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Financial & Banking
Public pension system ends previous year with deficit of over 2 billion RON
Monday, June 17, 2024
The public pension system ended last year with a deficit of more than 2 billion RON, while revenues amounted to 109.8 billion RON and expenses to 111.9 billion RON, according to a draft law published by the Ministry of Finance.Revenues of the system for workplace accidents and occupational diseases amounted to 221.1 million RON.Thus, the total revenues of the state social insurance budget collected in 2023 amount to ...
Allianz Trade analysis: Romania’s inflation rate remains the highest in the region
Monday, June 10, 2024
In Central and Eastern European markets, inflation is expected to rise or remain above central bank target ranges until the end of 2024. The decline in the rate of consumer inflation in the EEC over the past year has been above expectations, mainly due to the sharp drop in food and energy prices, says an Allianz Trade analysis. However, recent April data show a pick-up in inflation in Poland (2.4% y/y, March 2.0%), Czech Republic (2.9% y/y, March 2.0%) and ...
Alpha Bank Romania, EIF enter partnership for advantageous lending to SMEs
Monday, June 10, 2024
Alpha Bank Romania has entered into a partnership with the European Investment Fund (EIF) under which small and medium-sized companies can take out loans under flexible and competitive conditions, supported by the guarantees and expertise of the EIF, according to a press release from the bank."Based on our partnership with the EIF, we can offer companies and start-ups credit facilities with significantly lower costs than those usually offered, accessing the ...
Revolut Joins Hands with BRCC: Bridging Trade between UK and Romania
Monday, June 10, 2024
In 2023, the firm processed almost 74,000 transactions per hour for its Romanian retail customers. Revolut Bank UAB, licensed by the European Central Bank and regulated by the Bank of Lithuania, operates in 30 EU markets. Revolut, the British fintech company, has joined ...
UniCredit Bank And Endeavor Join Forces To Boost Support For High-Impact Romanian Startups
Monday, June 10, 2024
Endeavor Romania and UniCredit Bank have launched a strategic partnership to support high-impact startups. This collaboration will facilitate the access to financing and resources for companies founded by Romanian entrepreneurs. Endeavor Romania, the local chapter of the global Endeavor network, is a key player dedicated to fostering Romania’s vibrant entrepreneurial ecosystem, ...
Allianz-Tiriac Q1 2024 Results: Strong growth in life insurance; total claims increased by 44%
Monday, June 10, 2024
Allianz-Tiriac Asigurari has continued to provide real financial support to its clients in unforeseen situations, concluding the first quarter of this year with solid results and positive developments across all business lines. The total gross claims expense was approximately LEI 612 million at the end of Q1. Out of ...
Romania's chief arbitrator Deaconu appointed to World Bank's arbitration centre
Monday, June 10, 2024
Chairman of the Court of International Commercial Arbitration with the Romanian Chamber of Commerce and Industry (CCIR) Stefan Deaconu has been appointed arbitrator on behalf of Romania with the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank, according to CCIR. He is one of the lawyers who successfully ...
One United Properties’ shareholders approve 70 million euros share capital increase
Monday, June 3, 2024
The shareholders of One United Properties, the leading Romanian green developer of residential, mixed-use, and office real estate, approved, during the General Meeting of Shareholders held on May 28th, 2024, the share capital increase operation with cash contributions that will raise 70 million euros to finance the Company's next growth phase. The GMS quorum was over ...
Intesa Sanpaolo completes acquisition of First Bank Romania
Monday, June 3, 2024
Intesa Sanpaolo has successfully completed the acquisition of the Romanian group First Bank S.A. (Romania) from the US-based private investment fund J.C. Flowers & Co. Following the signing, on October 28, 2023, by Intesa Sanpaolo S.p.A. and JCF Tiger Holdings S.A.R.L., the majority shareholder of First Bank S.A., of a sale-purchase agreement for the acquisition of 99.980513% of the ...
Patria Credit IFN's 2023 net profit up 44 pct to RON 8.54 ml
Monday, June 3, 2024
Patria Credit IFN SA, the non-banking financial institution of Patria Bank Group, posted a net profit of RON 8.54 million in 2023, by 44 percent higher compared to the previous year, while its loan portfolio increased 14 percent year-over-year to RON 184 million, the company said in a release.New loan sales were 1 percent up from 2022 to RON 94 million.Agriculture stays a major component in the NBFI's loan portfolio, accounting for 81 percent ...
