May 2010
Leasing Market Is Shrinking In The First Quarter Of 2010
The Romanian leasing market has shrunk by 32 percent in the first quarter of this year, as announced by the Romanian Association of Financial Institutions ALB. The value of the financed goods amounted to 242.7 million Euro. The main share had the car leasing business, with a volume of 141.5 million Euro and a decline of 36 percent. The market for equipment leasing has shrunk by 61 percent to 35 million Euro. However, the real estate leasing Increased by 43 percent to 66.2 million Euro. The main reason for this was a rise in so-called sale-and-lease-back-contracts. Last year, the leasing market went down 72 percent to 1.33 billion Euro.
April 2010
Antitrust Office Punished Further Two Banks With Millions
The Romanian Antitrust Authority (Consiliul Concurentei) has completed an investigation into possible collusion between commercial banks regarding the interbank interest rates in October 2008. Two banks were supposed to be found guilty. The Romanian branch of the Austrian Raiffeisen bank has to pay a fine of 3.4 million Euro. The penalty does not, however, regard a possible arrangement with other banks, but only the delivery of "inaccurate" information in the context of the investigations. The second bank that was going to be punished is yet unknown. Raiffeisen will appeal the penalty judicially, it said. In 2008, the Romanian Société Générale subsidiary, BRD, was fined with 5 million Euro for the same cause, having allegedly impeded access to information. BRD appealed, the dispute is currently before the Constitutional Court.
March 2010
Service Sector Records Turnover Increase In January
The Romanian service sector recorded a turnover increase last January of 7.0 per cent compared to the first month of the previous year. As the Romanian Statistical Office INS announced especially the turnover of tour operators had increased. Compared with last year's December the service sector recorded an increase in turnover of 4.9 percent this year. Last year, the service sector recorded a drop in turnover of 15.8 percent compared to 2008.
February 2010
Changes In Romanian Insurance Market
The Romanian market for health and life insurance is changing. While the French insurance group Axa made its market debut through the acquisition of life insurance business Omniasig Asigurari de Viata from the Austrian Vienna Insurance Group VIG, the Romanian branch of the German health and life insurance company Signal Iduna made changes in policy. Germany's fourth largest insurance company seems to want to change the pace in this country. Had the insurance company in June last year increased its registered capital from 5.2 to 8.3 million Euro, and announced in December to want to hire 200 sellers, now the company is rowing back. Its country manager quit, while the company said it is still committed to its Romanian presence. The life insurance providers expect this year an increase of up to 10 per cent. 2009 no increase occurred in total, there are more than 60,000 requests for termination of life insurance, due to the difficult financial situation of many customers.
January 2010
Deutsche Bank Prepares Market Entry In The Second Half Of This Year
Germany's largest bank, Deutsche Bank, could start it's operations for businesses in Romania in the second half of 2010. Radu Zaciu, representative of Deutsche Bank in Romania, has concluded talks in this respect during January, in Frankfurt am Main, with the Executive Board, as Romanian media reported. Financial services for German companies are thought of, Deutsche Bank has an office in Romania since 1998. Already then it was preparing to enter the market, but the economic crisis foiled the plans. Even the attempt to enter the market through acquisitions in Romania failed: rival Erste Group Bank AG got to buy BCR.