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Financial & Banking

BNR Governor Mugur Isarescu met Governor of the People's Bank of China Yi Gang

Monday, March 11, 2019

Governor of the National Bank of Romania (BNR) Mugur Isarescu, on February 28 - March 5, paid an official visit to the People's Republic of China, answering thus to an invitation extended by Governor of the People's Bank of China Yi Gang , according to a press release of the BNR.On the occasion of this visit, the BNR delegation carried out meetings with the leadership of the People's Bank of China and that of the Asian International Infrastructure ...

OTP Bank Romania’s financial results for 2018: a 25% profit advance than in the base period

Monday, March 11, 2019

OTP Group announced an after-tax profit of RON 55.3 million (HUF 3.9 billion) in 2018, according to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group reporting standards. The bank registered a profit increase of 25% compared to 2017, as a result of a better operational profit. The performing loan volumes, FX-adjusted, increased by 14%, supported by robust mortgage and SME lending dynamics. ...

EIB supports rehabilitation and extension of regional water supply and sanitation services in Alba County in Romania

Monday, March 11, 2019

The European Investment Bank (EIB) is lending EUR 12m to the Alba County Regional Water Company to finance, in conjunction with Cohesion Policy funds, upgrades in drinking water supply and sanitation services for some 332,000 people in Romania’s Alba County. This transaction is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, or “Juncker Plan”. “I am pleased to ...

Mastercard gives EUR 1 M for the first oncology hospital for children in Romania

Monday, March 11, 2019

Mastercard has announced on Wednesday that it is donating EUR 1 million for the construction of the first pediatric oncology hospital in Romania, a project by developed by Daruieste Viata Association. At the same time, Mastercard says that each donation by a Mastercad card on www.bursadefericire.ro this year will be supplemented by 2 ...

Pillar II fund shareholders call for immediate changes to OUG 114 after talks with Romanian decision-makers  

Monday, March 11, 2019

Shareholders of the Pillar II pension funds wrote a statement for the Romanian authorities on Tuesday where they claimed that of all the provisions of OUG 114, the new capital increase requirements of about EUR 800 million are a “huge, unjustified and unsustainable burden on the industry” and they called for the provision to be revised based on sustainable economic considerations, through real technical consultations between industry and authorities, ...

First Bank invests EUR 7.5 million in technology

Monday, March 11, 2019

First Bank board of directors approved the strategic directions for 2019. The bank accelerates the digitization process and rethinks its internal processes to support the integration of new technologies. Also, it aims to increase both organic market share by launching optimized products as well as through possible acquisitions. To meet new customer preferences and exigencies, the bank will invest EUR 7.5 million in technology and will strengthen its ...

IFC and Stock Exchanges around the World Ring the Bell for Gender Equality

Monday, March 11, 2019

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IFC, a member of the World Bank Group, is partnering with over 70 stock exchanges around the world to “Ring the Bell for Gender Equality”—an initiative linked with International Women’s Day that promotes increased women’s participation in the global economy to catalyze sustainable and inclusive private sector growth. Accelerating the pace of reforms to ensure gender equality could yield enormous benefits, with the ...

European Commission: Banking system in Romania will be highly affected by tax on financial assets

Monday, March 4, 2019

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 The Romanian banking system stability is threatened by the recent introduction of the "tax on greed," which will significantly affect solvability and profitability of the banks and worsen things for the weaker ones, according to the country report for Romania issued by the European Commission (EC) on Wednesday. In the end of last year, without consulting the parties involved and without assessing the impact, the Government decided, through the Emergency ...

EC: Romania is confronted with increased risks-current account deficit deteriorates, increase of unit labour costs

Monday, March 4, 2019

Romania is confronted with increased risks in the form of the current account deficit deteriorating and the increase of unit labor costs, and the recent government decisions have increased the risks in the financial sector and they could negatively affect private investment, the European Commission shows in the Country Report Romania published on Wednesday."Recent legislative initiatives create risks for the functioning of the financial sector. These include a ...

Pillar two pension fund managers report yield of 127.1pct in 2008-2018

Monday, March 4, 2019

The total return on investment reported by pillar two pension fund managers was 127.1pct May 20, 2008 to the end of 2018, giving an average annual yield rate of 8.03pct, according to a press statement released by the Association of Romania's Privately-managed Pension Plans (APAPR)."The total return of all pillar two funds from their inception on May 20, 2008 throughout 2018 was 127.1pct, which is an average annual return rate of 8.03pct for the entire pillar two. ...

