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Financial & Banking

Final bids for Credit Agricole’s RO branch expected by mid-Dec

Monday, December 2, 2019

The final bids for the Romanian subsidiary of French group Credit Agricole are expected by mid December, Ziarul ...

Eximbank will get green light to buy Banca Romaneasca by Dec 10 of this year

Monday, December 2, 2019

Romanian state-owned lender Eximbank will receive the approvals from Romania’s National Bank (BNR) and the Competition Council to take over Banca Romaneasca, the local subsidiary of the National Bank of Greece (NBG) group, by December ...

Commission requests ROMANIA to align with EU law its rules on the VAT treatment of used objects containing precious metals or stones

Monday, December 2, 2019

The Commission decided today to send a letter of formal notice to Romania for failing to correctly implement EU rules (Council Directive 2006/112/EC) on the VAT treatment of used objects containing ...

Taxation: Commission requests ROMANIA to comply with the agreed timeline for the development of a new IT system for monitoring the circulation of excise goods

Monday, December 2, 2019

The Commission decided today to send a letter of formal notice to Romania for failing to fund and develop on time the new versions of an IT system for monitoring the EU-wide circulation of excise goods (alcohol, tobacco and energy products). EU rules ...

Alpha Bank Romania launches instant money transfer

Monday, December 2, 2019

Lender Alpha Bank Romania has launched an instant money transfer service in partnership with Netopia Payments ...

BNR: Loans to non-government sector advance 0.6pct in Oct. 2019

Monday, December 2, 2019

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At end-October 2019, loans to non-government sector granted by credit institutions advanced by 0.6 percent (0.1 percent in real terms) from September 2019 to RON 268,294.7 million, while in year-on-year comparison they went up 7.5 percent (3.9 percent in real terms), according to data released on Tuesday by the National Bank of Romania (BNR).RON-denominated loans went up 0.9 percent (0.5 percent in real terms) and foreign currency-denominated loans decreased 0.1 ...

Net assets of investment funds rise 1.3pct in Oct

Monday, December 2, 2019

The net assets of the 210 open and closed-end funds, local and foreign, increased by 1.3pct in October, to the level of 47.1 billion lei (9.9 billion euros), registering an advance of 12.4pct from the beginning of the year, according to a release of the Association of Fund Managers .In October, net inflows totaled 490 million lei (103.1 million euros).According to the press release, the top 5 most performing funds in the last 12 months registered ...

ING Bank Romania, 599 mln RON net profit at 9 months

Monday, December 2, 2019

ING Bank Romania has managed a net profit of 599 million RON in the first three quarters, while the gross profit reached 704 million RON at the end of the first nine months, an increase of 17 pct compared to the same period of last year, supported by the powerful commercial development, according to a release of the bank .The incomes rose by 13 pct, to 1.537 billion RON, due to the dynamic of the commercial volumes. Operational cost grew to 675 million RON, ...

Uniqa Insurance, Uniqa Life Insurance, gross written premiums worth 73.4 M euro in first 9 months

Monday, December 2, 2019

Uniqa Insurance and Uniqa Life Insurance have concluded the first nine months of 2019 with a total of gross written premiums worth 73.4 million euro, according to IFRS, a release of the company reveals.The cumulated profit of the two companies remains at 1.7 million euro.According to the release, non-car insurances remain the main engine for growth, maintaining their uphill trend, with a two-digit increase compared to the same period of 2018. In the ...

Assets of optional pension plans exceed 2.43 billion lei, as of Oct. 31, 2019

Monday, December 2, 2019

The optional pension plans had assets worth over 2.43 billion lei, as of October 31, 2019, up 21.7% from the same period of 2018, according to the Financial Supervisory Authority (ASF).Government securities held the highest share in the assets, of 1.373 billion lei, which is 56.4%. Second came stocks, at 600.509 million lei (24.67%). Corporate bonds were third, at 210.930 million lei, and 8.66% of the total assets.According to data with ASF, the value ...

Bloomberg: With Ally Re-Elected, Romania’s Government Moves on Budget

Monday, December 2, 2019

Finance minister eyeing 2020 shortfall closer to EU’s 3% limit Romania to boost local-debt sales after deficit-target miss Romania’s government, emboldened by the landslide win of its ally in Sunday’s presidential election, announced the first concrete measures to tackle a budget deficit that’s set to blow ...

