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Financial & Banking
COFACE STUDY: INSOLVENCIES IN ROMANIA REPORTED THE SAME LEVEL IN 2023 AS IN THE PREVIOUS YEAR
Monday, February 26, 2024
* Insolvencies of companies with revenues over 0.5 million EUR, increased by 29% compared to 2022 The latest Coface Romania study shows that 6,650 new insolvency procedures were opened in 2023 compared to 6,649 in 2022. The refused payment instruments increased both in value (+37%) and in number (+17%) compared to 2022, but below the levels recorded in 2019. The construction sector reports the highest number of insolvencies, respectively ...
Giorgi Shagidze to extend mandate as CEO and Chairman of the Management Committee at maib
Monday, February 26, 2024
Maib, the largest bank in Moldova, has announced today that Mr. Giorgi Shagidze will extend his mandate as CEO and Chairman of the Management Committee until December 31, 2025. In the event of a successful IPO of the bank, the mandate shall be extended through December 31, 2026. The decision to extend Mr. Shagidze’s mandate is subject to customary formal approvals. The formalization of this extension is anticipated to be completed ...
Completion of the sale of Fondul Proprietatea’s minority shareholding in Engie Romania S.A.
Monday, February 26, 2024
Further to the current reports published on 11 December 2023 and 27 December 2023, Franklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director (”AIFM / Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), would like to inform shareholders about the completion of the sale of the Fund’s entire holding in Engie Romania S.A. (the ...
Winter 2024 Economic Forecast: A delayed rebound in growth amid faster easing of inflation
Monday, February 19, 2024
The Commission publishes macroeconomic forecasts for the EU and its member countries four times a year. This Winter interim Forecast lowers the growth outlook for this year and sets inflation on a lower downward path than projected last autumn. Economic activity in 2023 is now estimated to have expanded by only 0.5% in both the EU and the euro area. The growth outlook for 2024 is revised down to 0.9% in the EU and 0.8% in the euro area. In 2025, economic activity ...
BNR Board decisions on monetary policy
Monday, February 19, 2024
In its meeting of 13 February 2024, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per ...
Balance of payments and external debt – December 2023
Monday, February 19, 2024
In January - December 2023, the balance-of-payments current account posted a deficit of EUR 22,694 million, compared with EUR 26,040 million January through December 2022. The breakdown shows that the deficit on trade in goods declined by EUR 2,990 million, the surplus on services expanded by EUR 204 million, the primary income deficit decreased by EUR 9 million, while the secondary income surplus increased by EUR 143 ...
NN Asigurari launches NN Safety Belt
Monday, February 19, 2024
NN Asigurari launches the NN Safety Belt, an insurance policy that provides protection and financial support in the event of a car accident resulting in death, developed in a strategic partnership with www.roviniete.ro. The insurance has a fixed annual cost and can be purchased 100% online, quick and easy, supporting customers to protect their family's financial situation in unfortunate ...
Reuters:Romania raises 2 bln euros from debut green bond
Monday, February 19, 2024
Romania will raise 2 billion euros ($2.15 billion) from its first ever green bond launched on Thursday, Refinitiv and IFR data showed, as the country seeks to diversify its investor base and tap into growing demand for environmentally focused debt, Reuters correspondent reports. Pricing for the long-awaited eurobond, which is due Feb. 22, 2036, was launched at 300 basis points over mid-swaps, some 45 ...
Erste sees inflation in Romania at 4.3% at end-2024
Monday, February 19, 2024
Austrian banking group Erste said that Romania’s inflation is expected to reach 4.3% by the end of 2023, in line with its previous forecast. Romania's consumer ...
Credit Europe Bank Romania continues its digitalization journey
Monday, February 19, 2024
Credit Europe Bank announces the launch of a new service that will further simplify the relationship between the bank and its retail customers. As of today, clients can update their personal data safely, completely electronically, from anywhere, without having to visit the bank’s branch. The new service is available via both the computer and mobile devices and can be accessed by visiting the Credit Europe Bank website. The update process is simple, ...
Cybersecurity remains the top risk for European banks on a 12 months horizon
Monday, February 19, 2024
For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management ...
