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Financial & Banking

City Insurance's collapse will make a bigger splash than Astra or Carpatica did

Monday, September 20, 2021

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City Insurance currently has a market share of almost 45% in the mandatory car insurance segment (RCA), the biggest market segment by far, according to Madalin Rosu, president of the Romanian Motor Insurers' Bureau ...

S&P Global: Romania political turmoil unlikely to stop fiscal consolidation

Monday, September 20, 2021

S&P Global Ratings said on Tuesday that it does not expect imminent risks to Romania’s near-term fiscal consolidation plans following the resignation on of USR Plus ministers from the government coalition.   USR Plus’ withdrawal, following a series of policy clashes and intra-coalition tensions, will require prime minister Florin Citu to seek parliamentary re-approval for his now minority cabinet within 45 days, S&P said in a press ...

Agra Asigurari launches new benefits for farmers to 2021 insurance products

Monday, September 20, 2021

Agra Asigurari, the company specialized in agricultural insurance, introduces new benefits for Romanian farmers within the crop reseeding packages. This year’s novelties concern both autumn and spring crops. Additional covers are available for the autumn crops, rapeseed, and cereals, as well as the risks in the return package and the damage caused by specific crops’ pests. The return package also extends to spring crops by covering risks that may affect the emergence and ...

Raiffeisen Romania challenges EUR 20,000 fine and apparently EUR 10 mln claim

Monday, September 20, 2021

The Romanian subsidiary of Austrian group Raiffeisen, Raiffeisen Romania, referred to the court a ruling issued by the national consumer protection authority ANPC on September 5, establishing an incorrect commercial practice of the bank and setting a RON 100,000 (EUR 20,000) ...

EBRD brings EUR 30 mln to Eurohold “predominantly for RO subsidiary”

Monday, September 20, 2021

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Bulgarian group Eurohold announced that “it is engaged in advanced discussions with European Bank for Reconstruction and Development (EBRD)” for the sale of a minority stake in its insurance arm Euroins Insurance Group (EIG). Both parties approved the project.   The deal remains subject to an agreement on and execution of final transaction documents and satisfaction of contractual conditions to ...

Collaboration accord between EximBank and AFIR to increase European fund absorption

Monday, September 13, 2021

EximBank and the Agency for Rural Investment Financing (AFIR) signed a collaboration accord to support – by financing eligible companies- the acceleration of the absorption of European funds allocated through the Rural Development National Program (PNDR) over 2021-2022.   “We are offering an extensive range of products adapted to the specific and demands of PNDR program, so that eligible end ...

Agreement signed for European Bank for Reconstruction and Development to become shareholder of Euroins

Monday, September 13, 2021

European Bank for Reconstruction and Development (EBRD) and Eurohold, owner of Euroins Euroins Insurance Group, have signed an agreement by which EBRD aims to take over a minority stake in Euroins insurance operations.   The deal has been approved at all corporate levels of the two parties but remains subject to an agreement on and execution of final transaction documents and ...

OTP Bank Starts Extensive Mentorship Program For Young Women

Monday, September 13, 2021

OTP Bank Romania initiates GirlPower, the bank’s complex mentorship program dedicated to women, led by Roxana Hidan, Deputy General Manager, Business Division, and Mara Cristea, Deputy General Manager, Finance and Planning Division. The objective of the program is to develop pathways and generate professional opportunities for young women, aged 18-26, who want to develop their knowledge and professional skills.   No ...

Open Banking Expo reunites Open Banking and Open Finance ecosystem after 18 months apart

Monday, September 13, 2021

Open Banking Expo, the largest global community of Open Banking and Open Finance executives driving the biggest digital transformation in the financial services sector, will this November bring back together European innovators, disruptors and visionaries.   On 4 November 2021, leaders and experts from across the breadth of financial services, including the UK’s largest banks, fintechs, credit card and payments ...

Fairo, the mobile banking app designed for Romanian freelancers

Monday, September 13, 2021

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Austrian start-up Creative Dock launches Fairo, the financial app helping freelancers realize more of their business goals by doing less paperwork. The innovative app, developed with the support of Raiffeisen Bank International, kicks off its journey by making invoicing features available to its users. Before the end of the year, users will be able to enjoy simplified bookkeeping assistance and tax functionalities, such as income tracking, followed by easy ...

