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Financial & Banking

FinMin Teodorovici: Fiscal amnesty may be passed în May

Monday, April 22, 2019

Finance minister Eugen Teodorovici said on Thursday that the government may pass a fiscal amnesty measure in May, as part of a policy package for the private sector. He added that the measure would be called “financial restructuring” and would give public companies that have large debts to the state a chance to stay open. “This financial restructuring is a measure we’re looking at in the government. I really want May to be the ...

DLA Piper assisted Bank Leumi Israel to conclude agreement with First Bank

Monday, April 22, 2019

DLA Piper assisted Bank Leumi le-Israel B.M in the negotiations for concluding an agreement with First Bank to sell all the holdings in its Romanian subsidiary. Although the agreement required complex advice, it was concluded in a very short timeframe following the long-lasting relation between Bank Leumi Israel and DLA Piper lawyers, their flexibility and notable experience of headline transactions in the Romanian and CEE market, plus the ...

Libra Internet Bank recorded a net profit of RON 5.46 billion in 2018, up 18 percent

Monday, April 22, 2019

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Libra Internet Bank achieved a net profit of RON 95.8 million in 2018, 61 percent more than in the previous year. At the same time, total assets reached RON 5.46 billion, representing an increase of 18 percent. “We have been growing for a number of years more than the average of the banking system, we have a niche strategy outlined and we are adapting very rapidly to changes in the market. We offer a working environment in which we reward ...

PwC Romania appoints Camelia Nita as head of the Tax Reporting and Strategy team

Monday, April 22, 2019

PwC Romania strengthened its fiscal consulting team by recruiting Camelia Nita as the head of the Tax Reporting and Strategy team, which offers accounting, payroll, human resources administration and strategy and fiscal compliance services. Nita has over 20 years of experience in accounting, payroll and fiscal compliance services. In her career, she coordinated complex projects, including two fusions, a division of a human resources software company ...

PayU launches PayU Online Credit in partnership with TBI Credit

Monday, April 22, 2019

PayU, in partnership with TBI, launches PayU Online Credit, a new payment method that gives consumers the ability to buy everything they want online at any time online and pay when it’s convenient for them. Variants made available by the PayU Online Credit service are 30-day payment and flexible online payments from 4 to 60 months. The new payment method is launched in partnership with TBI Credit, a leader in digital ...

Opening speech at the conference 15th Anniversary of the 2004 EU Enlargement: Looking back, looking forward

Monday, April 15, 2019

Mugur Isarescu, Romanian Central Bank Governor Governor Nowotny,Distinguished audience,Ladies and gentlemen, I am greatly honoured by the invitation to address this audience at a time when we celebrate the 15th anniversary of the first wave of EU enlargement. This event gives me yet another opportunity to say a few words about Romania, a country that I know very ...

Current account deficit, up over 33pct two months into 2019

Monday, April 15, 2019

The current account deficit of the balance of payments grew by 33.6pct in the first two months of this year, to 568 million euro, compared to the same period last year, of 425 million euro. According to a release of the National Bank of Romania (BNR), the balance of goods recorded a deficit of 671 million euro, the balance of services recorded a surplus higher by 122 million euro, the balance of primary revenues registered a surplus of 94 million euro, ...

IMF revises Romania’s 2019 economic growth forecast down to 3.1 percent

Monday, April 15, 2019

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The International Monetary Fund revised downwards its forecast for the growth of Romania’s economy this year, to 3.1 percent, from the previous 3.4 percent estimated in its World Economic Outlook report in October 2018. For 2020, the growth is estimated to reach 3 percent. The Fund also expects Romania to have a higher inflation and current account deficit. The moderate growth is seen as the result of lower stimuli provided through EU funds for ...

ARB: The “new ROBOR” may be higher than the previous version

Monday, April 15, 2019

Florin Danescu, the Executive President of the Romanian Banks’ Association (ARB), spoke about OUG 114 and its effects on banks during the Tax & Law Conference hosted by Business Review.  Danescu wanted to highlight the events of the past few years that came before the passing of OUG 114, and the fact that banks were blamed for many of the economic issues Romania has faced in the past decade. „In 2011, when ...

Immofinanz reaches Romanian properties of EUR 768.5 million

Monday, April 15, 2019

IMMOFINANZ properties in Romania have an accounting value of EUR 768.5 million and represent 17.7 percent of the company’s total portfolio, according to data for the financial year 2018. The investment portfolio of EUR 635.7 million is divided into 9 office buildings (14.2 percent of the total office portfolio) and 6 retail properties (21.5 percent of the total retail portfolio). In 2018, the employment rate remained at a high level of 94.4 ...

