Bulgarian group Eurohold announced that “it is engaged in advanced discussions with European Bank for Reconstruction and Development (EBRD)” for the sale of a minority stake in its insurance arm Euroins Insurance Group (EIG). Both parties approved the project. The deal remains subject to an agreement on and execution of final transaction documents and satisfaction of contractual conditions to closing. EBRD will contribute EUR 30 mln through a capital increase, and Eurohold will also participate in the capital increase with a further equity capital injection of up to EUR 12 mln. Euroins Insurance Group will use the raised funds predominantly for the development and growth of the largest insurance entity within the group - Euroins Romania Asigurare Reasigurare, and additionally, to strengthen the holding’s market positions in Southeast Europe. As for the Romanian subsidiary of EIG, Ziarul Financiar outlines an ongoing EUR 24.3 mln capital increase from the parent group to be endorsed on September 15, on the top of two similar capital increases worth a combined EUR 25.5 mln operated recently. EIG also prepares a EUR 8.1 mln capital injection to be financed out of a subordinated loan. All these would result in a EUR 57.8 mln capital contribution of EIG to its Romanian subsidiary over the past year.
Bulgaria is in talks with the EU to transfer Covid patients to other member states due to a hospital-bed shortage, with hospitals and morgues in Romania also said to be at breaking point. There were currently more than 20 million people infected in eastern Europe, including Russia and Ukraine, according to a Reuters tally. "We […]
Stéphane Séjourné will helm the European Parliament's third-largest group, leaving MEPs wondering if he will be able to distance himself from the powerful French leader.
The National Museum of Art of Romania (MNAR) on Monday, October 25 will open for visit the Historical Spaces of the Royal Palace, between 10:00 and 18:00, on the 100th anniversary of the birth of King Mihai I.The public will be able to visit the Royal Dining Room, the Stairs of the Voivodes, the Throne […]
Three out of ten Romanians have credit cards, Finzoom concluded, based on a survey conducted online in Romania. In fact, due to the sample that apparently includes only part of those visiting Finzoom.ro website, the conclusion should be taken with a grain of salt since it is not relevant for the entire population of the country. […]
of the biggest banks - but when it comes to insurer country's supremacy in the region is not that robust. There's no Romanian insurer among the biggest seven regional players (not counting bankrupt City Insurance) that come from the tiny markets of Slovenia and Croatia. Automobile Dacia leads for the 7th consecutive year in […]
The rating agency Fitch reconfirmed Friday, October 22, 2021, the sovereign rating related to the government debt of Romania to the BBB- for the long-term debt in foreign currency and the negative outlook. "The agency's decision represents a signal for Romania to continue at a sustained pace the fiscal-budgetary policies, the reform and investment […]