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Financial & Banking

Balance of payments and external debt – March 2024

Monday, May 20, 2024

  In January – March 2024p, the balance-of-payments current account posted a deficit of EUR 3,945 million, compared with EUR 3,964 million in January – March 2023. The breakdown shows that the deficit on trade in goods widened by EUR 8 million, the surplus on services fell by EUR 434 million, the primary income deficit increased by EUR 382 million, while the secondary income surplus grew by EUR 843 ...

EC: Romania, the highest inflation in the EU, but also one of the highest economic growth

Monday, May 20, 2024

The spring economic forecast of the European Commission predicts an increase in Romania’s GDP by 3.3 percent in 2024, one of the best rates among the EU states. The lowest score of our country is the inflation rate, estimated at 5.9 percent, the highest in the European Union. Similar negative figures are for the government balance sheet.   The ...

Isarescu, asked about the timing of this year's key interest rate cut: It might not come

Monday, May 20, 2024

The moment for the reduction of the key interest rate might not come this year, but if inflation for May is dropped, then the membres of the BNR board analyse the data, stated on last Wednesday the governor of the National Bank of Romania, Mugur Isarescu."They might not come. We're not saying. Mind you, when I said in February that it was two months of falling inflation I used another word, at least. And many people ...

BNR’s Lazea: To deepen the imbalances now seems to me a vain hope that someone else will pay

Monday, May 20, 2024

Deepening the fiscal imbalances through requesting facilities could be based on a vain hope that somebody else is going to pay the bill, stated on Tuesday, the Central bank (BNR) head –economist, Valentin Lazea at the annual AAFBR conference."I ask myself: those who are now asking for new tax breaks, salaries, I don't know what, knowing well in their minds that next year a correction will follow, what do ...

Alpha Bank Romania recorded, in Q1 2024, a net profit of EUR 16 million

Monday, May 20, 2024

Alpha Bank Romania (ABR) announces financial results for the first quarter of 2024, highlighting continued delivery against our strategy in various business segments and a net profit of EUR 16 million. The net loan portfolio was up 7% YoY in Q1 2023 to EUR 3.2bn, while the deposit portfolio was up 18% to EUR 3.5bn. At the same time, the Bank’s total assets reached EUR 4.7 billion, up 8% ...

tbi bank and Safety Broker launch a partnership offering Romanians interest-free installment insurance, including RCA

Monday, May 20, 2024

Consumers’ need for access to new efficient financing tools has increased in the current economic context, including in the insurance sector, where the cost of insurance policies is on an upward trend. tbi bank, one of the leading challenger banks in South East Europe offering flexible payment solutions, has partnered with one of the leading insurance brokers in Romania, Safety Broker. Customers can buy insurance, including RCA through the Buy Now, Pay Later ...

APS and EBRD invest in NPL portfolio in Romania

Monday, May 20, 2024

We are pleased to announce the successful completion of Project Delta on April 30, 2024. This significant transaction involved the acquisition of a participation in a portfolio of sub-performing and non-performing loans secured with real estate collateral in Romania, as well as unsecured loans, with a total transaction size of approximately €400 million. The portfolio comprised almost 1,800 loans, showcasing the scale and diversity of the assets ...

Garanti BBVA recorded a total loan volume of 9.2 billion lei in 2023

Monday, May 20, 2024

  Garanti BBVA Romania recorded a net profit of 177 million lei in 2023 and operating revenues of 521 million lei. With these results, the bank successfully achieved its targets set for the previous year. Garanti BBVA recorded solid results both in terms of loans and deposits, reflecting the organization`s focus on maintaining a strong and balanced portfolio.   Thus, Garanti BBVA recorded a total loan ...

2024 monthly Pillar II collections, 50 pct higher than last year

Monday, May 20, 2024

   The monthly amount transferred in contributions to mandatory private pension schemes (Pillar II) is currently 50 percent higher than a year ago and double the figure 4 years ago, the Association of Romania's Privately-managed Pension Funds (APAPR) announced on Monday.According to the cited source, the managers of the mandatory private pension providers recently sent annual reporting letter No. 100,000,000 to one of the more than 8 ...

OTP Bank Romania's Q1 consolidated net profit at RON 2 ml

Monday, May 13, 2024

 OTP Bank Romania's Q1 consolidated net profit was RON two million, down 88 percent year-over-year, the financial institution said in a release on Friday.The result was influenced by the lower revenues compared to the previous quarter, the higher operating expenses, and the new tax introduced in the banking sector in 2024, which requires the bank to pay an additional 2 percent of turnover. Consequently, the payable tax is now in excess of RON 13 million compared to RON ...

iBanFirst study: The 5 critical challenges of CEE companies expanding globally based on insights from the region’s pioneering global businesses

Monday, May 13, 2024

-   IMF projecting a 2.8% GDP growth for Romania, and 3.1% GDP growth for Emerging and Developing Europe overall - surpassing the 1.7% of advanced economies, CEE is becoming a critical region for international business expansion.   -  As pioneering global businesses in CEE mature, they share challenges such as managing regional brand perceptions, accessing capital, managing local talent, understanding diverse consumer ...

