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Financial & Banking

BCR to explore blockchain technology with Modex’s Blockchain Database software solution

Monday, July 8, 2019

Modex, a company specializing in blockchain technology, has announced that it would expand its relationship with the Romanian Commercial Bank (BCR) after the BCR-InnovX Accelerator, a program for tech companies developing dedicated solutions for areas such as cyber-security, fintech, artificial intelligence, automatic learning , robotics, cloud, automation or microservices. Through the InnovX program, BCR asserted its support for the technology-driven ...

Unicredit Bank gets first GDPR-related fine issued in Romania

Monday, July 8, 2019

Unicredit Bank is the recipient of the first fine related to GDPR in Romania, with a value of EUR 130,000, following an investigation into personal data use by the National Supervisory Authority.  The sanction was applied to Unicredit Bank S.A. as a result of the failure to apply appropriate technical and organizational measures, both in ...

CEC Bank makes credit granting process Start-up Nation flexible

Monday, July 1, 2019

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CEC Bank grants Start-up Nation credits with COSME guarantee at a level of 50% of financing value, according to a bank press release. COSME Loan Guarantee Facility (COSME LGF) is a guarantee  instrument developed by the European Investment Fund and implemented through CEC Bank, with a view to granting credits to small companies which, under standard conditions, would have limited access to financing. “Through this ...

BNR: Monetary indicators – May 2019

Monday, July 1, 2019

At end- May 2019, broad money (M3) amounted to RON 389,250.6 million, down 0.2 percent (or 0.7 percent in real terms) month-on-month. In year-on-year comparison, broad money rose by 9.1 percent (4.8 percent in real terms), Central bank (BNR) data show. At end- May 2019, non-government loans loans to non-government sector granted by credit institutions advanced by 0.4 percent (down 0.1 percent in real terms) from April 2019 to ...

Assets of optional pension schemes over 2.2 bln lei on 31 May 2019

Monday, July 1, 2019

Assets held by optional pension schemes amounted to over 2.21 billion lei on 31 May 2019, up 18.1 percent YoY, according to the data released by the Financial Supervisory Authority (ASF).Government securities account for the highest share, with 1.245 billion lei (56.34 percent), followed by shares with 489.293 million lei (22.13 percent). Corporate bonds ranked third with 208.163 million lei, or 9.41 percent of the total assets.According to the ASF ...

Alpha Bank Romania’s first covered bond issue listed on Bucharest Stock Exchange

Monday, July 1, 2019

Alpha Bank Romania listed this week on the Bucharest Stock Exchange (BCE) its inaugural EUR 200 million euro-denominated covered bond issue, a first for the financial and banking sector in Romania. The bond, which has a five-year maturity and pays a floating rate coupon, is backed by prime Romanian residential mortgages and is rated Baa2 by Moody’s. The transaction attracted strong investor interest from both local and ...

Lower House passes amendments to debt discharge law

Monday, July 1, 2019

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The Chamber of Deputies adopted on last Wednesday the bill amending the Law on debt discharge by selling off property in order to pay off loan liabilities, which provides, among others, that the 'datio in solutum' is automatically approved if the borrower's indebtedness is at least 20 percent above the maximum indebtedness rate set by the National Bank of Romania (BNR).The bill cleared the Lower House by a vote of 171 to 94 and 11 abstentions.The bill ...

Mandatory private pension funds had assets worth 53.41 billion lei in May, up 24.18 pct

Monday, July 1, 2019

The mandatory private pension funds had assets worth more than 53.41 billion lei, on May 31, 2019, up 24.18 per cent against the same month a year before, according to data provided by the Financial Supervisory Authority (ASF).Government bonds hold the highest share among these assets, of 31.58 billion lei, 59.14 per cent respectively. Next are the shares, with 10.279 billion lei (19.25 per cent). Corporate bonds are ranked third with 4.1 billion lei, 7.68pct of ...

BVB's Tanase: Bond trading, entering unprecedented diversification

Monday, July 1, 2019

The bond segment is entering a stage of unprecedented diversification for the local capital market as investors who have had access to corporate, municipal and government bonds so far can trade the first mortgage bonds, Bucharest Stock Exchange (BVB) CEO Adrian Tanase told a conference on last Wednesday."The bond segment is entering a stage of unprecedented diversification for the local capital market. Investors who have had access to corporate, municipal and ...

