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Financial & Banking

Romanian, Moldovan central banks sign new Cooperation Agreement

Monday, June 14, 2021

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The main and enduring message of the National Bank of Romania (BNR) for the National Bank of Moldova is that of a sustainable and robust partnership, BNR governor Mugur Isarescu said on Friday at the signing ceremony of the new Cooperation Agreement between the Romanian and the Moldovan central banks."Let me begin by mentioning that this year we celebrate the 20th anniversary of the signing of the first cooperation agreement between the central banks of ...

Christian Kettel Thomsen (EIB VP): EIB to focus on private sector growth and FDI in Romania

Monday, June 14, 2021

Christian Kettel Thomsen, European Investment Bank (EIB) Vice President responsible for Romania, talked to Business Review about the sectors the institution supports in Romania, its future plans for our country, and how it fosters sustainable investments with a lasting impact on the local market.   How do you think the Romanian economy has evolved since the EIB started operating in the country back in ...

Utku Ogrendil has been appointed CEO of PayPoint Romania

Monday, June 14, 2021

Utku Ogrendil has been appointed CEO of PayPoint Romania. With an extensive experience in the financial-banking field, he will focus on strengthening the company’s position locally, with a focus on innovation. The appointment of Utku Ogrendil as CEO of the company is made after the private equity fund Innova Capital took over the entire assets and operations of PayPoint Services SRL.   The new CEO of PayPoint Romania ...

Banca Transilvania chooses SAS solutions for a holistic approach in order to fight fraud

Monday, June 14, 2021

SAS, the global leader in analytics, announces that Banca Transilvania, the largest bank in Romania, will implement a SAS solution to cover all the needs of detecting and preventing bank fraud. This collaboration is the result of a close partnership between Banca Transilvania and SAS, carried out over a year, which will bring a competitive level to the bank and will ultimately determine better services to its end ...

Banca Transilvania ups forecast for Romania's economic recovery

Monday, June 14, 2021

Romania's biggest financial group Banca Transilvania has revised its economic growth forecast upward, estimating a GDP advance of 6% in 2021, followed by 5.5% in 2022 and 4.8% in 2023.   The upward revision, 0.6pp for this year and 1.4pp for 2022, is underpinned by robust growth of the gross fixed capital formation.   Q1 GDP data published ...

ASF: Total assets of private pension funds increased by 33% in the first quarter

Monday, June 14, 2021

Private pension funds (Pillar II and Pillar III) accumulated, at the end of March, 83.34 billion lei in total assets, by 33% more compared to the previous year, informs the Financial Supervisory Authority (ASF), through a press release.According to the quoted source, as a share in GDP, the total assets of the private pension system registered a level of 7.9%."The private pension market was the least affected by the COVID-19 pandemic, given its ...

EBRD: NPLs stable in central and south-eastern Europe during Covid-19 pandemic

Monday, June 14, 2021

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Non-performing loans stable in CESEE during Covid-19 pandemic New report warns of impact of tapering state support Regulators monitoring banks’ asset quality closely   Massive state intervention in the economy ...

ASF sanctioned City Insurance S.A. with a fine in the amount of 2,930,766 lei

Monday, June 7, 2021

Financial Supervisory Authority (ASF) slapped fines totaling RON 11.9 mln (EUR 2.42 mln) on City Insurance, the country’s biggest insurer, and its management team. City Insurance's top executives and Supervisory Board members were fined RON 1 mln (EUR 203,000) each while the company will have to pay RON 2.9 mln (EUR 595,000).   The financial markets watchdog also revoked the ...

Eurohold, the owner of Euroins Romania, reports rising revenues and assets in the first quarter of 2021

Monday, June 7, 2021

?urohold – the largest Bulgarian public holding and one of the leading independent financial and insurance groups in the CEE/SEE/CIS region, reported solid performance in the first quarter of 2021 in the context of the third wave of COVID-19 pandemic, according to the holding’s consolidated financial statement for the period January-March 2021. The holding succeeded in returning its results nearly to the levels achieved a year ago when the European economy and ...

