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Financial & Banking

Fitch: Romania Election Does Not Allay Medium-Term Fiscal Uncertainty

Monday, December 14, 2020


Fitch Ratings-London-10 December 2020: Romania’s general election result points to continued political uncertainty and hence a still-challenging policy-making environment, says Fitch Ratings. The need to pass a 2021 budget will be a near-term test of the next administration’s cohesion and an indication of likely fiscal policy settings.In Sunday’s election, the incumbent centre-right PNL secured around 25% of the vote compared to 30% for the main ...

EximBank ensures Romanian exports to EU and OECD for 6 months

Monday, December 14, 2020

Romanian companies can benefit from extensive protection in carrying out commercial relations with foreign partners, in conditions in which EC has authorized to extend the extension until June 30, 2021 of non-market short term risks and temporary non market risks which EximBank offers on behalf of the the Romanian state, the bank announced on Tuesday.   EximBank mentions that this insurance product was ...

Volt Analysis: Microcredits, the life-saving solution for those who want bigger and better loans

Monday, December 14, 2020

Although they want their own homes, young people between the ages of 18 and 25 encounter great difficulties in obtaining large loans, such as real estate loans, due to their low FICO score. The FICO score is identical to that of the Credit Bureau and is the main factor that determines whether the applicant qualifies for a loan and its type.   A ...

BVB: The trading value is up by 42 percent after 11 months while the daily average nears 13 million euros

Monday, December 14, 2020


Liquidity, measured in terms of the average daily trading value, increased by over 42% at the cumulative level of all types of financial instruments and exceeded RON 62 million (EUR 12.86 million) for the first 11 months of the year. The total value of transactions, including offers, with all types of financial instruments traded on the Bucharest Stock Exchange (BVB) approached the threshold of EUR 3 billion, or ...

Private pension becomes biggest segment of non-bank financial sector

Monday, December 14, 2020

The private pensions sector has become the segment of Romania's non-banking financial market with the largest capitalization, around 7% of GDP, Nicu Marcu, president of the Financial Supervision Authority (ASF) commented.He praised the sector's dynamics, which he attributed to the sound institutional framework.   Boasting total assets of about RON 73 billion (nearly EUR 15 bln) as of October 2020, the ...

Insurance market up 4.8% in Jan-Sep

Monday, December 14, 2020

Romania's general and life insurance market reached approximately RON 8.5 billion (EUR 1.75 bln) in the first nine months of this year, up 4.8% compared to the same period of 2019, announced Valentin Ionescu, member of the Financial Supervision Authority's top management in an online conference.   "Despite the restrictions imposed by the pandemic that impacted the market, the insurance market grew by 4.8% ...

Allianz-Tiriac takes over Gothaer’s Romanian subsidiary

Monday, December 14, 2020

Allianz-Tiriac Asigurari, the second-biggest insurer in the Romanian market, has signed an agreement to take over German group Gothaer's local subsidiary. This is Allianz-Tiriac's first acquisition after more than 25 years of organic growth. Allianz-Tiriac and Gothaer Asigurari Reasigurari will continue to operate independently until they receive all the necessary ...

BNR Survey:At least 18% of banks believe that lending conditions to SMEs and mortgages will be tightened

Monday, December 14, 2020

About 18% of the Romanian banks plan to tighten lending terms for small and medium-sized enterprises (SMEs) by the end of the year, according to a survey conducted by Romania's National Bank (BNR), quoted ...

Population invests almost 1 bln euros in gov't securities this year

Monday, December 14, 2020

The Ministry of Public Finance has attracted 1.3 billion lei and 289 million euros, respectively, through the second primary offering of retail government securities (FIDELIS) carried out this year through the Bucharest Stock Exchange (BVB), BVB said in a release.The Finance Ministry has attracted 2.52 billion lei and 457.4 million euros this year through the two rounds of financing carried out on the Bucharest Stock Exchange."The success of the second ...

OLX Group acquires Kiwi Finance, largest loan broker in Romania

Monday, December 14, 2020

OLX Group announces the acquisition of Kiwi Finance, after the transaction received the approval of the Competition Council, the largest loan broker in Romania thus entering the Group's local portfolio, to which OLX, Storia.ro and Autovit.ro already belong."We are pleased to announce that the transaction has been successfully completed and we are confident that we have the ideal partner in this new journey. The acquisition of Kiwi Finance comes as a result of OLX ...

