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Financial & Banking

Revolut Launches Its First Savings Product With Interest In Romania

Monday, March 4, 2024

Revolut rolls-out annual interest-bearing in-app savings accounts to its over 3.5 million customers in Romania. Savings account is the first in a batch of savings products built entirely in-house by Revolut and Romanian customers will be able to earn up to 4.25% annual interest on their RON deposits held with Revolut Bank UAB.   Revolut Savings is a new home for savings products in the app and it ...

Groupama, the leader of the insurance market in Romania, chooses SAP for digital transformation

Monday, March 4, 2024

Groupama, the insurance market leader in Romania, with a presence on the local market since 2009, has chosen SAP for its digital transformation and to improve the overall experience of its team. Groupama focuses on building partnerships based on trust, with the aim of helping customers enjoy every moment, wherever they are, knowing they have a partner they can count on.   Along with the focus on customers and partners, ...

FONDUL PROPRIETATEA PRELIMINARY FINANCIAL RESULTS FOR FY 2023

Monday, March 4, 2024

Fondul Proprietatea (hereinafter “The Fund”) published today its preliminary financial results for FY 2023 and would like to share several highlights included in the report.   Overview of key activities and events undertaking during 2023:   • Continued efforts to promote the Fund and raise its visibility, as well as the ...

Four in five Romanian homes are not insured against natural disasters

Monday, March 4, 2024

 Only 20 percent of the more than 9.7 million homes in Romania are currently insured, as the Law on the mandatory insurance of residential property has never been practically applied, director general of the Natural Disaster Insurance Pool (PAID) Nicoleta Radu told a specialist event on Thursday."So, there are 7.6 million uninsured homes in Romania, practically four in five homes are not insured against natural disasters," Radu told the conference "Quo ...

ASF: Financial education plays an extremely important role in financial markets development

Monday, March 4, 2024

 Financial literacy must be taught at an early age, in order to form the necessary skills to allow the adoption of rational decisions in adulthood, generating responsible financial behaviour, Financial Supervisory Authority (ASF) President Alexandru Petrescu told a specialist event on Thursday."Financial education, the central theme of today's meeting, is a fundamental pillar in the evolution of a society and that is why I think it is very important to ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 13 February 2024

Monday, February 26, 2024

Publishing date: 23 February 2024   The National Bank of Romania Board members present at the meeting: Mugur Isarescu, 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; ...

Monetary indicators – January 2024

Monday, February 26, 2024

At end-January 2024, broad money (M3) amounted to RON 668,960.7 million, up 0.2 percent ( -0.9 percent în real terms) month on month. In year-on-year comparison, broad money rose by 10.8 percent (3.2 percent in real terms).   At end-January 2024, broad money (M3) ...

COFACE STUDY: INSOLVENCIES IN ROMANIA REPORTED THE SAME LEVEL IN 2023 AS IN THE PREVIOUS YEAR

Monday, February 26, 2024

* Insolvencies of companies with revenues over 0.5 million EUR, increased by 29% compared to 2022   The latest Coface Romania study shows that 6,650 new insolvency procedures were opened in 2023 compared to 6,649 in 2022. The refused payment instruments increased both in value (+37%) and in number (+17%) compared to 2022, but below the levels recorded in 2019. The construction sector reports the highest number of insolvencies, respectively ...

Giorgi Shagidze to extend mandate as CEO and Chairman of the Management Committee at maib

Monday, February 26, 2024

  Maib, the largest bank in Moldova, has announced today that Mr. Giorgi Shagidze will extend his mandate as CEO and Chairman of the Management Committee until December 31, 2025. In the event of a successful IPO of the bank, the mandate shall be extended through December 31, 2026. The decision to extend Mr. Shagidze’s mandate is subject to customary formal approvals. The formalization of this extension is anticipated to be completed ...

Completion of the sale of Fondul Proprietatea’s minority shareholding in Engie Romania S.A.

