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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Raiffeisen Romania fined as it delays returning EUR 10 mln to customers

The Romanian National Authority for Consumer Protection (ANPC) fined Raiffeisen Bank RON 100,000 (EUR 20,000) for incorrect commercial practice and proposed the bank to terminate such activities and return the money illegally collected from its customers as a result of such practices within 15 days.

The money to be returned to some 14,000 customers subject to the illegal practices is estimated by ANPC representatives, quoted by Agerpres, at up to EUR 10 mln.

The illegal practice, which consisted in upping the interest rate margin on the occasion of loan restructuring, took place in 2014 and was declared by ANPC as violating the regulations in the same year. Later in 2020, the court endorsed the ANPC’s findings meaning that Raiffeisen Romania was supposed to return the money collected illegally.

In a response, Raiffeisen Romania declared that such practices are no longer in place, and it is working on calculating the sums to be returned to its customers, Agerpres reported. But as the process is operated manually, it takes time - Raiffeisen Romania explained.

andrei@romania-insider.com

(Photo source: Lenutaidi/Dreamstime.com)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Raiffeisen Romania fined as it delays returning EUR 10 mln to customers

The Romanian National Authority for Consumer Protection (ANPC) fined Raiffeisen Bank RON 100,000 (EUR 20,000) for incorrect commercial practice and proposed the bank to terminate such activities and return the money illegally collected from its customers as a result of such practices within 15 days.

The money to be returned to some 14,000 customers subject to the illegal practices is estimated by ANPC representatives, quoted by Agerpres, at up to EUR 10 mln.

The illegal practice, which consisted in upping the interest rate margin on the occasion of loan restructuring, took place in 2014 and was declared by ANPC as violating the regulations in the same year. Later in 2020, the court endorsed the ANPC’s findings meaning that Raiffeisen Romania was supposed to return the money collected illegally.

In a response, Raiffeisen Romania declared that such practices are no longer in place, and it is working on calculating the sums to be returned to its customers, Agerpres reported. But as the process is operated manually, it takes time - Raiffeisen Romania explained.

andrei@romania-insider.com

(Photo source: Lenutaidi/Dreamstime.com)

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