Financial
June 06, 2016 15:13
The consortium of banks consisting of BCR, BRD - Groupe Societe Generale, Banca Transilvania and Raiffeisen Bank was selected to provide securities brokerage and sale of state bonds for population. Moreover, according to the ministry of Public Finance, the four financial institutions will not charge any cost to individuals for the purchase of government securities if the subscription is made through them. ...more »
June 02, 2016 14:10
The companies requesting state aids for investments that promote regional development by creating jobs can be submitted starting Monday, 30th of May, until June 10 The budget for this session is 250 million RON (approx. 55,5 Mil EUR). The procedure consists of several steps. The applications, altogether with the justifying papers will be submitted through post mail or courier with receipt, or in person at the General Registry of the Ministry of Public Finance, mentioning on the envelope: "Unitatea de implementare a schemei de ajutor de stat instituită prin H.G. nr. 332/2014" ( meaning, "The unit for implementing the state aid scheme enforced through H.G. No. 332/2014")....more »
May 25, 2016 11:44
The Ministry of Economy, Commerce and Business Environment, altogether with the Ministry of Public Finance are preparing a new state aid scheme for small projects. Costin Borc, Minister of Economy, declared that so far, the state aids were accessible mostly to multinational companies, as small enterprises could not associate with major projects: "We do not want any discrimination between the Romanian and foreign capital, that is not even possible, but we are thinking that there are investors that could develop smaller projects and benefit also from state aids. The Government's wish is to support production anywhere in Romania."...more »
April 18, 2016 10:51
City Insurance, the forth RCA insurer in 2015 is expecting financial recovery since the Authority for Financial Surveillance (ASF) conducted a sudden control between November 2015 and February 2016, and it turned out the company needs over 34 million EUR in order to have a minimum solvability margin. As it appears, City Insurance has not underlayed correctly the claims backup when it comes to the Green Card policies. After actuating the financial recovery, a financial auditor will be assigned, and all the damage claims will be inventoried until late March. Also, City Insurance will be obliged to recover several loans granted to affiliated companies, and it will not be able to grant new ones. ...more »
March 09, 2016 13:51
MedLife and other group entities were granted 56 million EUR from a syndicate of banks made up of Banca Comercială Română, as coordinator, BRD-Groupe Société Générale, ING Bank N.V Amsterdam – Bucharest Branch, and Raiffeisen Bank. MedLife will use the resources in order to develop its business and consolidate its position on the Romanian market.  ...more »
March 05, 2016 06:45
MedLife the private healthcare market leader in Romania, signed a syndicated loan of EUR 56 million, with the Romanian Commercial Bank, ING Bank, Raiffeisen Bank and BRD, of which 20 million euros will be earmarked for acquisitions. The majority stake in the company is owned by Marcu family other shareholders being the investment fund Value4Capital and IFC. According to company representatives, the 20 million will be supplemented with own funds of € 5 million and will be used exclusively for acquisitions to extend the MedLife operations nationwide. ...more »
February 17, 2016 11:05
In the past five years, UniCredit has owned 18 percent of the leasing market in Romania by financing and other similar services through UniCredit Leasing, Corporation IFN, UniCredit Leasing Fleet Management and Unicredit Insurance Broker. The company is followed in the first tier by Impuls Leasing and Porsche Leasing. According the the Association of Leasing Companies ALB, the financial leasing market is estimated to around 770 million Euro overall in 2015, recording an increase of 16 percent compared to the previous year....more »
February 15, 2016 10:11
Alro, the biggest aluminum producer in Central and Eastern Europe finalized a 137 million dollar revolving loan approval with a bank syndicate consisting of Raiffeisen Bank International, Raiffeisen Bank România, UniCredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank and Banca Transilvania. The measure was approved by the Alro Slatina shareholders in late 2015 in order to refinance a previous 120 million dollar loan, released by the European Bank for Reconstruction and Development (EBRD), in 2010. Alro ensures the loan with their immovables, mortgages for security of personal property, for their civil rights for damages caused by insurance policies, personal stocks and shares of Alum and Conef, also owned by Alro....more »
February 05, 2016 11:38
Banca Transilvania has purchased a portfolio consisting of performant loans, granted by the Bank of Cyprus in Romania to some retail customers. The transaction will be finalized at the end of February this year and, as a result, it will increase the retail customers database of Banca Transilvania. Thus, the Bank continues its’ acquisitions on the local market, subsequently to the taking over and integration of Volksbank Romania in 2015....more »
January 28, 2016 09:11
bpv Grigorescu Ştefănică offered advice on one of the most recent transactions in the financial technology (FinTech) sector on the European stage. The transaction involved a funding of EUR 8 million obtained by the German company Mambu, one of the most dynamic providers of banking software. bpv Grigorescu Stefanică represented the investment fund Acton Capital Partners, that together with CommerzVentures, provided an infusion of capital for Mambu in a series B funding round. ...more »
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