BNR: Outstanding leu-denominated loan repayments up 6.46pct; foreign currency ones down 7pct in January

Monday, March 4, 2019

The total outstanding leu-denominated loan repayments of the population and companies in January 2019 amounted to 4.78 billion lei, up 6.46pct from the amount reported in December 2018, while the deposits on foreign currency loans dived 7 percent to 2.8 billion lei (equivalent), according to a report by the National Bank of Romania (BNR).Total lei loans reached 165.27 billion lei (0.35pct less than the previous month's value), of which 65.153 billion lei were ...

Over 11,000 Romanians invest almost RON 700 million in Tezaur state bonds

Monday, March 4, 2019

The Finance Ministry has announced that the total amount invested by Romanians in state bonds created exclusively for the population, with maturities of 2, 3 or 5 years, is RON 694.4 million, http://business-review.eu reports. State bonds in the Tezaur programme could be purchased in the State Treasury’s operative units across the country as well as at Post ...

Romanians react to weaker RON by moving their savings in hard currencies

Monday, March 4, 2019

Romanians have reacted to the RON depreciation by moving savings from RON accounts into hard currency accounts in January, but continue to borrow money in the local currency, according to fresh central bank data quoted by http://business-review.eu. Bank loans in RON granted to individuals rose by 0.3 percent month-on-month and by 18.9 percent year-on-year in January, up to a fresh all-time high of RON 95.9 billion (EUR 20.2 billion) despite higher ...

Fitch affirms Garanti Bank’s long-term IDR with Sable Outlook

Monday, March 4, 2019

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Fitch Ratings affirmed Garanti Bank Romania’s long-term Issuer Default Rating (IDR) at ‘BB-’, with stable outlook, while the bank’s Viability Rating was also affirmed at ‘bb-’, despite legislative uncertainties having already had an impact on the market and the financial system. Stable Outlook on Garanti’s IDR reflects Fitch’s view that the bank is sufficiently independent from the parent bank. The ...

Erste: The impact of the bank asset tax will be EUR 100 million in 2019

Monday, March 4, 2019

Austrian banking group Erste Group, present in Romania through BCR, estimates that the impact of the tax on bank assets recently introduced by the Romanian government through Emergency Ordinance 114 will be over EUR 100 million in 2019. The amount estimated by Adreas Treichl, Erste Group’s general manager, is lower than analysts’ estimates, who had said the burden of this new tax on BCR would be somewhere between EUR 120 and 150 ...

BCR achieves net profit of over 1.2bln lei, up 80pct in 2018

Monday, March 4, 2019

 Last year, the Romanian Commercial Bank (BCR) posted a net profit of over 1.202 billion lei (258 million euro), up 80pct from the previous year, when it reported 668.1 million lei according to data released by BCR on Thursday.The operating result amounted to 1,635 billion lei (351.4 million euro), up 21.7pct from the previous year's result of 1.343 billion lei (294.1 million euro) due to the improvement in operating income. The latter rose by 13.8pct to ...

Banca Transilvania Group posts 1.257 bln net profit for 2018

Monday, March 4, 2019

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Banca Transilvania Group posted a net consolidated profit of 1.257 billion lei, of which Banca Transilvania's bottom-line result is 1.219 billion lei (the figure includes the expenses with the integration of Bancpost), BT said in a release this Wednesday. The bank's operating profit increased to 1.80 billion lei. BT's 2017 net result was 1.185 billion lei. The bank extended last year 196,000 corporate and retail loans, with loans to Romanian ...

Council agrees on standpoint regarding facilitation of SMEs access to financial markets

Monday, March 4, 2019

The permanent representatives to the European Union on Wednesday approved the Council's standpoint regarding a proposal of facilitation of the access to financial markets of SMEs that seek to be listed on the stock exchange and issue securities, while guaranteeing at the same time the protection of investors and the integrity of the market, reads a release of the Council of the EU.The initiative targets especially "SME growth markets," a category for which ...

Provisional agreement on harmonized framework for guaranteed bonds, reached

Monday, March 4, 2019

The Romanian Presidency of the Council and the European Parliament reached a provisional agreement on a harmonized framework for guaranteed bonds on Wednesday, reads a press release issued by the Ministry of Public Finance (MFP) on Wednesday.This framework will specify a common definition for the receipt of a "guaranteed European bond" label and for a preferential treatment of capital requirements. The agreement is now due to be sent to the Permanent ...

Parliament approves ANAF reshuffling, separating customs from agency and turning regional branches into county structures

Monday, March 4, 2019

The Deputies’ Chamber in the Romanian Parliament approved a legislative project on Monday to reorganize the Fiscal Agency (ANAF) by creating a distinct structure for customs and dismantling ANAF’s regional branches and turning them into county branches. The project was introduced by UDMR MPs and supported by the PSD-ALDE coalition. It was included on the Chamber’s agenda as an emergency project after just ...

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