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Financial & Banking

Deloitte survey: it is to be expected that Romania continues to be interesting territory for the companies of private equity

Monday, July 16, 2018

The good moment for the companies of private equity of Central Europe should be kept and Romania is expected to continue to be an interesting territory for financial investors, as a series of major tradings involved investment funds in the last year and a half, shows the result of the most recent survey Deloitte Private Equity Confidence.According to the quoted souce, two thirds of the respondents estimate that the volume of tradings will stay at similar level, ...

The UniCredit report : towards the end of the year,  the euro/leu exchange rate can get to 4.70

Monday, July 16, 2018

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The UniCredit economists   anticipate an inflation rate over the estimates of the Central Bank (the data for June will be communicated by Statistics  on Wednesday), their calculations indicating for the end of this year a growth of the price of 4.1% (in December 2018) against the  level of 3.6% estimated by BNR).The price of food and fuel could be the main source for inflation pressure in the EU in the next months due to a weaker harvest and  dearer ...

ASF: five companes  control almost 60% of the insurance market. Allianz-Tiriac  has become the leader

Monday, July 16, 2018

At the end of March,five insurance companies controlled 59.51% of the insurance market and Allianz-Tiriac has become the leader of the market, getting City Insurance down, according to the market report published on Monday by the Authority for Financial Supervision  (ASF). At the end of last year, the most important five companies controlled 57.67% of the market,and the market leader was City Insurance with a market quota of ...

The insurance market closed down the Q1 with a drop of 1.5% up to2.53 billion lei

Monday, July 16, 2018

The Authority for Financial Supervision (ASF) announced on Monday that  insurance companies subscribed in Q1 of the year gross premiums worth approximately 2.53 billion lei, dropping with 1.45% against the same period of last year. Despite this  drop, the beginning of the year was characterised by improvement of the indicators of solvency on the insurance market, according to ASF. ‘At the end of the first three ...

The net assets of the investment funds dropped by 1.7% in June

Monday, July 16, 2018

The active funds of the 201 funds opened and closed down (with the exception of SIF and FP) local and foreign dropped in June by 1.7% until the level of 25.1 billion lei (5.4 billion euro) and by comparison to the beginning of the year the decline is 4.7% according to a press release of the Association of the Administrators of Funds.The net outflows of May were 553.8 million lei( 118.8 million euro).The net assets of the 78 funds locally opened dropped ...

Competition Council to evaluate BNP Paribas’s takeover of IKB Leasing Finance and IKB Leasing

Monday, July 16, 2018

The Competition Council has announced that it will analyse the transaction through which BNP Paribas Lease Group, BNP Paribas Leasing Solutions IFN and BNP Paribas Renting Solutions have taken over IKB Leasing Finance IFN and IKB Leasing, http://business-review.eu informs. IKB Leasing Finance and IKB Leasing are active in Romania in the financial services and leasing sectors by providing financial loan and ...

Fitch affirms rating for Bucharest municipality at "BBB -", stable outlook

Monday, July 16, 2018

Fitch Ratings on Friday affirmed the Bucharest municipality's long-term local and foreign currency issuer default ratings (IDRs) at "BBB-," with stable outlook, informs a press release of the financial assessment agency.The agency also affirmed the short-term foreign currency IDR at "F3.""The affirmation reflects Bucharest's continuing sound operating performance, moderate debt levels relative to its operating balance and current revenue and sound debt ...

 EIB supports construction of Arctic white goods factory in Romania

Monday, July 16, 2018

* The new factory will produce 2.2 million washing machines a year, generating some 1.400 new jobs in a less developed region facing structural changes. This is the first production facility in Romania, and one of the few in Europe, compliant with the Industry 4.0 standards The European Investment Bank (EIB) is lending EUR 68 million to white goods producer Arctic to finance the ...

Erste Group wins “CEE’s Best Bank for Corporate Responsibility” award from Euromoney

Monday, July 16, 2018

• Award honours Erste Group’s innovative Social Banking programme for “[becoming] a lifeline for many in the region” • Erste has disbursed over EUR 140 mn in loans to starting entrepreneurs, rural farmers, and social organizations • Euromoney also praises Erste Group as a “champion for diversity and inclusion” Erste Group Bank AG ...

