Business Review

Romanian President Traian Basescu warned that "2012 may become a year of maximum risk is mother banks will reduce beyond supportability level the capital flows to Romania". This statement was made yesterday, during the launch of a report on Romania's competitiveness by AmCham (American Chamber of Commerce in Romania).

Ovidiu Posirca

Romania has 4000 potential clients for Private Banking services, according to Sorin Mititelu, executive retail segment management division, BCR. This statement was made, last week, during a conference on private banking organized by Evensys.

Ovidiu Posirca

UniCredit Tiriac Bank and the European Investment Fund (EIF) have signed a guarantee agreement under the JEREMIE Initiative (Joint European Resources for Micro and Medium Enterprises), allowing the bank to allocate lending resources worth EUR 87.5 million for Romanian SMEs. SMEs will be able to take out investment loans that are up to 80 percent guaranteed by EIF, through European funds.

Ovidiu Posirca

Romania’s FOB exports increased by 16 percent, in October 2011, to EUR 4.1 billion versus the same month of 2010. By the end of October, the volume of Romanian exports totaled EUR 37.6 billion, which is a 23.5 percent increase compared to the first ten months of 2010, according to official data from the Ministry of Economy, Commerce and Business Environment.

Ovidiu Posirca

The annual inflation rate dropped to 3.44 percent in November, from the 3.55 percent level recorded in the previous month, according to the Romanian National Statistics Institute (INS).

Ovidiu Posirca

Several foreign banks may close operations in Romania, as the support from mother banks will be reduced, according to Agerpres newswire that quotes Cezar Furtuna, partner KPMG Romania and Moldova. This statement was made, today, during the Romanian Banking Forum.

Ovidiu Posirca

Erste Group completed the second tranche of agreement with SIF Transilvania, wherby a total of over 4 million Erste Group shares were issued today, increasing the total number of Erste Group shares to 386,741,696.

Ovidiu Posirca

Carpatica Bank launched last week a new card that will fit the needs of internet users, as it contains the token necessary for internet banking authentification within the physical debit card. This new card acts as a simple bank card but is also generates the code necessary to access the online platform of Carpatica Bank.

Ovidiu Posirca

The level of investments made in the Romanian economy increased by 15.3 percent in the third quarter of this year, compared to the similar period of 2010, according to Agerpres newswire, that quotes a flash estimate from the National Statistics Office (INS). Official data also reveal that the level of investments increased by 2.7 percent in the first nine months of 2011 versus the similar period of 2010.

Ovidiu Posirca

Ratings agency Standard & Poor's affirmed today the sovereign credit ratings on foreign currency to BB+/B, while the long and short term - ratings on local currency were lowered to BBB-/A-3. In this area, Romania's outlook is stable.

Ovidiu Posirca