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Financial & Banking

BNR's International reserves – April 2019

Monday, May 6, 2019

On 30 April 2019, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 33,690 million, compared to EUR 32,030 million on 31 March 2019. During the month, the following flows were recorded: EUR 3,522 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

The assets of optional pension funds exceed RON 2.1bn

Monday, May 6, 2019

The optional pension funds had assets worth more than RON 2.1 billion on March 31, 2019, up by 13.6% as compared to March 31, 2018, the Financial Supervisory Authority (ASF) informs. The state bonds held the largest share in the assets, of RON 1.24 billion, i.e. 58.34%. On the second place were the shares, with RON 449,882 million (21.13%). Corporate bonds were ranked third in this respect, with RON 191.881 million, or 9.01% of total ...

Instant Factoring granted over 1,900 loans to small and micro-enterprises in its first year

Monday, May 6, 2019

Instant Factoring gave 1,930 grants to small companies and micro-enterprises worth EUR 4 million in the first year of activity on the factoring market in Romania. For this year, the company plans to increase customer portfolio by 300 percent and the funding volume to EUR 15 million. Instant Factoring is the first Romanian online factoring fintech to finance mainly small local entrepreneurs, an estimated market of 511,800 micro-companies with an annual ...

Isarescu: Accession to Eurozone does not automatically solve economy's problems

Monday, May 6, 2019

Accession to the Eurozone is no panacea, it doesn't automatically solve the problems of an economy, it might even aggravate them, on Tuesday asserted the Governor of the National Bank of Romania, Mugur Isarescu, at the presentation of the substantiation report of the National Euro Changeover Plan, carried out at the Romanian Academy."We must all be aware that the accession to the Eurozone is no panacea, it does not solve the problems of an economy, it could even ...

Premier Dancila: Romania's joining the euro - a real country project

Monday, May 6, 2019

Romania's joining the euro is a real country project that requires the support of the entire society to be successful, Premier Viorica Dancila said ."Romania's joining the euro is a real country project that requires the support of the entire society - academic milieu, trade unions, employers' organizations, representatives of the civil society, political parties and the state's fundamental institutions - to be successful. I would compare Romania's adopting the ...

Central bank official: Cryptocurrency will not replace national currency

Monday, May 6, 2019

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Cryptocurrencies won’t replace the currency issued by central banks, but these banks will be able to issue digital currencies, said Daniel Daianu, a member of the Romanian National Bank (BNR)’s Administration Council. “We must be aware of the difference between institutions and the roles they have. It is important for these roles not to disappear. Of course, technologies ensure business models and they ...

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+’, ...

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