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Financial & Banking
Over 95% of the insurance policies sold by some brokers are in digital format
Monday, February 15, 2021
Brokerage companies have developed and implemented a series of digital processes to ensure the proper functioning of the relationship with clients and business partners, so that over 95% of the insurance policies sold by some brokers are in digital format, the representatives of the National Union of Insurance Brokerage and Consulting Companies in Romania (UNSICAR) say.According to a press release sent on Thursday, the digitization of the activity was, ...
BRD Group posts net profit down 35.7 pct in 2020
Monday, February 15, 2021
BRD Group achieved a net profit of 963 million lei in 2020 compared to 1.499 billion lei in 2019, down 35.7%, according to a bank press release sent to the Bucharest Stock Exchange (BVB).According to the cited source, the bank ended last year with a profit of 951 million lei, compared to 1.528 billion lei in 2019."The year 2020 has been marked by an unprecedented health crisis, which has quickly turned into a severe economic crisis. ...
The Romanian capital market outgrows 2020 in the first month of this year to set new all-time highs
Monday, February 15, 2021
All the indices of the Bucharest Stock Exchange (BVB) ended in positive territory in January. The Romanian capital market went up by 5% last month as the BET-TR index reached a new all-time high of 17,500 points. Liquidity for all the financial instruments broke the RON 1-billion ceiling, +6% ...
NN and Cegeka develop alternatives to transform the customers’ digital experience
Monday, February 15, 2021
NN, leader in the Romanian life insurance and private pensions markets, and the local subsidiary of Cegeka, one of the largest European providers of IT solutions, have partnered to transform NN’s customers’ digital experience when interacting with the company’s products and services. The first step was the relaunch of the NN Direct mobile application and new features are expected to follow, so that ...
ZEN modern payment solution is launched in Romania
Monday, February 15, 2021
ZEN, a newly launched licensed European fintech startup using modern payment technologies, has announced its official launch in 31 European markets, including Romania, with the support of Mastercard, according to a press release sent on last Monday.ZEN's main objective is to provide a simple and convenient way to manage money without fees and difficult formalities. The ZEN offer combines all the essential benefits for e-commerce: simplicity of payments, ...
ECB and BNR have agreed to extend the framework arrangement to provide euro liquidity to the BNR via a repo line until March 2022
Monday, February 8, 2021
The European Central Bank (ECB) and Banca Na?ional? a României (National Bank of Romania - BNR) have agreed to extend the framework arrangement to provide euro liquidity to the BNR via a repo line until March 2022. Last year’s arrangement was made to prevent the possible emergence of euro liquidity needs in the presence of market dysfunctions due to the ongoing COVID-19 ...
EIB Group and Deutsche Leasing Romania strengthen support for business impacted by COVID-19
Monday, February 8, 2021
First cooperation unlocks €370 million private sector financing SMEs across Romania benefit from cheaper leasing finance Initiative increases financing for agriculture and equipment investment Majority of borrowers in rural areas and less developed regions First ...
Long way to recovery from pandemic’s economic damage
Monday, February 8, 2021
The COVID-19 pandemic took a painful toll on Romania’s economy in the second quarter of 2020, when gross domestic product (GDP) plunged by 12.2 percent compared to the previous quarter, http://business-review.eu/ reads. But despite the fact that most restrictions were ...
Romania, on the European Fintech map based on investments
Monday, February 8, 2021
*Romania is on the 20th place in a ranking of the countries that have raised the most investments in the fintech field, according to tech.eu. With five notable financings, Romania is thus in a club of select countries with companies in the fintech sector, being surpassed by countries such as Estonia, with 7 investments, Luxembourg, with 7 investments, and Austria, with 11 ...
McKinsey & Company: Banks' net revenues in Romania, by risk cost, could fall by almost 58 billion lei
Monday, February 8, 2021
Romanian banks could see a decrease of about 58 billion lei in net revenues after the cost of risk, until 2025, compared to the revenues expected before the pandemic, due to risk costs and lower volumes, reveal the data of the latest McKinsey & Company analysis, sent on Wednesday.Banks could face two stages of challenges in the coming months and years, according to the McKinsey Global Banking Annual Report, published in December 2020. As a first ...
Gov't approves three-month extension of withdrawal deadline for IBRD healthcare reform loan proceeds
Monday, February 8, 2021
The government approved today the amendment regarding the three-month extension until March 31, 2021 of the deadline for the withdrawal of the proceeds of a 250 million euro the International Bank for Reconstruction and Development (IBRD) loan granted for the reform of the Romanian healthcare system."The Decision of the ...
Banca Transilvania up in the brand finance banking 500 2021
Monday, February 8, 2021
Banca Transilvania is climbing in the Brand Finance Banking 500 2021 up to the ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 15 January 2021
Monday, February 1, 2021
On 15 January 2021, the Board of the National Bank of Romania held a meeting in which the following members took part: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; ...
Pillar II pension funds' 2020 average rate of return at 6.19 pct, threefold inflation rate
Monday, February 1, 2021
Mandatory privately-managed pension funds (Pillar II) achieved in 2020 an average rate of return of 6.19 percent, three times higher than last year's inflation rate, president of the Association of Romania's Privately-managed Pension Funds (APAPR) Radu Craciun said .He pointed out that, in monetary terms, Pillar II funds generated in 2020 an exclusive net gain of 900 million euros net of fees."The average annualized return from the beginning of the ...
Stock Exchange president:Nice decade-long evolution of local capital market in terms of liquidity, listed companies' value
Monday, February 1, 2021
The local capital market has evolved nicely both in terms of liquidity and of the value of the listed companies, president of the Bucharest Stock Exchange (BVB) Radu Hanga told a news conference today dedicated to the 10th anniversary of the listing of Fondul Proprietatea (FP)."I remember that ten years ago, when Fondul Proprietatea made its debut on the Stock Exchange, the world was just starting to come around after the shock of the 2007 - 2008 financial crisis. ...
Deloitte study: Romania had one of the largest number of banking transactions in the region
Monday, February 1, 2021
The COVID-19 crisis is expected to accelerate the consolidation of the banking sector in the Central and Eastern Europe (CEE) in the following years, as smaller players might not be able to weather the profitability and capital challenges, according to the latest edition of Deloitte CEE banking M&A ...
Government resumes once again the recalculation of public pensions
Monday, February 1, 2021
Romania's labor minister Raluca Turcan announced that all the 5 million pensions in Romania would be recalculated in the next 18 months, in line with "the new pension law to be passed by the new ruling ...
Sale of Credit Agricole Romania to Vista Bank slightly delayed
Monday, February 1, 2021
The Greek shareholders of Vista Bank do not yet have a sale-purchase contract signed with French group Credit Agricole, even if they previously announced an agreement to buy its Romanian subsidiary, according to sources in the banking market familiar with the ...
EGLD digital currency, launched by Sibiu residents from Elrond, reached a capitalization of 1 billion dollars
Monday, February 1, 2021
The capitalization of EGLD, a cryptocurrency launched by Romanian startup Elrond, reached USD 1 billion - prompting headlines about the second Romanian unicorn (after the robotic process automation, or RPA, leader ...
Romanians invest over 955 million RON during first issue of Tezaur government bonds in 2021
Monday, February 1, 2021
Romanians have invested over 955 million RON during the first issue of Tezaur government bonds launched by the Ministry of Finance, of which 850,425,746 RON through the operating units of the State Treasury and 104,853,554 RON through the official postage network of the Romanian Post National Company.According to a press release sent on Friday, this represents the highest subscribed monthly value by investors within a Tezaur issue. Thus, the first issue of ...