First Bank to be taken over by Intesa Sanpaolo Bank

Monday, May 13, 2024

The Competition Council authorized the transaction by which Intesa Sanpaolo SpA intends to take over First Bank, according to a press release from the competition authority.According to the institution, Intesa Sanpaolo SpA is active mainly in the financial-banking field, 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.First Bank is a credit ...

CEC Bank continues to support Romanian entrepreneurs in 2024 through governmental SME Plus Programme

Monday, May 13, 2024

 CEC Bank supports Romanian entrepreneurs and reconfirms its long-term commitment to the Romanian economy also in 2024 as well, by providing subsidized interest loans through the government's SME Plus Programme, the bank announced on Tuesday."We have the necessary expertise and experience to be able to identify the best solutions for our clients to access these loans under the advantageous conditions of the Programme," said Ramona Ivan, director of National and Foreign ...

EIB: Advancing sustainable finance in Central, Eastern and South-Eastern Europe

Monday, May 13, 2024

The European Investment Bank (EIB) released the extensive research conducted by the Vienna Initiative working group on climate change and financial stability, entitled Greening the financial sector: A ...

BCR Group, net profit of RON 620 million in first quarter of 2024

Monday, May 13, 2024

BCR Group recorded a net profit of RON 620 million (EUR 125 million) in the first quarter (Q1) of 2024, up 10.1% compared to 563 million RON (EUR 114 million) in the same period of 2023, due to an improved operational performance, supported by a higher volume of business with clients, informs the bank on Tuesday in a statement.The operating result improved by 20.3% to 918 million RON (185 million euros) in Q1 2024, from 763 million RON (155 million euros) in Q1 2023, on the ...

Over a million ING customers gained financial security via NN insurance, receiving over 25 million euros

Monday, May 13, 2024

NN Romania and ING Bank Romania have supported over 1 million customers to benefit from financial protection through solutions developed as part of the strategic partnership started 10 years ago, including life, health, job loss and loan insurance. In the situations covered, customers who needed their insurance or their families have received a total of 25 million euro in benefits to date. “Starting this year, the insurance portfolio developed together with ING ...

Garanti BBVA launches GIA chatbot to streamline customer interactions

Monday, May 13, 2024

Garanti BBVA, one of Romania’s most dynamic banks, reaffirms its commitment to digitization by launching the state-of-the-art GIA chatbot, designed to enhance customer experience and simplify support services.   The GIA virtual assistant, with a friendly appearance, is available on all devices (smartphone, tablet, or desktop) and can respond to customer inquiries in two languages, Romanian and English, ...

The Ministry of Finance listed at the Bucharest Stock Exchange Fidelis government bonds of almost RON 3.2bn 

Monday, April 29, 2024

The Ministry of Finance (MF) attracted RON 1.27bn and EUR 383.6mn through five issues of government bonds for retail investors (Fidelis), the largest amount raised by the Romanian State through this type of securities. Blood donors bought Fidelis government bonds worth over RON 266mn, at an interest rate of 7% p.a. Through the 16 offers held since August 2020, the Ministry of Finance attracted almost RON 29.5bn (EUR 6bn) from the retail ...

Vista Bank supports green investments: financing of €13.9 million to Alive Wind Power One

Monday, April 29, 2024

Vista Bank Romania granted to the company Alive Wind Power One, part of the Premier Energy PLC Group, an investment loan in the amount of 13.9 million euros. The purpose of the facility is to finance the purchase of a wind power park located in Drânceni (Vaslui county) with a total installed power of up to 18 MW.   Georgios Athanasopoulos, CEO Vista Bank, said on the occasion of the signing: “We are glad to grant this credit facility to Alive Wind Power ...

The Joint Initiative on Circular Economy to provide €16 billion to circular projects by 2025

Monday, April 29, 2024

At the World Circular Economy Forum 2024, the European Union’s largest public promotional banks and institutions — Bank Gospodarstwa Krajowego (BGK — Poland), Caisse des Dépôts Group (CDC — France), including Bpifrance, the French national investment bank, Cassa Depositi e Prestiti (CDP — Italy), Instituto de Crédito Oficial (ICO — Spain) and KfW (Germany) — and the European Investment Bank (EIB) announced that they had exceeded ...

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