International rating agency Fitch has upgraded the Long-Term Issuer Default Rating (IDR) of UniCredit Bank Romania (UCBRO) to BBB from BB+, with a stable outlook, and its short-term individual default rating (IDR) to F2, from B. The viability rating (VR) has been affirmed at bb. The two-notch upgrade of UCBRO's IDRs reflects the upgrade of its parent UniCredit S.p.A on 17 December 2021 and Fitch's decision to equalise the ratings of the Romanian subsidiary with those of the parent. The rating agency says that UCBRO's standalone credit profile has improved since the last review, but remains slightly weaker than larger domestic peers, in particular, due to a still higher impaired loan ratio, weaker profitability and moderately weaker overall franchise, with the latter impacting our assessment of the bank's business profile. UCBRO is a mid-sized (fifth-largest by assets) Romanian bank, accounting for around 8.0% of sector assets, 7.5% deposits and 8.6% loans at end-1H21.
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