Banks in Romania have granted population, companies new loans of 67.42 billion lei in first 10 months

Monday, December 14, 2020


The banks operating in Romania have granted the population and companies new loans worth 67.42 billion lei in the first ten months of 2020, which represents almost a quarter of the non-governmental credit balance for October, according to data submitted by the Romanian Association of Banks (ARB)."The share of new loans accessed by the population and companies, of 24.15 pct of the non-governmental credit balance, represents a rather high percentage, especially ...

Financial threats in 2021: cryptocurrency transit, web skimmers move to the server side and extortion plague

Monday, December 14, 2020

In 2021, many financial cybercriminals are likely to target Bitcoin more often, while other cybercriminals will switch to transit cryptocurrencies when demanding payment from victims for enhanced privacy. On top of that, extortion practices will become even more widespread, be it as part of DDoS or ransomware attacks, with the operators of the latter consolidating and using advanced exploits to target victims. These are the key predictions from Kaspersky regarding ...

S&P Global Ratings affirms Romania at BBB-/A-3, outlook remains negative

Monday, December 7, 2020


Standard & Poor's Global Ratings maintained Romania's rating at BBB-/A-3, with a negative outlook, and warned that the country's economic situation could deteriorate further if policymakers fail to produce a credible plan to lower fiscal imbalances.   Romania's ratings could be lowered fiscal and external imbalances remain elevated for longer than anticipated, for instance, because of challenges to ...

International reserves – November 2020

Monday, December 7, 2020

On 30 November 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,393 million, compared to EUR 33,795 million on 31 October 2020.   During the month, the following flows were recorded: EUR 1,142 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, ...

Prof. Univ. Dr. Nicu Marcu, President of ASF: Digitization requires the adaptation of supervisory models to prevent vulnerabilities

Monday, December 7, 2020


  The European Commission has recently adopted a new Digital Finance Package, including Digital Finance and Retail Payments Strategies as well as legislative proposals on crypto-assets and digital resilience.   The Commission has proposed for the first time a new legislation on crypto-assets (a digital representation of values or rights that can be ...

Filip & Company assists the Ministry of Public Finance in a EUR 2.5 billion Eurobond issue

Monday, December 7, 2020

Filip & Company, in collaboration with Linklaters, assisted the Ministry of Public Finance in a two-tranche Eurobond issue that drew over EUR 2.5 billion from the international markets. The first tranche of EUR 1.5 billion has a 20-year maturity and a 2.65% annual interest rate, while the second one amounts to EUR 1 billion, has a 9-year maturity and a 1.46% annual interest rate. A key objective of both the private ...

Catalyst Romania launches new venture capital fund to invest more than 40 million euros

Monday, December 7, 2020

Catalyst Romania Investment Fund, backed by 3TS Capital Partners, is launching its second fund aimed at financing technology, media and telecom companies, after the completion of the first round of capitalization, Marius Ghenea, Managing Partner Catalyst Romania, told on last Wednesday an online conference."We are launching the new venture capital fund at the right time for technology companies. The field is experiencing a new stage of development fueled by ...

Capital market volatility has brought new investors to stock market

Monday, December 7, 2020

Capital market volatility has brought new investors to the Stock Exchange, however, in order to increase the number of investors in the market it is essential to support as many companies as possible to grow so as to become attractive, say capital market experts."It is very important to have a dialogue with companies and familiarize them with the mechanisms of the capital market so that entrepreneurs fully understand its advantages. We have seen more and more ...

BT enters voluntary pension market by takeover

Monday, December 7, 2020

Banca Transilvania (BT), has entered the voluntary pensions market (Pillar III) by acquiring and integrating the specialized asset management company Certinvest Pensii.   The financial group has notified all of its clients about the opportunity to contribute to the Pensia mea (My Pension) voluntary pension fund.The fund is managed by BT Pensii, the newest brand of the financial group based in ...

VIG enters Romanian private pension market by taking over Aegon in regional deal

Monday, December 7, 2020

Austrian group Vienna Insurance Group (VIG), active on the Romanian insurance market through Omanisig, Asirom, and BCR Asigurari de Viata, has signed an agreement to buy Dutch insurer Aegon's subsidiaries in Hungary, Poland, Romania, and Turkey.   The deal covers the insurance companies, private pension fund management companies, financial asset management companies, and ...

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