EIB Group and Deutsche Leasing Romania join forces to support Romanian businesses and farmers
Monday, February 12, 2024
The European Investment Bank Group (EIB Group), which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), is strengthening its cooperation with Deutsche Leasing Romania IFN SA (DLRO), part of the Deutsche Leasing Group, by signing a synthetic securitisation transaction along with new lending commitments that will boost liquidity for Romanian businesses. The agreement aims to provide capital relief for DLRO, freeing up lending capacity, which ...
BRD’s net profit in 2023 increased by 24% to RON 1.65 billion
Monday, February 12, 2024
BRD Groupe Société Générale registered, in 2023, at consolidated level, according to the International Financial Reporting Standards (IFRS), a strong lending activity and on last mile towards our 2025 sustainable financing target, a good performance on corporate financing (+23% YoY), driven by both SME (+18%YoY) and large corporate customers (+26% YoY), and a record RON 7.7 billion of new loans to individuals and best year in consumer loans ...
Banca Transilvania signs contract to acquire OTP Bank Romania
Monday, February 12, 2024
Banca Transilvania signed on Friday a contract for the acquisition of 100% of OTP Bank Romania's shares, as well as other OTP Romania Group companies, including OTP Asset Management SAI and OTP Leasing Romania IFN, in a transaction worth EUR 347.5 million.According to a BT report submitted to the Bucharest Stock Exchange a day ago, BT's Board of Directors approved the completion of the transaction."We would like to point out that both Banca ...
Romanians' appetite for lending returns, interest rates fall, housing becomes more expensive
Monday, February 12, 2024
The volume of mortgage loans in RON granted by banks doubled in the last three months of 2023, compared to the same period in 2022, and exceeded RON 10 billion, according to the latest data published by the National Bank of Romania, quoted in a press release by Imobiliare.ro Finance."The lending market is coming back strongly after an extremely difficult period marked by uncertainty and high financing costs. More and more Romanians are now looking to take out a ...
Compensation of over 119.2 million RON based on home insurance, in 9 months in 2023
Monday, February 12, 2024
Insurance companies paid compensations of over 119.2 million RON based on home insurance, in the first 9 months of last year, up 61% compared to the amount paid in the same period of 2022, it is shown in a press release of National Union of Insurance and Reinsurance Companies from Romania (UNSAR).Over 83% of the value of these compensations (99.2 million RON) were paid on the basis of optional home insurance, an increase of about 38% compared to those made in the ...
Rate Of Non-Performing Loans In The Banking System Reaches Historic Low ?
Monday, February 12, 2024
The robustness of the banking sector, the absorption of customers’ liquidity problems, the consolidation of lending on a sustainable basis, the acceleration of digitization and a strong increase in savings are the strengths of the banking sector in Romania, according to a note from the European Banking Federation. Through the decrease registered during 2023, the rate of non-performing loans reported at the level of the Romanian banking system ...
EIB President Calviño opens second EIB Group Forum and unveils Annual Investment Report
Monday, February 12, 2024
The European Union’s economy and businesses continue to demonstrate remarkable resilience in the face of multiple overlapping challenges, according to the EIB’s flagship Investment Report published today. ” This resilience and past accomplishment has come about largely thanks to a well-coordinated EU policy response, which should serve as a blueprint for the future,” said EIB President ...
Deloitte: Taxman checks on individuals grow 80 pct over Jan - Sep 2023
Monday, February 12, 2024
Inspections by tax authorities on individuals have intensified in the last five years, and alone in the first three quarters of 2023 such activities increased by more than 80 percent compared to the previous year. The 127 taxation decisions issued in this interval amounted to a total of RON 53.5 million, shows a report released on Tuesday by Deloitte."The checks carried out by the tax authorities at natural persons have increased in the ...
Metropolitan Life announces a 3.65% increase in gross written premiums in the first nine months of 2023
Monday, February 12, 2024
In the first nine months of 2023, Metropolitan Life recorded gross written premiums amounting to 468.393.397 lei, compared to the same period of the previous year, when the value of gross written premiums amounted to 451.907.428 lei, an increase of 3.65%. “The results from the first nine months of 2023 primarily reflect the team’s ability to adapt to market dynamics, continuing the positive trend ...