Monday, February 26, 2024

  Further to the current reports published on 11 December 2023 and 27 December 2023, Franklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director (”AIFM / Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), would like to inform shareholders about the completion of the sale of the Fund’s entire holding in Engie Romania S.A. (the ...

Winter 2024 Economic Forecast: A delayed rebound in growth amid faster easing of inflation

Monday, February 19, 2024

The Commission publishes macroeconomic forecasts for the EU and its member countries four times a year.  This Winter interim Forecast lowers the growth outlook for this year and sets inflation on a lower downward path than projected last autumn. Economic activity in 2023 is now estimated to have expanded by only 0.5% in both the EU and the euro area. The growth outlook for 2024 is revised down to 0.9% in the EU and 0.8% in the euro area. In 2025, economic activity ...

BNR Board decisions on monetary policy

Monday, February 19, 2024

  In its meeting of 13 February 2024, the Board of the National Bank of Romania (BNR) decided:   to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per ...

Balance of payments and external debt – December 2023

Monday, February 19, 2024

In January - December 2023, the balance-of-payments current account posted a deficit of EUR 22,694 million, compared with EUR 26,040 million January through December 2022. The breakdown shows that the deficit on trade in goods declined by EUR 2,990 million, the surplus on services expanded by EUR 204 million, the primary income deficit decreased by EUR 9 million, while the secondary income surplus increased by EUR 143 ...

NN Asigurari launches NN Safety Belt

Monday, February 19, 2024

NN Asigurari launches the NN Safety Belt, an insurance policy that provides protection and financial support in the event of a car accident resulting in death, developed in a strategic partnership with www.roviniete.ro. The insurance has a fixed annual cost and can be purchased 100% online, quick and easy, supporting customers to protect their family's financial situation in unfortunate ...

Reuters:Romania raises 2 bln euros from debut green bond

Monday, February 19, 2024

Romania will raise 2 billion euros ($2.15 billion) from its first ever green bond launched on Thursday, Refinitiv and IFR data showed, as the country seeks to diversify its investor base and tap into growing demand for environmentally focused debt, Reuters correspondent reports.   Pricing for the long-awaited eurobond, which is due Feb. 22, 2036, was launched at 300 basis points over mid-swaps, some 45 ...

Erste sees inflation in Romania at 4.3% at end-2024

Monday, February 19, 2024

 Austrian banking group Erste said that Romania’s inflation is expected to reach 4.3% by the end of 2023, in line with its previous forecast.   Romania's consumer ...

Credit Europe Bank Romania continues its digitalization journey

Monday, February 19, 2024

  Credit Europe Bank announces the launch of a new service that will further simplify the relationship between the bank and its retail customers. As of today, clients can update their personal data safely, completely electronically, from anywhere, without having to visit the bank’s branch. The new service is available via both the computer and mobile devices and can be accessed by visiting the Credit Europe Bank website. The update process is simple, ...

Cybersecurity remains the top risk for European banks on a 12 months horizon

Monday, February 19, 2024

For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management ...

EIB Group and Deutsche Leasing Romania join forces to support Romanian businesses and farmers

Monday, February 12, 2024

The European Investment Bank Group (EIB Group), which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), is strengthening its cooperation with Deutsche Leasing Romania IFN SA (DLRO), part of the Deutsche Leasing Group, by signing a synthetic securitisation transaction along with new lending commitments that will boost liquidity for Romanian businesses. The agreement aims to provide capital relief for DLRO, freeing up lending capacity, which ...

BRD’s net profit in 2023 increased by 24% to RON 1.65 billion

Monday, February 12, 2024

BRD Groupe Société Générale registered, in 2023, at consolidated level, according to the International Financial Reporting Standards (IFRS), a strong lending activity and on last mile towards our 2025 sustainable financing target, a good performance on corporate financing (+23% YoY), driven by both SME (+18%YoY) and large corporate customers (+26% YoY), and a record RON 7.7 billion of new loans to individuals and best year in consumer loans ...

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