Banca Transilvania buys Idea Bank, a transaction worth 43 million euros

Monday, June 7, 2021

Banca Transilvania (TLV), the biggest financial group in Romania by assets, will further consolidate its position by acquiring Polish group Getin Holding’s local operations. The Romanian ...

BCR listed the largest bond issue on Bucharest Stock Exchange worth RON 1bn

Monday, June 7, 2021

The bonds issued by BCR, worth RON 1bn, started trading on Bucharest Stock Exchange under the ticker BCR28 Fitch agency assigned  BBB+ rating to the bond issue It is the largest bond issue traded on Bucharest Stock ...

Capital infusions from abroad in insurance market amount to 1.7 million euros in April

Monday, June 7, 2021

Capital infusions from abroad in insurance companies operating in Romania amounted to 1.72 million euros in April, compared to 493,300 euros in the same month last year, according to data published by the the National Trade Register Office (ONRC).As contribution to the share capital, the largest injection in April was carried out by the shareholders of Eurolife Asigurari Generale SA, with 988,900 euros, followed by NN Asigurari with 727,200 euros.In ...

ING Bank Romania rolls over NEPI Rockcastle's financing with EUR 100 mln

Monday, June 7, 2021

ING Bank Romania recently prolonged for another three years the EUR 100 mln credit facility granted to the NEPI Rockcastle group, the largest owner of shopping centres in Central and Eastern Europe, Ziarul ...

IIB finances Medicover’s expansion in Romania and the region

Monday, June 7, 2021

International Investment Bank (IIB) has become a creditor in the framework of Schuldscheindarlehen (SSD) issuance of the Swedish Medicover Group.   The Group will allocate the proceeds from the designated ten-year tranche for further technological modernization and expansion of its operations in the CEE region, primarily in three of IIB member states: Hungary, Romania and Slovakia. In these countries, Medicover currently ...

Mihaela Stroia is the new CEO of UNIQA Asigurari de Viata

Monday, June 7, 2021

Starting June 2021, Mihaela Stroia takes over the role of CEO – President of the Board of UNIQA Asigurari de Viata.   With an experience of over 20 years in the financial services industry, out of which five as part of the UNIQA team, Mihaela Stroia rejoins the Board of UNIQA, after a previous mandate between 2017 and 2019.   Before UNIQA, Mihaela Stroia ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 12 May 2021

Monday, May 31, 2021

24 May 2021     On 12 May 2021, the Board of the National Bank of Romania held a meeting in which the following members took part: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of ...

PM Florin Citu says IMF confirms: Romania has highest economic growth in the EU

Monday, May 31, 2021

Prime Minister Florin Citu informs that the International Monetary Fund "estimates an economic growth in 2021 of 7% (by 3 percentage points above the initial estimates) and a budget deficit of 6.8% (as compared to 7.2 % the initial estimate)"."The IMF confirms that Romania has the highest economic growth in the EU. The result of the implemented reforms is beginning to be seen. Romania is moving in the right direction. We estimated that the measures we are ...

BNR : Monetary indicators – April 2021

Monday, May 31, 2021

At end-April 2021, broad money (M3) amounted to RON 503,531.7 million, up 0.9 percent (0.4 percent in real terms) month on month and 14.7 percent (11.1 percent in real terms) year on year.   At end-April 2021, loans to non-government ...

Raiffeisen Bank Green Bond

Monday, May 31, 2021

Project Description   The EBRD invested RON 53 million (ca. EUR 10.8 million) in a senior preferred green bond issuance of RON 400.6 million by Raiffeisen Bank S.A., a commercial bank incorporated in Romania, in May 2021. This is the first senior preferred instrument issued by Raiffeisen Bank, and the first green bond issued by a commercial bank in Romania, making it a pioneer issuance linked ...

NBG sells EUR 174 mln Romanian portfolio of problematic loans

Monday, May 31, 2021

The National Bank of Greece (NBG) has completed the sale of a Romanian portfolio of non-performing and underperforming corporate loans (NPLs) with a gross book value of approximately EUR 174 mln to Bain Capital Credit.The portfolio has attached guarantees of approximately EUR 102 mln.   NBG was assisted in the transaction by the international law firm CMS. The transfer of the portfolio was approved by the Romanian ...

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