Erste Group prepares EUR 230 mln provision following court decision that hit its Romanian savings and mortgages bank

Monday, July 1, 2019

Austrian banking group Erste announced that it will provision up to EUR 230 million as a result of the decision of the Supreme Court in Romania that severely affects the business of BCR Banca pentru Locuinte, its local savings and mortgages bank. ”Despite this unique negative ...

Competition Council OKs Leumi Bank Takeover By First Bank

Monday, July 1, 2019

The Competition Council has authorized the takeover of Leumi Bank Romania ...

Companies cut savings in bank deposits on negative real interest rates

Monday, July 1, 2019

Romanian companies reduced their savings in bank accounts in May on low incentives as financial institutions offer negative real interest rates. The amount of deposits declined by 0.2 percent month-on-month in May but rose by 9.1 percent year-on-year, to RON 336.6 billion (EUR 70.9 billion). Companies’ RON bank deposits declined by 0.7 percent while forex deposits dropped by 2.5 percent month-on-month as banks pay negative ...

AmCham Romania president: OUG No.114 has led investors to believe anything is possible in Romania

Monday, June 24, 2019

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The provisions of OUG No. 114 have led investors to believe that anything is possible in Romania and that the rules may change during the game, president of the American Chamber of Commerce in Romania (AmCham Romania) Ionut Simion told a press conference on Thursday."Ordinance No. 114 didn't necessarily determine companies to quit Romania, but it has induced into business decision makers the idea that anything is possible in Romania and that the rules can change ...

Insurance market up 7.4% in Jan-Mar

Monday, June 24, 2019

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The volume of premiums underwritten by Romanian insurance companies in the first three months of this year increased by 7.4% compared to the same period last year, to RON 2.71 billion (EUR 570 million), according to the financial markets regulator ASF. The market is still dominated by the general (non-life) insurance business, a segment that holds a weight of 79%. At the same time, the trend toward stronger life insurance segment continued during the ...

Raiffeisen Romania pours EUR 3 mln in 83 start-up projects

Monday, June 24, 2019

Lender Raiffeisen Bank has picked for financing 83 Romanian start-ups in the second edition of the “factory by Raiffeisen Bank” program. They will receive grants totaling over EUR 3 million. Compared to the first edition, the number of winning projects and the total amount of funding have tripled, the bank announced in a press release. The 83 start-ups in this second edition are active in the sectors of services ...

Oracol Xor Romanian Cryptocurrency with transaction via phone, presented at Romania Blockchain Summit

Monday, June 24, 2019

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Two Romanian entrepreneurs launched Friday within the "Romania Blockchain Summit" event, held at the Palace of Parliament, the Oracol Xor Cryptocurrency, which allows an innovative trading model only by using the mobile phone without Internet connections."This project, started two years ago, together with another Romanian partner, it was launched at a level of initial offer on June 1 and we already have applications from four continents. The main advantage for ...

Eximbank buys Banca Romaneasca from Greece’s NBG

Monday, June 24, 2019

Eximbank, a Romanian state-owned bank, has secured a deal to acquire Banca Romaneasca from the Greek group NBG for an amount of EUR 250-350 million. National Bank of Greece was forced to sell Banca Romaneasca due to troubles on its domestic market and failed to close a transaction with OTP Bank last year due to Romanian central bank’s opposition. Eximbank and J.C Flowers, who bought Piraeus Bank, entered the final phase of ...

ANAF to use new app to verify individuals’ fiscal situation

Monday, June 24, 2019

Romania’s tax agency ANAF is currently developing an app that will analyze the fiscal situation of individuals according to several tax risk criteria, ...

Ilinka Kajgana to be BCR’s new Chief Risk Officer starting January 2020

Monday, June 24, 2019

Banca Comerciala Romana will have a new Chief Risk Officer as Ilinka Kajgana will take over the position starting January 1, 2020. Currently in charge of Erste Bank Austria’s Strategic Risk Management, she will replace Michael Beitz, who is retiring from his professional activity after more than 30 years at Erste Group. “We are delighted to welcome Ilinkai Kajgana, a strategic vision manager and relevant risk management manager in Erste ...

Banca Transilvania becomes largest bank in southeast Europe

Monday, June 24, 2019

Romania’s Banca Transilvania is now the largest bank in the entire southeast Europe region by assets, according to SeeNews’s TOP 100 SEE Banks, economica.net reports. In second place is a Croatian bank, followed by two other Romanian banks, BCR and BRD. The five biggest banks in SEE accounted for 25 percent of the total assets of the top 100 lenders at the end of 2018, as the sector has continued to ...

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