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Financial & Banking
EBRD supporting Romanian firms affected by war on Ukraine
Monday, September 5, 2022
EBRD lends €25 million to Banca Transilvania to support flow of credit to Romanian economy Loan will support the bank in on-lending to businesses impacted by war on Ukraine EBRD has pledged €2 billion to support companies and countries affected by the ...
FONDUL PROPRIETATEA FINANCIAL RESULTS FOR H1 2022
Monday, September 5, 2022
Fondul Proprietatea (hereinafter “The Fund”) published today its financial results for the six months ended 30 June 2022 and would like to share the following highlights: The Fund's share price performed well in the first part of 2022. As at the end of the first six months of the year, on 30 June 2022, the share price was RON 2.0600, implying a discount ...
Raiffeisen Bank is listing the first sustainability bonds on the Bucharest Stock Exchange
Monday, September 5, 2022
Raiffeisen Bank, key player in the Romanian banking sector, listed on Wednesday, August 31, the first sustainability bonds issue on the Bucharest Stock Exchange ...
BNP Paribas Personal Finance Bucharest receives the Best Place to Work certification
Monday, September 5, 2022
BNP Paribas Personal Finance SA Paris Bucharest Branch, through its trademark Cetelem, joined a prestigious group of companies that are committed to the highest standards regarding the working environment and a great dedication to HR excellence. The company has been recognized and certified as one of the Best Places to Work for in Romania for 2022. The score obtained by the company is 80% and is based both on the ...
Eurohold, owner of Euroins Romania, registers strongest half-year results in company’s history
Monday, September 5, 2022
Eurohold Bulgaria AD, a leading energy and financial group in Southeast Europe, reported record half-year results in 2022 due to the strong performance of the company’s two main businesses – electricity and insurance, according to the company’s consolidated interim financial statement. Total revenue nearly quadrupled to EUR 1.62 billion in January-June, an absolute record-high value in the ...
Cryptocurrency Elrond now available in Revolut
Monday, September 5, 2022
Elrond EGLD, the native currency of the Romanian blockchain network Elrond, has been added to the list of cryptocurrencies available in Revolut, making it accessible for trading directly from the popular fintech app. Launched in July 2020, Elrond presents itself as the internet-scale blockchain network that serves as the infrastructure for Web3 payments, DeFi and the new Metaverse ...
BNR: Monetary indicators – July 2022
Monday, August 29, 2022
At end-July 2022, broad money (M3) amounted to RON 575,750.0 million, up 1.1 percent ( 1.2 percent in real terms) month on month. In year-on-year comparison, broad money rose by 9.6 percent (down 4.6 percent in real terms), according to data centralized by the ...
Report: Without sustainable fiscal consolidation, it is not realistic for Romania to hope to quick accession to the euro zone
Monday, August 29, 2022
Joining the euro area is a priority for Romania and meets consensus in the political class, but high deficits and the fragility of the external balance represent major obstacles to entry into the MCS2 in the immediate perspective and then the accession itself, reveals the Convergence analysis report "Romania - MONITOR euro area" no. 10/2022, Coordinated by academician Daniel Daianu. Without sustainable fiscal consolidation it is not ...
BVB Group reports 3.32 million RON in net profit on Q2, six times higher vs Q2 2021
Monday, August 29, 2022
Bucharest Stock Exchange (BVB) Group obtained a net profit of 3.32 million RON in the second quarter, up 6 times compared to Q2 2021, and an individual net profit of 4.71 million RON, up more than 3 times from Q2 2021, according to a report by BVB.BVB Individual operating revenues in Q2 2022 recorded an increase of 44% compared to Q2 2021, from 5.91 million RON to 8.49 million RON, driven by trading revenues higher by 58%, on the background of significant public offerings ...
Banca Transilvania Group, approx 1.05 billion RON net profit, during first 6 months
Monday, August 29, 2022
The consolidated net profit of Banca Transilvania Financial Group was approximately 1.05 billion RON in the first half of this year, a slight increase compared to 1.02 billion RON in the same period last year, of which the bank's profit was 907 million RON, also up from 901 million RON in the same period last year, according to a press release sent on Friday.Subsidiaries and equity investments contributed over 139.5 million RON to the profitability of the BT ...
