Romania, still attractive for foreign businessmen

The National Bank of Romania (BNR) continues to receive notifications from foreign financial institutions which want to provide services at local level, based on the European financial passport, daily Ziarul Financiar reports.

The most recent notification came in November from ClickandBuy Intl., an entity registered in the UK and supervised by Financial Services Authority (FSA). The British businessmen are interested to provide services of issuing and administration of payment instruments (such as cards), but also loans or factoring services. Overall, BNR received 187 notifications from foreign institutions, in the about two years since Romania’s EU membership.

The new European Directive on the service of payments, which was transposed into the local legislation this autumn, makes room on this market, dominated by banks, for independent service providers. Bankers are afraid mainly by the competition of foreign specialized companies, which may come based on the European financial passport.

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