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Financial & Banking
IFC supports the Romanian private sector with record investments made against the constraints generated by the pandemic
Monday, October 4, 2021
Despite the economic challenges of the COVID-19 pandemic, IFC ramped up support for Romanian companies with a record investment of $429 million in FY 2021—between July 2020 and June 2021—to protect jobs, save small businesses, and accelerate a green and resilient economic recovery in the country. IFC’s investments in Romania primarily focused on increasing ...
Shareholders of Fondul Proprietatea have approved the renewal of Franklin Templeton's term
Monday, October 4, 2021
At the Fund’s General Shareholders’ Meeting (GSM) organised today, the shareholders of Fondul Proprietatea approved the key terms for a new administrator mandate for Franklin Templeton International Services S.À RL for a period of two years, starting with 1 April 2022. This is the 11th year since Franklin Templeton has been managing Fondul Proprietatea, with the initial management mandate signed in 2010. Over the last 11 years, Fondul ...
INCOME, The Alternative Investment Platform, Launches Crowdfunding Campaign Targeting 400,000 Euros On SeedBlink
Monday, October 4, 2021
INCOME, an Estonian loan investment marketplace focusing on investor safety, is targeting to raise €400,000 on the SeedBlink crowdfunding platform. The INCOME equity crowdfunding campaign starts on September 28th. INCOME is a marketplace that enables retail and institutional investors to invest in loans from around the world simply and safely. In 2021, INCOME was launched with the idea of making investments in loans ...
Alpha Bank Romania and AFIR have signed a protocol to facilitate the financing of rural development projects
Monday, October 4, 2021
Alpha Bank Romania reaffirms its support to the agricultural sector by signing together with the Agency for Financing Rural Investments (AFIR) a collaboration protocol to accelerate the process of absorption of European funds allocated under the National Rural Development Program for the transition period 2021-2022. “We support the implementation of projects with a European fund component and investments in ...
BNR: Monetary indicators – August 2021
Monday, September 27, 2021
At end-August 2021, broad money (M3) amounted to RON 533,282.4 million, up 1.5 percent (1.3 percent in real terms) month on month and 17.8 percent (11.9 percent in real terms) year on ...
BT Microfinance gets more resources to finance micro and small businesses
Monday, September 27, 2021
BT Microfinance (BT Mic), a member of the financial group Banca Transilvania, is contracting a EUR 10 mln loan from the European Fund for South-Eastern Europe (EFSE) to finance small and medium-sized enterprises ...
Raiffeisen Romania helps organic farmers with affordable loans
Monday, September 27, 2021
Raiffeisen Bank launched the BIO Credit for farmers certified for organic production (or in the process of getting the license), with a lower-than-standard interest rate, higher amounts lent per hectare, and an extended repayment period. The certification attesting that the farmers comply with the organic farming requirements is the only document required by the bank to extend the facility to ...
Romanian banks hold 7% of GDP worth of Govt. papers and this may be risky
Monday, September 27, 2021
The Romanian banks hold in their portfolio Government papers (bonds and bills) worth 7% of GDP, the highest amount in Europe, and this might bring them significant losses if the interest rates are rising and the yield curve flattens, according to Florian Neagu, deputy head of the macrostability division of the National bank of Romania (BNR), quoted ...
Banca Transilvania trusts Romania can catch up with EU average GDP by 2030
Monday, September 27, 2021
Romania's GDP per capita at purchasing power parity (PPP) in Romania could increase from just under 72% in 2020 to 90% -100% of the EU average in 2030, says Andrei R?dulescu, chief economist at Banca Transilvania. He bases his expectations on the balanced structure of the economy (contribution of the production factors to the potential GDP dynamics), the Next Generation implementation, the multiannual ...
Theodor Cornel Stanescu is the new CEO appointed at Crédit Agricole Romania
Monday, September 27, 2021
Theodor Cornel Stanescu, First Deputy CEO of Vista Bank was appointed CEO of Crédit Agricole Romania, having obtained the approval from the National Bank of Romania. Stanescu has over 30 years working experience in financial and banking sector, graduated from the Academy of Economic Studies in Bucharest, Finance, Banks and Accounting Faculty, and holds a Master in Business Administration (MBA) ...