Bank of Cyprus concludes exit from Romania
Monday, August 29, 2022
Bank of Cyprus liquidated its activities in Romania by selling its last portfolio of nonperforming loans and real estate worth roughly EUR 147 mln. The assets were acquired by the APS group in a transaction that was signed in May 2022 and finalized on August 24 of the same year, after a review by the Competition Council, the authority charged with ensuring a normal competitive environment for businesses in Romania. Bank of Cyprus sold its ...
Banca Comerciala Romana approves 80pct more loans to SMEs
Monday, August 29, 2022
Banca Comerciala Romana (BCR) granted, in the first semester of this year, 1,654 loans, in the total amount of 1.4 billion lei, within the lending programmes with the state guarantee dedicated to SMEs, recording an increase of 80% compared to the similar period in 2021, informs the bank through a press release sent on Wednesday.The growth was sped up by the IMM Prod programme, which, in less than a month since it became operational, registered over 180 ...
OTP Bank Romania joins Femeia Manager 2022-2027 Program
Monday, August 29, 2022
OTP Bank Romania announces the partnership with the governmental program Femeia Manager 2022-2027, implemented through the Ministry of Entrepreneurship and Tourism. The program provides for a non-reimbursable financial aid from the state up to a maximum of 200,000 lei, which can represent a maximum of 95% of the eligible expenses (including VAT for non-paying companies) related to the project. The SMEs will be able to obtain non-reimbursable funds of ...
Romanian banks rake in EUR 1 bln in profits in the first half of 2022
Monday, August 29, 2022
Romanian banks recorded combined net profits of almost RON 5 bln (EUR 1 bln) in the first half of 2022, up 14% compared with the same period of last year, according to data from Romania’s National Bank (BNR). This is the best H1 result for local banks in recent years and was driven by higher interest rates, according ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 5 August 2022
Monday, August 22, 2022
19 August 2022 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; Eugen Nicolaescu, Board member and Deputy Governor ...
VAT rates to increase from 2023, with implications in food, real estate sectors
Monday, August 22, 2022
A series of legislative novelties in the field of VAT will enter into force from January 1, 2023 as a result of the amendment of the Fiscal Code by Government Ordinance 16/2022, the biggest impact to be in the food, tourism and real estate sectors, is the conclusion of an analysis published on Tuesday by Izabela Stoicescu, Senior Manager PwC Romania and Cristina Florea, Senior Consultant PwC Romania."For some beverages (mineral and carbonated waters ...
EBRD invests in Romania’s first sustainability bonds
Monday, August 22, 2022
EBRD invests €26 million equivalent in pioneering Romania sustainability bonds Raiffeisen Bank Romania accesses capital markets to fund sustainable projects Promoting sustainable growth and developing capital markets is among EBRD top ...
Revolut launches consumer loans in Romania
Monday, August 22, 2022
UK-based fintech Revolut announced it will start giving consumer loans in Romania, its second biggest market worldwide. Revolut has over 2 million users in Romania, representing about 10% of its worldwide clients. Revolut customers can apply for consumer loans directly in the app. The company says it gives loans of up to RON 125,000 (EUR 25,500) in a few minutes. The credit agreement is signed with a ...
The trading value with the shares listed on BVB goes up by 60 per cent in the first 7 months yet liquidity returns to summer levels in July
Monday, August 22, 2022
Bucharest Stock Exchange (BVB) investors and analysts are waiting for the end of the financial reporting season to get a first indication of how listed Romanian companies could perform this year. In this context, the average daily liquidity in the equity segment was in July below the level of June. Overall, in the first 7 months, the average daily trading ...
Alpha Bank Romania joins Start-Up Nation 2022, national SME funding programmes
Monday, August 22, 2022
Alpha Bank Romania has been selected by the Ministry of Entrepreneurship and Tourism as a partner bank for the implementation of the Start-Up Nation programme.According to a statement from the bank released on Wednesday, under the programme, entrepreneurs will qualify for financial grants of a maximum of 200,000 lei (representing a maximum of 95% of the total value of eligible expenses) for the development of business ideas. The remaining can be ...