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Financial & Banking
Non-governmental credit balance up by 0.7% in December 2023
Monday, January 29, 2024
The balance of non-governmental credit granted by credit institutions increased, in December 2023, by 0.7% compared to November 2023 (0.5% in real terms), up to the level of 387.077 billion RON, according to the data published on Tuesday by the National Bank of Romania.The RON-denominated credit, with a weight of 68.4% in the total volume of non-governmental credit, increased by 0.7%, and the foreign currency RON-denominated credit, with a weight of 31.6% in ...
Report:Romania has among most affordable mortgage loans in European Union
Monday, January 22, 2024
Romania has among the most affordable mortgage loans in the European Union, taking into account the national average salaries and the cost of buying a two-room apartment with a 25-year mortgage loan, reveals a report by SVN Romania Credit & Financial Solutions.Thus, the average rate for the purchase of a two-room apartment (a two-room apartment in Romania is a one bedroom, one living-room apartment, English editor's note) in Bucharest at the end of last year was about ...
Pillar II pension beneficiaries paid over RON 2 bl
Monday, January 22, 2024
Pillar II pension beneficiaries have been paid over RON 2 billion, almost half of which in 2023 alone, according to the Association of Privately Managed Pension Plans in Romania (APAPR)."Mandatory private pension plans (Pillar II) have made approximately 153,000 payments to beneficiaries (contributors and survivors), with the total amount exceeding RON 2 billion in 2008-2023. Almost half of the amount - 46%, or RON 932 million - was paid in 2023 alone," APAPR ...
Fitch Affirms Romanian ProCredit Bank at 'BBB-'; Upgrades VR to 'b+'
Monday, January 22, 2024
Fitch Ratings - Warsaw - 15 Jan 2024: Fitch Ratings has affirmed ProCredit Bank S.A.'s (PCBR) Long-Term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook and upgraded its Viability Rating (VR) to 'b+' from 'b'. A full list of rating actions is below. The upgrade of the VR primarily reflects improvements in PCBR's business model stability, as reflected in structural improvements to underlying profitability, particularly since 2020. The 'b+' VR also ...
Alpha Bank Romania Launches The SANB Service In The Alpha Online Banking App
Monday, January 22, 2024
Alpha Bank Romania launches at the beginning of 2024 the identity verification function of the recipient of payments made through online banking by joining the Beneficiary Name Display Service (SANB), provided by TRANSFOND. The function is available to all Alpha Online Banking users, both individuals and legal entities 24/7, 365 days a year, for payments in lei. Thus, when initiating payments in lei to ...
NN Romania recognized as Top Employer 2024 for the sixth consecutive year
Monday, January 22, 2024
NN has been recognized as Top Employer 2024 for the sixth consecutive year, both in Romania and across all countries where NN Group operates, ranking fourth in the local market and sixth in Europe. The recognition is awarded by Top Employers Institute, the most prestigious global authority in certifying excellence and performance in HR, based on an extensive evaluation process of organizations’ practices in areas like people strategy, work environment, talent acquisition and ...
Asirom to take over insurance portfolio from Aegon Romania
Monday, January 22, 2024
The insurance portfolio of the Aegon branch in Romania will be transferred to Asirom Vienna Insurance Group, following the acquisition by Vienna Insurance Group of the Aegon companies in Central and Eastern Europe, according to a press release sent on Wednesday.According to the quoted source, Asirom received the pre-approval of this transfer from the Financial Supervisory Authority (ASF)"Asirom Vienna Insurance Group, one of the most important players in the ...
WB Economic Forecast Report: Romania’s GDP – 3.3% In 2024
Monday, January 15, 2024
The latest World Bank report, Global Economic Prospects, January 2024 ...
How Romanians invested in 2023
Monday, January 15, 2024
Revolut unwraps some trends in how Romanians and the whole Europe invested in 2023. In 2023, Revolut marked a record in Romania, where the number of the trading customers almost doubled (+95% as of December 31st, 2023 vs December 31st, 2022). Romanians were among the leading investors via the Revolut app across Europe, with average securities trading account size at the end of year reaching EUR 1,640, while the average invested amount across EEA was EUR 1,827. Largest ...
Alpha Bank Romania has expanded its network of Gold Centres Personal Banking now encompassing a total of 30 locations
Monday, January 15, 2024
During 2023, Alpha Bank Romania continued the development of its Gold Personal Banking segment, increasing its geographical presence to 30 locations dedicated to premium customers. The Gold Personal Banking client portfolio has grown steadily over the last 3 years, on two important dimensions: in terms of number of clients and of value of personal assets managed by the bank, both of which recorded average annual increases of over ...
