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Financial & Banking

Banca Transilvania joins Morphosis Capital’s fund dedicated to SMEs

Monday, February 18, 2019

Banca Transilvania, the biggest bank in Romania in terms of assets, has joined Morphosis Capital, a fund founded by Romanian entrepreneurs dedicated to local small and medium enterprises (SME). Last year, Morphosis Capital launched MC Fund I (MCFI), having as an anchor investor the European Investment Fund (EIF), through the Regional Operational Program, co-financed by the European Regional Development Fund. Morphosis Capital ...

BNR's Isarescu: A monetary council would probably need an exchange rate of at least 7-8 lei

Monday, February 18, 2019

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A monetary council would probably neede an exchange rate of at least 7-8 lei in Romania's case, governor of the National Bank of Romania (BNR), Mugur Isarescu, stated on Monday, while mentioning that such council is only set up in crisis situations."And there was another confusion! A serious one! And I guess it was him again [adviser to PM, Darius Valcov - editor's note] who posted it on the Website of the ruling party, when the exchange rate was under pressure. ...

Aforti Exhange ended 2018 with EUR 67 M currency transactions, aims EUR 200 M turnover this yea

Monday, February 18, 2019

Aforti Exchange, a foreign exchange platform based in Poland, has closed 2018, its first full year of activity in Romania, having intermediated EUR 67 million worth of currency transactions. The result, triple the initial expectation, was supported by a very strong 4th quarter as the company processed transactions worth EUR 33 million, double compared to the 3rd quarter. For 2019, Aforti Exchange Romania targets turnover of EUR 200 million, expecting the growth to ...

Cryptocurrency fraud dismantled in Romania by Police and US Secret Agents

Monday, February 18, 2019

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Over 100 Romanian police officers and US Secret Service agents raided several addresses in Bucharest and 9 counties as part of a large-scale action to destroy a specialized computer fraud organization that caused damages worth USD 34 million. As a part of the operation, for the first time ever, Romanian authorities have made cryptocurrencies Ripple and Bitcoin unavailable. According to an IGPR statement, following a ...

NBR Board decisions on monetary policy

Monday, February 11, 2019

 In its meeting of 7 February 2019, the Board of the National Bank of Romania 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 ratios on both leu- and ...

Winter 2019 Economic Forecast: growth moderates amid global uncertainties

Monday, February 11, 2019

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Brussels, 7 February 2019 The European economy is expected to grow for the seventh year in a row in 2019, with expansion forecast in every Member State. The pace of growth overall is projected to moderate compared to the high rates of recent years and the outlook is subject to large uncertainty. Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, ...

Analysis: Romanian currency is a victim of the government but it could post small short-term rebound if the new measures are scaled back

Monday, February 11, 2019

The Romanian currency proves to be another victim of the government but it could post a small short-term rebound if the government decides to scale back on its new measures, according to a Ebury Romania analysis. „The depreciation was a direct result of the government’s decision to introduce the so-called ‘tax on greed’ and the change in sentiment towards the country’s assets that followed. Markets are not fond of the tax ...

BRD posts RON 1.55 bln net profit in 2018, up 12 pct

Monday, February 11, 2019

BRD – Groupe Societe Generale, the third bank in Romania in terms of assets, has registered last year a total net profit of RON 1.55 billion (EUR 332 million), up 12 percent compared with 2017, on higher interest income, http://business-review.eu informs. BRD, controlled by the French financial group Societe Gnerale, said on Thursday that its total assets rose by 1.1 percent between December 2017 and ...

IFC and Garanti Bank Romania: New Report Shows Impact of Boosting Finance for Women Entrepreneurs

Monday, February 11, 2019

IFC, a member of the World Bank Group, and Garanti Bank Romania launched a joint report today highlighting the importance and impact of increasing access to finance for the country’s women entrepreneurs. “Taking Women Entrepreneurs to the Bank in Romania”, shows the impact of Garanti Bank Romania’s Women SME Banking Program. The bank has loaned over €145 million to women-owned enterprises, as of end- December 2017, with ...