New banking IT development hub Raiffeisen Tech to officially launch in Romania in early July
Monday, June 3, 2024
Raiffeisen Tech, the new finance and banking tech and software development center, will officially launch on July 1 in Romania, the parent group informed in a release on Wednesday."The newly established company is headed by Diana Andrei as General Manager, a professional with over 20 years of experience in banking, of which the last 8 years with Raiffeisen Bank Romania, where she has served since 2018 as Head of IT Delivery Department," the source ...
Banca Transilvania Group, agreement for acquisition of BRD Pensii
Monday, June 3, 2024
Banca Transilvania Financial Group reached an agreement with BRD - Groupe Societe Generale and Societe Generale Assurances for the acquisition of BRD Societate de Administrare a Fondurilor de Pensii Private (BRD Pensii), a company active in Romania, in the field of mandatory private pensions (Pillar II) and optional private pensions (Pillar III).For the acquisition, the approval of the Financial Supervisory Authority (ASF) is required in ...
Romanians paid 250 million RON in charges, taxes in first 4 months through SelfPay
Monday, June 3, 2024
Romanians paid over 250 million RON in charges and taxes in the first four months of this year through SelfPay payment terminals, with 1.5 million such payments being processed, according to the data sent by the company on Tuesday.SelfPay operates in Romania more than 11,000 payment terminals located in more than 2,000 locations.Currently, SelfPay offers users the opportunity to pay 63 types of taxes and fees (compared to only 47 at the end of ...
SIGNAL IDUNA extends flexibility for companies in Romania, offering two new options for private health insurance: co-payment and deductible systems
Monday, June 3, 2024
SIGNAL IDUNA, the leader in health insurance, offers its clients a new option for group health insurance – the possibility of co-payment – providing all companies in Romania with the opportunity to customize employee ...
Insurers pay out record 4.2 billion RON in claims under RCA policies in 2023
Monday, June 3, 2024
Some car service and car rental companies charge excessive repair prices, so that the compensation paid to cover these unjustified costs is borne by the premiums paid by the 10 million insured/car owners, say representatives of the National Association of Insurance and Reinsurance Companies in Romania (UNSAR).Thus, "the more exaggerated the repair and rental costs, the greater the burden placed on policyholders/car owners".UNSAR's comments were ...
ING Bank Romania, net profit of 347 mln RON in Q1 2024
Monday, June 3, 2024
ING Bank Romania achieved a net profit of 347 million RON in the first quarter of 2024, up 1% compared to the same period of last year, the bank informed in a release on Monday.In the first three months, the bank reported revenues of 877 million RON and total assets of 71.4 billion RON, an increase of 11.3% and 14.1%, respectively, compared to the same period in 2023.The costs of risk provisions remained at a low level, of approximately 58 ...
Assets of optional pension funds at RON 5.05 bln as of end-April
Monday, June 3, 2024
Assets held by optional pension funds stood at RON 5.05 billion (1 euro trades for RON 4.96) as of April 30, 2024, up 28.1 percent year-over-year, the Financial Supervisory Authority (ASF) reports.Most investments were made locally (96 percent), with the bulk thereof being denominated in domestic RON (89.5 percent), the report states.According to the cited source, the amount of contributions transferred in April to optional pension schemes was ...
Assets of privately managed mandatory pension funds at 135.5 bln RON, up 28.8 pct, in April
Monday, June 3, 2024
Romania's mandatory private pension funds had assets worth 135.5 billion RON (1 euro = 4.96 RON) at the end of April 2024, up 28.8% compared to the same date in 2023, according to statistics from the Financial Supervisory Authority (ASF)."93.6% of the investments of privately managed pension funds were in Romanian assets, most of which were denominated in RON. A large part of the Romanian instruments are represented by government securities or shares listed ...
IFC Appoints Ines Rocha As New Regional Director For Europe
Monday, June 3, 2024
IFC has appointed Ines Rocha as Regional Director for Europe. Based in Vienna, she will play a key role in boosting private sector investment and creating jobs in Central and Eastern Europe, with a focus on bolstering green growth, digital technology, and financial inclusion, and leading IFC’s response to Russia’s invasion of Ukraine. She will also spearhead IFC’s business development efforts in Western Europe to mobilize capital and knowledge to ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 13 May 2024
Monday, May 27, 2024
Publishing date: 23 May 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, ...