Alpha Bank Romania launches EUR 1 bln mortgage bonds

Monday, April 15, 2019

Greek-owned Alpha Bank Romania is the first local bank to issue a mortgage bond with a target volume of EUR 1 billion. The lender intends to raise EUR 200 million under the first tranche of the issue, to be launched soon. The bank plans to list the bonds on both the Luxembourg Stock Exchange and the Bucharest Stock Exchange. "We are pleased to announce the launch of the first mortgage bond program in Romania after we launched ...

Study: Most Romanians think debt is a problem that needs solving as soon as possible

Monday, April 15, 2019

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Over 70 percent of Romanians think debt is a problem that needs to be solved as quickly as possible, while 15 percent think it is a minor problem for which a solution will be found, according to a study analyzing the attitude towards money and the financial behavior of the Romanian consumer. In terms of ...

Omniasig’s 2018 gross profit was RON 40.5 million

Monday, April 15, 2019

Omniasig Vienna Insurance Group recorded an increase of 11 percent of the subscribed premiums at the end of 2018, in line with steady increases over the year. The total volume of gross premiums written was RON 1.172 billion. In the same period, the company recorded a 4 percent increase in the total amount of compensation paid. The Property Insurance segment recorded a 6 percent increase in premiums written compared to the previous year, reaching almost ...

Fitch has revised the rating outlook for BCR and BRD, following the amendment to Ordinance 114/2018

Monday, April 8, 2019

Fitch Ratings has on Wednesday affirmed the Long-Term IDRs of Banca Comerciala Romana S.A. (BCR) and BRD-Groupe Societe Generale S.A. (BRD) at ‘BBB+’ and revised their Outlooks to Stable from Negative. Fitch has also affirmed the Viability Ratings (VRs) of BCR and Banca Transilvania S.A. (BT) at ‘bb+’, of UniCredit Bank S.A. (UCBRO) at ‘bb’, of Garanti Bank S.A. (GBR) at ‘bb-‘, of ProCredit Bank S.A. (PCBRO) at ‘b+’, ...

EY : Tax on financial assets, significantly reduced, less dramatic impact on banking system

Monday, April 8, 2019

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The tax on the banks' financial assets has been significantly reduced, having a less dramatic impact on the banking system following Friday's amendment of Ordinance 114, according to Partner and Leader of Tax and Legal practice of EY Romania Alex Milcev.As a matter of fact, according to Milcev, the most radical changes aim the tax on the financial assets of credit institutions, which was almost completely rethought following the bill amending Ordinance 114 adopted ...

Speech by Vice-President Dombrovskis at the Eurofi High-level Seminar 2019 - Bucharest, Romania

Monday, April 8, 2019

Bucharest, 4 April 2019 Ladies and Gentlemen, It is a pleasure to be here in Bucharest – thank you to Eurofi for inviting me once again. Or as they say in Romanian: Multumesc! I also want to say multumesc to Romania for their skilful Presidency of the EU Council since the beginning of the year.  In its first 12 weeks, the Romanian presidency closed an impressive 60 legislative files and reached ...

FinMin Teodorovici: Romania has a well-established plan in regards to switching to euro; goal to be achieved in 2024

Monday, April 8, 2019

 Romania has a very well-established plan in terms of switching to euro currency and the goal clearly remains the year 2024, Public Finance Minister Eugen Teodorovici stated on Friday in the preamble of the Eurogroup meeting and the informal meeting of finance ministers (the Economic and Financial Affairs Committee - ECOFIN) organised in Bucharest, between 5 and 6 April."Romania has set out a clear objective [to switch to euro currency] the year 2024. Even if ...

WB:As Growth Slows in Europe and Central Asia, Financial Inclusion Can Play Key Role Addressing Long-Term Challenges

Monday, April 8, 2019

 Economic growth in the Europe and Central Asia region slowed to 3.1% in 2018, and is projected to decline to 2.1% in 2019, amid slowing global growth and uncertain prospects, according to the World Bank’s Economic Update for Europe and Central ...

CEG: 1.7 billion euro could be injected in Romanian economy if fiscal and legislative predictability existed

Monday, April 8, 2019

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About 1.7 billion euro could represent the profit of companies with foreign capital in 2018 which may be injected in economy in 2019, but the decision depends on the fiscal and legislative predictability, according to Oana Motoi, Managing Partner, Cromwell Evan Global (CEG). The financial consultant quotes statistic information published by the National Bank of Romania in the report on direct foreign investments in Romania for 2017, according to which, ...

Libra Bank launches its first version of Open Banking for business using KEEZ concept

Monday, April 8, 2019

Libra Internet Bank has launched its first version of internet banking that addresses accounting firms that use the bank’s platform to automatically take over the balances and transactions history of its customers (other companies that prior to granting these access rights to the accounting firm). “We are already recognized as one of the most innovative banks in Romania and we continue to develop online ...

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