Alternative fund managers expect capital raising and fund launch surge in 2024
Monday, January 15, 2024
Alternative fund managers are forecasting a strong year for capital raising in 2024 at their firms and new fund launches across the industry as investors are increasingly looking to diversify, new research from Ocorian, a global market leader in alternative investment fund administration, shows. Around 85% of private equity, venture capital and real estate fund managers questioned in Ocorian’s global study are ...
Voluntary pension system (Pillar III) reaches almost 1 billion euro
Monday, January 15, 2024
The voluntary private pension system (Pillar III) attracted a record number of new clients in 2023 and is approaching 1 billion euro under management, reports the Association for Privately Administered Pensions in Romania (APAPR).The total number of voluntary pension system participants reached 710,000 at the end of 2023, on whose behalf the 10 voluntary pension funds manage net assets of RON 4.74 billion (EUR 953 million), up 31% from 2022 and ...
Aegon Pensii becomes Carpathia Pensii
Monday, January 15, 2024
Aegon Pensii transforms into Carpathia Pensii, marking a redefinition of the company’s identity and strategy. By adopting the name Carpathia Pensii, the company reaffirms its commitment to respond carefully and professionally to the dynamics of the local market. “This rebranding is a promise to continue the best practices we have adopted since our ...
ING Bank Romania, 3rd quarter: over 1.8 million customers
Monday, January 15, 2024
ING Bank launched, in the third quarter of 2023, the 100% online loan for businesses with a turnover of up to 9 million lei, through the ING Business platform, with instant access to the received funds. The total number of customers (private individuals and legal entities) increased by more than 4% vs. previous year’s 3rd quarter, exceeding 1.8 million and total ...
Exim Banca Romaneasca partners with EIB to provide advantageous investment loans to SMEs
Monday, January 15, 2024
Exim Banca Romaneasca entered a financing agreement with the European Investment Bank (EIB) to provide SMEs and mid-cap businesses with advantageous loans for investment projects within a ceiling of 50 million euros, the bank said in a release.Applicant companies benefit from a reduced interest rate compared to the standard interest for an investment loan, and the lending period is correlated with the financed investment project.Funds can be ...
Financial intermediation loses ground in Romania on sluggish lending
Monday, January 15, 2024
The stock of non-government bank loans in Romania increased by 0.6% m/m and 5.4% y/y to RON 384.2 billion (EUR 77 billion) at the end of November. The annual growth rate, dragged down by more cautious household borrowing and moderate corporate lending, remained inferior to consumer price inflation (+6.7% y/y in November) and to the 13% nominal advance estimated for Romania’s GDP in 2023 compared ...
Report: Romania shows slight improvement in economic sentiment indicator (ESI) in December 2023
Monday, January 15, 2024
Romania recorded a slight improvement in the economic sentiment indicator (ESI) in December 2023, according to ...
International reserves – December 2023
Monday, January 8, 2024
On 31 December 2023, the National Bank of Romania’s foreign exchange reserves stood at EUR 59,770 million, compared to EUR 58,894 million on 30 November 2023 and EUR 46,636 million on 31 December 2022. During the month, the following flows were recorded: EUR 4,999 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; inflows into ...
Competition Council analysing First Bank take over by Intesa Sanpaolo Bank
Monday, January 8, 2024
The Competition Council is analysing the transaction by which Intesa Sanpaolo S.p.A. intends to take over First Bank S.A, the competition authority announced on Friday.Intesa Sanpaolo S.p.A. is mainly active in the financial-banking sector, being the parent company of the Intesa Sanpaolo group. The Intesa Group is present in Romania through its Romanian subsidiary, Banca Comerciala Intesa Sanpaolo Romania S.A.First Bank S.A. is a credit institution active ...
Alpha Bank Romania introduces financial instruments of portfolio guarantees in partnership with the European Investment Fund
Monday, January 8, 2024
Continuing its strategy and mission to contribute significantly to supporting the local business environment, Alpha Bank Romania signed in December a partnership with the European Investment Fund (EIF) for the implementation of financial instruments such as portfolio guarantees. The two guarantee products align with the financial instruments component of the PNRR and target the areas of sustainability and competitiveness, as ...