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 »

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 »

According to the Romanian Automotive Manufacturers and Importers Association (APIA), the local auto market this year will continue to grow after the impressive twenty percent growth of 2015, but at a slower pace of around ten to twelve percent. The programs such as the “Rabla” scrappage program has to be adapted to current market needs says Ernest Popovici, the president of APIA....more »

The largest residential complex in the north of the capital will continue to expand, along this year. The developer of the complex, turkish owned Opus Development announced that it will further invest about 20 million euros in Cosmopolis, for the build of 500 new housing, infrastructure and a shopping center. ...more »

Office buildings AFI Park 4 and 5 have reached fifty percent (16,000 sqm) pre-leases at the beginning of 2016. The 4th and 5th phase of the office project AFI Park developed near the mall in Cotroceni will be delivered at the beginning of February 2016.  Cameron, one of the tenants in AFI Park 1, will expand and relocate its offices into AFI Park . The other three companies which have signed agreements for spaces in the two buildings come from the IT&C industry. AFI Park consists of 5 Class A office buildings totaling 70,000 sqm of GLA, which are linked to the AFI Palace Cotroceni Shopping Mall (82,000 sqm GLA)....more »

Belgian aerospace company Sonaca signed an 8.5 million Euro loan with the European Bank for Reconstruction and Development for the expansion of the production facility on Romania. The plant, located in Cluj county, will produce wing components for aircraft manufacturers such as Airbus and Embraer. The new plant will be completed in two years. Sonaca Aerospace company, is an 80 year old group operating in the areas of development, manufacturing, assembly and testing of aerospace metallic and composite structures and their associated systems, managed to also get state aid funds totaling 5,4 million EUR in mid September 2015, in order to open the new facility in Romania. ...more »

NNDKP and TPS announces a strategic partnership in a time when intra-group transactions have become one of the "hottest" areas of taxation. Started as an initiative of the G8 and further developed by the OECD, the Action Plan against BEPS will determine the most likely changes in tax legislation concerning the business models of groups of companies, focusing on the economic content of transactions and prices that of transactions between affiliates....more »

The Romanian National Power Grid "Transelectrica" SA announced that Carmen Neagu, member of the company's Supervisory Board resigned as date of the end of 2015. Ms. Neagu has also served as Chairman of the Supervisory Board. Currently, the Supervisory Board operates with members in office at the date of the pres release signed by Ion-Toni Teau General Director and President of the Directorate....more »

The representatives of the Romanian IT company Life is Hard officially opened the trading session of the Bucharest Stock Exchange (BVB), on Tuesday, December 8, 2015, marking the debut of the first software developer on the AeRO market. Life is Hard is the developer of the most important software platform for insurance brokerage and comes on AeRO with an anticipated market capitalization of almost RON 6.9mn (EUR 1.5mn). Via the 24Broker.ro application there were subscribed polices of EUR 160mn in 2014, which is a 30% market stake of all intermediations performed by insurance brokers....more »

President Klaus Iohannis promulgated the law concerning deposit guarantee schemes and the Bank Deposit Guarantee Fund, the Presidential Administration reports cited by Agrepress. The main novelties refer to recognizing two administration regimes for bank deposit guarantee schemes, regulating the law of protective institutional systems and contractual schemes concerning guarantees, (...) regulating the procedure of official recognition of privately-managed deposit guarantee schemes by the National Bank of Romania as the authority designated to supervise such deposit guarantee schemes; introducing the option of deposit guarantee schemes from various European Union member states merging together; imposing an explicit supervision regime on continual bases by the National Bank of the activities of the privately-managed deposit guarantee schemes officially recognised in Romania....more »