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Financial & Banking
CFA: Expected inflation rate for the 12-month horizon continued to fall to an average of 7.73%
Monday, July 3, 2023
The expected inflation rate for the 12-month horizon continued to fall to an average of 7.73%, the lowest since March 2022, according to the Association CFA Romania.As regards the exchange rate EUR/RON 85% of the participants to the monthly survey of the organisation anticipate a depreciation of the leu over the next twelve months. Thus, the average value of the anticipations for the horizon of ...
Analysts expect leu to strengthen thanks to inflows from Hidroelectrica IPO
Monday, July 3, 2023
The hundreds of millions of euro to enter Romania on the occasion of the initial public offer from Hidroelectrica SA would increase the pressure on the local monetary market over the next weeks, where the central bank strictly monitored every significant movement of the exchange rate, consider the analysts interviewed by Bloomberg.According to them, the leu most likely will appreciate the moment the foreign investors change funds to buy shares at ...
ARB warns of a new type of investment scam
Monday, July 3, 2023
The Romanian Association of Banks (ARB) warns of a type of fraud by which customers are manipulated into providing bank details with the false promise of obtaining gains from financial investments, especially through the purchase of cryptocurrencies, including through trading platforms. Customers are advised not to provide bank details, to exercise caution and to thoroughly check the offers ...
Public offering of corporate bonds issued by Bittnet Group, oversubscribed
Monday, July 3, 2023
The Bittnet Group successfully concluded the first public offering of corporate bonds in the history of the Romanian capital market, the issue being oversubscribed more than twice, in 15 days, according to the investment prospectus.The purchase orders were settled only for investors who subscribed at 100 RON (issue price) and at higher prices (101, 102, 103 and 104 RON), informs the company through a press release.The bonds are issued in RON, ...
Study: Global approved total exposure for commercial credit protection is 20% higher
Monday, July 3, 2023
Aon, one of the global leaders in commercial credit insurance brokerage, announces the findings of the global study “Credit Solutions: Q1 2023 Market Insights Report”. The credit exposure provided by major insurers is 20% higher than pre-pandemic levels, highlighting the ...
The NCMO meeting of 20 June 2023
Monday, June 26, 2023
This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 20 June 2023. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) examining the regular analysis on the recalibration of the countercyclical capital buffer, ...
EIB announces new financing for Romania, worth 675 million EUR
Monday, June 26, 2023
The European Investment Bank (EIB) announced on Thursday new funding for Romania, worth 675 million EUR for transport, urban development and small businesses. According to a press release, the amount granted for transport by the EIB, worth 600 million EUR, will serve as co-financing for the EU Recovery and Resilience Facility.The EIB and Romania celebrates 30 years of partnership, the EIB providing more than 17 ...
Romanian bank ranks third in FinnoScore international ranking in terms of digitisation
Monday, June 26, 2023
The FinnoScore banking report ranked a Romanian bank, BCR, third in the international ranking of the most competitive banks in terms of digitisation, with 6.81 points (10 is the maximum score).The FinnoScore analysis covered 234 commercial banks in 24 countries in Europe and North America.According to a press release from Horvath Romania, the banks in the FinnoScore analysis were evaluated in terms of their level of digitisation, according to ...
One in four ING POS customers accepts payments directly on their mobile phone, via ING SoftPOS
Monday, June 26, 2023
One year after its launch, the ING SoftPOS application, which turns the Android mobile device into a POS, is enjoying success among Romanian entrepreneurs. One in four ING customers with POS accepts contactless payments (made with card or phone) directly on their mobile phone, through ING SoftPOS. Every month they perform more than 100,000 transactions and the traded volumes are growing substantially. Furthermore, ING has ...
Maib, the largest bank in Moldova, will distribute dividends of MDL 198,2 million, equivalent to EUR 10 million
Monday, June 26, 2023
Maib, the largest bank in Moldova, announces the decisions adopted by the Annual General Meeting of Shareholders (AGM) on June 15, 2023. The shareholders decided the distribution of dividends in the total amount of MDL 198.2 million, the equivalent of EUR 10 million (2022 average exchange rate: 19.9 MDL/EUR). The bank’s profit distribution policy related to 2023 was also voted, whereby a percentage between 30% and ...