Polish bank PKO to enter Romania with corporate division
Monday, September 27, 2021
PKO Bank Polski, the largest bank in Poland in terms of assets, anticipates starting operations on the Romanian market in the second half of next ...
Optional pension funds, assets of almost 3.3 billion lei, as of August 31, up 22%
Monday, September 20, 2021
Optional pension funds had assets worth 3.292 billion lei, as of August 31, 2021, increasing 22.26% compared to the level recorded in the same period last year, according to the Financial Supervisory Authority (ASF).Government securities had the largest share in assets, of 1.988 billion lei, respectively 60.40%. On the second place were shares, with 912.264 million lei (27.71%). Bank deposits were on the third place from this point of view, with 105.467 million lei, ...
Mandatory private pension funds, assets of over 86 billion lei, increasing 25.85% in August
Monday, September 20, 2021
Mandatory private pension funds had assets amounting to 86.261 billion lei, as of August 31, 2021, increasing 25.85% compared to the level existing on August 31, 2020, according to the data of the Financial Supervisory Authority (ASF).Government securities had the largest share in assets, of 52.85 billion lei, respectively 61.27%. On the second place were shares, with 21.053 billion lei (24.41%). Corporate bonds ranked third from this point of view, with 4.971 billion lei, ...
Vista Bank completes the acquisition of Crédit Agricole Romania
Monday, September 20, 2021
Vista Bank has completed, today, the acquisition of 100% shares in Crédit Agricole Romania, having obtained all the necessary approvals from the National Bank of Romania and the Competition Council. Georgios Athanasopoulos, CEO of Vista Bank said: We are excited for the acquisition of Crédit Agricole Romania which represents a milestone in our strategy to consolidate our position in the market. Scaling up our ...
Garanti BBVA Consumer Finance launches its first green loans for individuals
Monday, September 20, 2021
Garanti BBVA Consumer Finance, part of Garanti BBVA Group Romania, has launched its first green loan for individuals planning sustainable acquisitions. To encourage sustainable life choices, Garanti BBVA Consumer Finance is pledged to support every customer by covering the last two installments. Thus, Romanians can apply for an unsecured consumer loan with a value of up to RON 400,000, for a maximum of 60 months, to purchase an electric car or ...
Alpha Bank Romania celebrates 20 years since the launch of Alpha Housing, the first mortgage loan in Romania
Monday, September 20, 2021
Mortgage loan celebrates 20 years in the Romanian market. Alpha Bank Romania was the first banking institution in the country to have launched, back in September 2001, Alpha Housing, the first mortgage loan that gave the Romanian people the possibility to buy a house without any other guarantees except the mortgage on the purchased property and without guarantors. At that time, the loan was granted in US dollars, for a maximum period of 10 years, with a 30% down ...
City Insurance's collapse will make a bigger splash than Astra or Carpatica did
Monday, September 20, 2021
City Insurance currently has a market share of almost 45% in the mandatory car insurance segment (RCA), the biggest market segment by far, according to Madalin Rosu, president of the Romanian Motor Insurers' Bureau ...
S&P Global: Romania political turmoil unlikely to stop fiscal consolidation
Monday, September 20, 2021
S&P Global Ratings said on Tuesday that it does not expect imminent risks to Romania’s near-term fiscal consolidation plans following the resignation on of USR Plus ministers from the government coalition. USR Plus’ withdrawal, following a series of policy clashes and intra-coalition tensions, will require prime minister Florin Citu to seek parliamentary re-approval for his now minority cabinet within 45 days, S&P said in a press ...
Agra Asigurari launches new benefits for farmers to 2021 insurance products
Monday, September 20, 2021
Agra Asigurari, the company specialized in agricultural insurance, introduces new benefits for Romanian farmers within the crop reseeding packages. This year’s novelties concern both autumn and spring crops. Additional covers are available for the autumn crops, rapeseed, and cereals, as well as the risks in the return package and the damage caused by specific crops’ pests. The return package also extends to spring crops by covering risks that may affect the emergence and ...
Raiffeisen Romania challenges EUR 20,000 fine and apparently EUR 10 mln claim
Monday, September 20, 2021
The Romanian subsidiary of Austrian group Raiffeisen, Raiffeisen Romania, referred to the court a ruling issued by the national consumer protection authority ANPC on September 5, establishing an incorrect commercial practice of the bank and setting a RON 100,000 (EUR 20,000) ...