Governor Isarescu: Internal and external reasons have fuelled conflict between creditors and debtors

Monday, November 25, 2019

The conflict between creditors and debtors has been fuelled for internal and external reasons, and this is why an alternative dispute resolution institution was started later in Romania, the governor of the National Bank of Romania (BNR), Mugur Isarescu, told the annual conference of the Alternative Banking Dispute Resolution Centre (CSALB)."I am on my way to the airport, but I still greatly wanted to come here to answer your invitation for two very simple ...

TransferGO launches the real-time local transfer service in Romania

Monday, November 25, 2019

TransferGO, a fintech company based in London, is launching the local transfer service in Romania. The service is free of charge and will allow the fintech’s clients to send money to other TransferGO customers, but also to their relatives or friends who have the app installed yet. The local transfer service in real time is launched in the Romanian beta version as of this month. Money transfers from Romania and to Romania ...

CEC Bank targets top-five position after capitalisation

Monday, November 25, 2019

The EUR 200 million capital increase recently approved by the European Commission will help Romanian state-owned lender CEC Bank to set high targets such as ranking among the five biggest banks in the country, the bank’s new CEO Bogdan Neacsu said in a conference. CEC is one of the two banks still controlled by the Romanian state, alongside Eximbank. Romania’s largest banks are Banca Transilvania (a private lender controlled by ...

BCR gets Fitch rating for planned unsecured bonds

Monday, November 25, 2019

International rating agency Fitch has assigned the upcoming senior unsecured notes announced by Romania’s second-biggest lender Banca Comerciala Romana (BCR; BBB+/Stable) a BBB+ expected long-term rating, with the final rating contingent on the receipt of final documents conforming to the information already received. The notes are rated in line with BCR's Long-Term Issuer Default Rating (IDR) because they will constitute direct, unsecured and ...

Official data : Romanian banks’ record profits in Q3

Monday, November 25, 2019

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The aggregated net profits of Romanian banks reached RON 2.23 billion (EUR 470 million) in the third quarter of this year, the second-highest result in the post-crisis period while the non-performing loans ratio dropped to the lowest level since it started being assessed in 2014, according to data released by Romania’s National Bank (BNR). Higher quarterly profits were posted only in the last quarter of 2015 (EUR 498 mln) while the profits ...

Dorinel Umbrarescu to sell his bank, Banca Romana de Credite si Investitii

Monday, November 25, 2019

Romanian businessman Dorinel Umbrarescu, known as one of the local “asphalt kings” due to his construction companies’ infrastructure contracts with the state, has reached an agreement to sell his bank, Banca Romana de Credite si Investitii (BRCI).The deal is currently being analysed by Romania’s National Bank (BNR) for compliance with local regulations. Umbrarescu has been trying to sell his credit institution for about three ...

Radu Hanga, elected Bucharest Stock Exchange CEO

Monday, November 25, 2019

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Radu Hanga was elected on Wednesday CEO of the Bucharest Stock Exchange (BVB) for the next four years by the BVB stockholders, according to sources with the General Meeting of BVB Shareholders.At the same time, Dragos Neacsu, Robert Pana, Dan Paul, Stefan Szitas, Mihaela Biciu, Radu Hanga, Octavian Molnar, Claudia Ionescu and Razvan Rat were elected to the BVB Board of Governors.Competing for membership of the BVB Board were 12 candidates: respectively ...

BCR plans to issue bonds on local market

Monday, November 25, 2019

Banca Comerciala Romana (BCR), the local subsidiary of Austrian group Erste, announced that it plans to sell bonds denominated in local currency to qualified investors and list them on the stock ...

Idea Bank, first bond issuer and first bank that joins ARIR

Monday, November 25, 2019

The Romanian Investor Relations Association (ARIR) has announced that Idea Bank, the first credit institution that issued this year bonds in euro on the alternative market – AERO, became Associate Member of ARIR. Idea Bank offers products and services to  individuals and SMEs, relying on the development of new technologies and the diversification of the sales and after sales alternative channels. Mioara Popescu, Executive President Idea Bank ...

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