The Romanian capital market anticipating Hidroelectrica IPO. 7 percent growth and new record of 140000 investors
Monday, June 26, 2023
The capital market in Romania increased in the first 5 months by 7.1% according to the BET-TR index, which also includes dividends. Also during this time, BET-NG, the index of energy and utilities companies, was up 10.7%. All indices of the Bucharest Stock Exchange (BVB) were in positive territory at the end of the first 5 months of this ...
Garanti BBVA Romania records 191 million RON in profit in 2022, up by 34 pct v 2021
Monday, June 26, 2023
Garanti BBVA, a bank part of the Garanti BBVA Romania Group, achieved a net profit of 191 million RON last year, up 34.3 pct compared to 2021, and net revenues of 550 million RON, 20.1 pct higher, according to a press release sent to AGERPRES on Tuesday."In addition, the bank recorded solid results both in terms of the volume of loans and deposits, which reflects the attention paid to ensuring a solid and balanced portfolio," the bank's representatives ...
Cross-border information exchange and joint controls – two key pillars in the fight against tax evasion
Monday, June 26, 2023
If only 10 years ago, companies only had to prepare and send to the authorities a few tax returns on a regular basis, the complexity, and dynamics of the constantly evolving economic environment in recent years require significant changes in tax systems and, implicitly, in reporting systems, both national and cross-border. As a member of the European Union, Romania continues to modernize and integrate its national tax ...
81% of Romanians travelling abroad will rely on digital payments
Monday, June 26, 2023
4 out of 5 Romanians who will go on holiday abroad this year plan to pay there by card, smartphone, or smartwatch. One out of three Romanian tourists (35%) plans to spend between €200 and €600 per person for their holidays abroad – all according to the latest Visa CEE Travel and Payment Intentions Study 2023 covering eight CEE markets, including ...
UniCredit, Raiffeisen, Erste Group, Banca Transilvania bid for OTP's Romanian unit
Monday, June 19, 2023
Italy's UniCredit SpA, Austria's Raiffeisen Bank International AG AND Erste Group Bank AG and Banca Transilvania, Romania's largest lender are interested in buying the Bucharest-based unit of OTP Bank Nyrt, according to Bloomberg.The deal may value the business at EUR 300 million or more, people with knowledge of the matter said. It may also include the bank's Moldovan business, one of the people said. The process is now moving forward into the second round, ...
NN Romania offers 200.000 EU scholarships for future entrepreneurs of Romania
Monday, June 19, 2023
NN Romania has launched the first scholarship fund for future entrepreneurs of Romania, through which it finances students who want to enroll in The Entrepreneurship Academy (EA) this year with total scholarships worth 200,000 EUR, the insurance company informs."NN is funding students who want to enroll in the EA - The Entrepreneurship Academy this year with total scholarships worth 200,000 EUR, contributing to tuition fees during the four years of study, ...
Mogo România and PayU - a new partnership for the online Installment Payments
Monday, June 19, 2023
Mogo Romania, the fintech that finances the purchase of used vehicles, takes an important step in the strategy of expanding partnerships and payment channels for customers. The company concludes a partnership with the payment integrator PayU to streamline credit payment processes through the recurring, instant payment option, made 100% online. The partnership came in response to the needs of Mogo ...
CEC Bank: Over 80% increase in Internet Banking Transactions
Monday, June 19, 2023
The total value of transactions conducted through the Internet Banking service offered by CEC Bank recorded an increase of over 80% in 2022 compared to 2021, as the bank continues to develop its range of services that can be contracted 100% online. “The increasingly diverse range of bank accounts available online at CEC Bank proves to be a real success. For these services, both the number of clients and the total ...
Smart Fintech integrates with Goldring, the award-winning investment broker in the Romanian capital market
Monday, June 19, 2023
Goldring S.A., an investment broker at the Bucharest Stock Exchange and on the major international markets, which offers trading services to individual and corporate investors, announces the ...
Ionut Dumitru: We have a 3% economic growth estimate for this year
Monday, June 12, 2023
Romania could register this year an economic growth of 3% which is not small if we compare it to other states in the region,stated on Thursday Ionut Dumitru, head economist Raiffeisen Bank, and the Annual Conference of the Association of Banking-Financial Analysts of Romania."I don't know if we can say it's slowing down (economic growth - ed.) We can say it's a deceleration really in economic growth, a ...