Romania Feed

Romanian executive Marius Dorner will become global subsidiaries group head of Citi’s Russia, Ukraine and Kazakhstan (RUK) cluster and of Citi Russia on November 1, 2021, subject to approval by the relevant regulatory authorities.

The management board of real estate developer Impact Developer & Contractor (IMP.RO) approved a share capital increase by a maximum of RON194 million via the issue of 775 million shares.

Romania’s modern retail landscape is an exact copy of the Romanian economy as most stores are opened in the most economically powerful counties, led by Bucharest.

Alin Radasanu, chairman of the managing board of Brasov-based Sf. Constantin private hospital told ZF the player targets revenues worth RON110 million in 2021, 25% higher than in 2020.

Swiss-held Clariant upholds its plan to start bioethanol production by the end of 2021, four years after beginning the construction of the EUR140 million plant of Podari, near Craiova.

Vista Bank (the former Marfin), controlled by Greek-held group Vardinogiannis, is set to reach total assets worth above EUR1.4 billion, loans of EUR800 million, deposits of EUR1.2 billion and over EUR105 million in CET1 capital after completing the takeover of Romanian operations of French-held Credit Agricole, in line with the bank’s estimates.

Ares medical centers, specialized in cardiology, taken over in 2019 by US-held Highlander Partners, aim to reach EUR12 million turnover this year, up 30% from last year, after opening two new centers domestically, according to the company’s officials.

Romania’s Financial Supervisory Authority (ASF) on Friday evening announced it would start bankruptcy proceedings against City Insurance, the largest auto liability (RCA) insurance provider in the country, with a market share of 45%, for failing to restore capital indicators because no investor came to its rescue.

ICMA Bucuresti (ICMA.RO), a company with a capitalization of merely RON665,700 on the Bucharest Stock Exchange, has announced regional investment fund SIF Muntenia (SIF4.RO) sent notification about the sale its 84,463 shares or 7.66% in ICMA on September 13.

Romanian state-owned power grid operator Transelectrica (TEL.RO) envisages investments of RON3.73 billion until 2025, in projects aimed at increasing the interconnection capacity with neighboring countries, via a financing mix which also considers a bond issue on the Bucharest Stock Exchange.

Evergent Investments (EVER.RO) reached total assets under management in the amount of RON2.518 billion (as much as EUR500 million) at the end of August 2021, per the net asset value (NAV) sent to stock exchange.

US company Emerson, which provides engineering services for a wide range of industrial, commercial, and consumer markets, wants to reach almost 3,600 employees in Romania, in the next two years, and already has some 100 job openings.

OMV Petrom, the largest energy company in South-Eastern Europe, made the first delivery of liquefied natural gas (LNG) to Damen Shipyards Mangalia, the largest shipyard in South-Eastern Europe.

Wholesalers in the retail and hospitality sectors reached record sales in 2020, of RON16.6 billion, and are expected to touch a new record high, of RON18 billion, in 2021, per a Keysfin survey.

U.S. company SonicWall, a global provider of network security, content security, web and email security, secure remote access, and business continuity solutions, has started a project aimed at developing a technical support center in Romania, which is set to have 50 employees.

West Gate Studios, Bucharest’s largest private campus, saw demand go up by 15% before the start of the new university year, with the occupancy rate is seen rebounding in the coming period to 2019 levels.

The 15 finalists of the fourth edition of the Made in Romania program, developed by the Bucharest Stock Exchange, were announced and awarded on Thursday, September 16, 2021.

Romania's seasonally adjusted unemployment rate reached 5.1% in the second quarter of 2021, lower by one percentage point compared to the level reported in the previous quarter, data from the country's statistics board INS showed Friday.

Adrian Cocan, founder of Agroserv Mariuta, the company owning the Laptaria cu Caimac brand, with RON49 million turnover in 2020 and around 200 employees, says he plans to take his products to Germany, Austria, Switzerland, Benelux.

After posting two-digit growth and supporting the Romanian economy in 2020, constructions slid in July 2021, by 2.4% year-on-year. The 6.7% infrastructure decline and the 19% decrease of non-housing activity drove the field down, in line with National Statistics Institute data.