Pillar II pension funds post assets of EUR 9.25 bln in May, up 19.1 pct y/y

Monday, July 16, 2018

Romania’s mandatory private pensions (or Pillar II) funds had assets of RON 43.01 billion (EUR 9.25 billion) under administration at the end of May, up by 19.1 percent year on year, and 60 percent of the amount is invested in government securities, according to the Financial Supervisory Authority (ASF). Compared with April, total assets declined by 0.07 percent in May. More than half of total amount (60.5 percent) is ...

EximBank: 2017 turnover of 162 mln euro from factoring operations

Monday, July 16, 2018

EximBank registered a 2017 turnover of almost 162 million euro from factoring operations, marking the third consecutive year of accelerated growth, according to a press release issued last week."In 2017, EximBank continued its upward trend in the factoring segment, with a turnover by 47pct higher than that in the previous year and by four times higher than in 2015. It is an evolution that proves both the market's interest in this type of financing and our ability ...

Garanti Bank, RON 11 million loan to Heka Hospital Constanta

Monday, July 16, 2018

Garanti Ban granted a RON 11 million loan to Heka Hospital Constanta, http://business-review.eu reads. The funding has been granted for a period of 10 years, so that a former office building in the center of Constanta to be transformed into the first private hospital with Emergency Receiving Compartment, which aims to become a center of excellence in extensive surgical services: general, thoracic, ...

BNR”s Board decisions on monetary policy

Monday, July 9, 2018

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In its meeting of 4 July 2018, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ...

Fitch Affirms Romania at 'BBB-'; Outlook Stable

Monday, July 9, 2018

Fitch Ratings has affirmed Romania's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Stable, a press release issued în London on 06 July informs. A full list of rating actions is at the end of this rating action commentary.KEY RATING DRIVERS Romania's investment-grade ratings are supported by moderate levels of public debt, and GDP per capita and governance indicators that are ...

Gov't planning tax amnesty

Monday, July 9, 2018

The government is working on a mechanism to approve a tax amnesty in Romania, said the minister of finance, Eugen Teodorovici. The minister said that the tax amnesty might become applicable only if the left wing ruling coalition reaches a political agreement. “The amnesty has no threshold. It can be decided that if the person who has debts to the state budget pays the principal, the penalties and part of the ...

Banca Transilvania 285 ml euro worth of bonds enter Stock Exchange trading on Friday

Monday, July 9, 2018

 Banca Transilvania bonds worth 285 ml euro this Friday entered trading on the Bucharest Stock Exchange. They were not offered for subscription to the broad public in Romania, but were available only via private investments to a limited number of eligible investors. Banca Transilvania (BT) announced on June 26 having successfully closed a private placement of Tier 2 unsecured subordinated bonds denominated in euro, carrying an interest equal to the ...

Romanian authorities prepare draft bill regulating electronic money

Monday, July 9, 2018

The Romanian Ministry of Finance has published a draft Emergency Ordinance regulating the activity of issuing electronic money, or e-money, http://business-review.eu informs. The draft sets an EUR 350,000 threshold for the issuer’s social capital and demands that all members of the issuer be cleared by Romania’s central bank. ...

GDP's growth of 4 pct in Q1, reconfirmed by INS

Monday, July 9, 2018

The National Institute of Statistics (INS) reconfirmed on Friday Romania’s economic growth estimate of 4 percent in the first quarter of 2018. The statistics office said that the local economy expanded by 4 percent on gross series and by 4.2 percent on seasonally adjusted series compared to the same period of last year. The estimated GDP for Q1 was RON 226.2 billion in current prices, up 0.1 percent in real terms versus ...

London Stock Exchange Group (LSEG) is opening a new Business Services Centre in Bucharest

Monday, July 9, 2018

CBRE, the world and local market leader in real estate consultancy, advised London Stock Exchange Group (LSEG) in the leasing transaction of 3,000 m² office space for a new Business Services Centre in Bucharest. The center will open later this year in Skanska’s Campus 6. Campus 6 is located in the Central-West area of Bucharest, near the Polytechnic University, a strategic location chosen by the British company. LSEG will initially employ 200 people ...

Introductory allocution for keynote speech held by Peter Praet, Member of the Executive Board of the ECB

Monday, July 9, 2018

Mugur Isarescu, NBR Governor Minister, Your Excellences, Mr. Ambassadors, Members of the diplomatic corps, Distinguished guests, Ladies and gentlemen, It is my pleasure to welcome you to the National Bank of Romania. The Board and I are honored to host today a keynote speech given by a very distinguished guest, Professor Peter Praet, ...

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