate "Between risks and opportunities" organized on Wednesday by the Bucharest Stock Exchange (BVB) and AAF with fund managers.Pricop said that although at one point the share of open-end investment funds was approximately equal to that of ...

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