Raiffeisen Romania expects refinancing rate hike in November

Monday, September 13, 2021

Raiffeisen Bank Romania revised its forecast in the sense of expecting the country's central bank BNR to increase the refinancing rate rather sooner than later - namely by 0.25 pp at the monetary policy interest rate at the central bank meeting in November. Until now, Raiffeisen Bank expected an interest rate increase only in March 2022.   "In the context in which the ...

BNR: International reserves – August 2021

Monday, September 6, 2021

On 31 August 2021, the National Bank of Romania’s foreign exchange reserves stood at EUR 41,616 million, compared to EUR 39,008 million on 31 July 2021.   During the month, the following flows were recorded: EUR 3,343 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the ...

BVB to launch index for alternative AeRO market

Monday, September 6, 2021

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Radu Hanga, president of the Bucharest Stock Exchange (BVB), said that the local stock exchange notified the Financial Supervisory Authority (ASF), the local capital market supervisor, of the establishment of an index for the AeRO market, expected to be launched in the next 30 ...

Raiffeisen Bank, 100K RON fine for illegal interest rate manipulation

Monday, September 6, 2021

The National Authority for Consumer Protection (ANPC) has issued a fine to Raiffeisen Bank worth 100,000 RON (rd 20,280 euro) for incorrect commercial practices and decided to suspend the bank's activity regarding this behaviour, the first time such a measure was applied n Romania, as well as ordered it to return the illegally cashed commissions from customers, the ANPC informs.The 100,000 fine was issued to Raiffeisen Bank after the bank ignored a binding legal ...

OTP Bank had a new Business Division

Monday, September 6, 2021

Roxana Maria Hidan, Deputy General Manager of OTP Bank Romania, will coordinate the new Business Division, which includes operational and strategic activities for individuals and legal entities segments of business, including Micro, SMEs and Corporations.   The establishment of the Business Division follows the local development strategy of OTP Bank Romania, a step that supports the organizational transformation of the ...

Deutsche Bank’s tech center in Bucharest launches cyber security division

Monday, September 6, 2021

DB Global Technology, Deutsche Bank’s technology center in Bucharest, has recently established an Information Security function, expanding on the global security presence in other Deutsche Bank locations.   The local team of cyber security experts already boasts over 40 people and continues to grow. The security team in Bucharest covers areas such as Identity & Access, cyber threat management, cyber security ...

Behboud (Ben) Madadi wants to buy 7% of Romanian investment company SIF Muntenia

Monday, September 6, 2021

Behboud (Ben) Madadi, an investor of Iranian origin known as one of the biggest individual shareholders of the Romanian investment company SIF Muntenia (SIF4), aims to buy up to 7% of the company’s shares through a public offer.   He has submitted the offer documentation to the local financial market regulator ASF, according to a notification issued by SIF Muntenia on the Bucharest Stock ...

Study: Professional investors expect inflation to rise further and increasingly be a long-term threat

Monday, September 6, 2021

New research from European fixed income ETF provider Tabula Investment Management Ltd (“Tabula”) reveals that 95% of investors surveyed recently expect inflation to rise higher than many leading market commentators predict over the next 12 months.  Tabula conducted the survey with 100 wealth managers and institutional investors representing c.€100bn in assets under management from the UK, France, Germany, Italy and ...

BNR: Over 19.2 million cards issued in Romania, by end of June 2021

Monday, September 6, 2021

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The total number of cards issued in Romania at the end of the second quarter of 2021 was 19,201,775 units, up 1.4% compared to the end of the previous quarter, show the data centralized by the National Bank of Romania (BNR).According to the quoted source, out of this total, 14,875,692 cards (77.47%) were active, compared to 14,592,364 at the end of March.A number of 16,202,595 cards had a debit function and 2,889,638 a credit function.On ...

ING Romania reports 19% higher profit in the first half of 2021

Monday, September 6, 2021

ING Romania, currently the fourth-biggest lender on the local market, ended the first half of this year with total revenues of RON 1.1 billion (EUR 224 mln), up 6% compared with the same period of 2020, and a gross profit of RON 441 million (EUR 90 mln), up 19%.   The loan portfolio increased by 9%, to RON 30.4 billion while the deposits from clients surged by 13%, to RON 46 billion, according to a bank ...

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