Sergiu Oprescu to lead Alpha Bank’s International Network across four countries

Monday, February 11, 2019

Alpha Bank has consolidated its Executive Committee structure by naming Sergiu Oprescu as the General Manager of International Network and Nikos Salakas as the General Manager, Chief Legal and Governance Officer. Both positions will have a seat at Alpha Bank’s Executive Committee and will report directly to CEO Vassilis Psaltis. Sergiu Oprescu will oversee Alpha Bank’s subsidiaries in four countries as well as the international branches, ...

Banca Transilvania climbs by almost 50 places in the 2019 Brand Finance Banking 500

Monday, February 11, 2019

Banca Transilvaniahas climbed almost 50 places in the Brand Finance Banking 500 2019 ranking published by The Banker on Monday. The survey points to a 39% increase for Banca Transilvania, the ...

Romania’s road to the eurozone: Objectives, scenarios and obstacles

Monday, February 11, 2019

Romanian authorities have published the Explanatory report for the national plan to adopt the euro currency, after a delay of over a month, http://business-review.eu reports. The 45 decision-makers from all the socio-economic layers who are part of the Euro commission claim that, depending on Romania’s economic development, the country could enter the exchange rates mechanism (ERM), a phase that precedes the switch to the ...

Central Bank: International reserves – January 2019

Monday, February 4, 2019

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On 31 January 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 31,922 million, compared to EUR 33,065 million on 31 December 2018. During the month, the following flows were recorded: EUR 1,572 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into the European Commission’s account ...

Study: More than half of Romanians still prefer buying insurance policies offline

Monday, February 4, 2019

When it comes to online financial services, more than half of Romanian internet users (54 percent) continue to be conservative, as they prefer more direct contact for the purchase of this type of service, according to the third edition of the quantitative study “Digital Evolution: Connected Consumer Monitor” (National Representative sample of 1,123 respondents, Internet users, 18-65 years old), conducted by EXACT Business Solutions in November 2018, ...

Vienna Insurance Group launches its first corporate start-up, the ‘viesure innovation center’

Monday, February 4, 2019

Vienna Insurance Group (VIG) has launched its first internal corporate start-up, the “viesure innovation center” (viesure), http://business-review.eu reports. Managed by VIG’s largest Group company, Wiener Städtische Versicherung, the new company will focus on emerging trends in customer service. The start-up will be based at the “Talent Garden Vienna”, the city’s newest innovation hotspot, and will also ...

Private pensions association warns recent reforms of Romania’s Pillar II system could have “devastating” effects

Monday, February 4, 2019

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PensionsEurope and its Romanian Member Association (APAPR) expressed deep concerns about the reform of the Romanian mandatory second pillar pension system introduced by the government at the end of December 2018. The reform, which envisages new disproportionate capital requirements for pension funds, is described by PensionsEurope as “highly political and devastating for the Romanian pension ...

ASF: Mandatory private pension funds register over 47.6 billion lei assets in December, increasing 19.7pct

Monday, February 4, 2019

The mandatory private pension funds had assets worth 47.6 billion lei on 31 December 2018, increasing 19.7 percent from the level in the similar month of the previous year, according to the Financial Supervisory Authority (ASF).Compared to the level of the assets in the previous month, of 48.18 billion lei, in December 2018 there is a decline of 1.2 percent.Securities hold the largest share within the assets, worth 30.35 billion lei, namely 63.77 percent. Shares come ...

Florin Georgescu (BNR): Fiscal system needs to be substantially revised, with a focus on the progressive taxation of incomes

Monday, February 4, 2019

“In order to ensure a solid basis for the provision of public goods and services, it is necessary that the financial system be substantially revised, with a focus on the progressive taxation of incomes for individuals – a measure that is imposed objectively, in the context of the major structural changes in terms of income distribution and population wealth in the past 30 years,” said the National Bank of Romania’s prime vice-governor, Florin Georgescu, during an ...

EC retorts to Valcov on anti-banks campaign

Monday, February 4, 2019

The Representation of the European Commission to Romania has reminded Romanians who have a bank account which are the benefits they are entitled to when making payments in the EU or when they get cash out of an ATM while in a member state. The statement comes after PM Dancila’s state adviser, Darius Valcov, has recently said that he takes his salary cash „in an envelope”, also claiming he knows people who „ran out of money due to the bank ...

Shareholders of the Bucharest Stock Exchange OK local Central Counterparty, a EUR 16 million project

Monday, February 4, 2019

Shareholders of the Bucharest Stock ...

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