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Financial & Banking

BVB's Tanase: Bond trading, entering unprecedented diversification

Monday, July 1, 2019

The bond segment is entering a stage of unprecedented diversification for the local capital market as investors who have had access to corporate, municipal and government bonds so far can trade the first mortgage bonds, Bucharest Stock Exchange (BVB) CEO Adrian Tanase told a conference on last Wednesday."The bond segment is entering a stage of unprecedented diversification for the local capital market. Investors who have had access to corporate, municipal and ...

Erste Group prepares EUR 230 mln provision following court decision that hit its Romanian savings and mortgages bank

Monday, July 1, 2019

Austrian banking group Erste announced that it will provision up to EUR 230 million as a result of the decision of the Supreme Court in Romania that severely affects the business of BCR Banca pentru Locuinte, its local savings and mortgages bank. ”Despite this unique negative ...

Competition Council OKs Leumi Bank Takeover By First Bank

Monday, July 1, 2019

The Competition Council has authorized the takeover of Leumi Bank Romania ...

Companies cut savings in bank deposits on negative real interest rates

Monday, July 1, 2019

Romanian companies reduced their savings in bank accounts in May on low incentives as financial institutions offer negative real interest rates. The amount of deposits declined by 0.2 percent month-on-month in May but rose by 9.1 percent year-on-year, to RON 336.6 billion (EUR 70.9 billion). Companies’ RON bank deposits declined by 0.7 percent while forex deposits dropped by 2.5 percent month-on-month as banks pay negative ...

AmCham Romania president: OUG No.114 has led investors to believe anything is possible in Romania

Monday, June 24, 2019

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The provisions of OUG No. 114 have led investors to believe that anything is possible in Romania and that the rules may change during the game, president of the American Chamber of Commerce in Romania (AmCham Romania) Ionut Simion told a press conference on Thursday."Ordinance No. 114 didn't necessarily determine companies to quit Romania, but it has induced into business decision makers the idea that anything is possible in Romania and that the rules can change ...

Insurance market up 7.4% in Jan-Mar

Monday, June 24, 2019

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The volume of premiums underwritten by Romanian insurance companies in the first three months of this year increased by 7.4% compared to the same period last year, to RON 2.71 billion (EUR 570 million), according to the financial markets regulator ASF. The market is still dominated by the general (non-life) insurance business, a segment that holds a weight of 79%. At the same time, the trend toward stronger life insurance segment continued during the ...

Raiffeisen Romania pours EUR 3 mln in 83 start-up projects

Monday, June 24, 2019

Lender Raiffeisen Bank has picked for financing 83 Romanian start-ups in the second edition of the “factory by Raiffeisen Bank” program. They will receive grants totaling over EUR 3 million. Compared to the first edition, the number of winning projects and the total amount of funding have tripled, the bank announced in a press release. The 83 start-ups in this second edition are active in the sectors of services ...

Oracol Xor Romanian Cryptocurrency with transaction via phone, presented at Romania Blockchain Summit

Monday, June 24, 2019

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Two Romanian entrepreneurs launched Friday within the "Romania Blockchain Summit" event, held at the Palace of Parliament, the Oracol Xor Cryptocurrency, which allows an innovative trading model only by using the mobile phone without Internet connections."This project, started two years ago, together with another Romanian partner, it was launched at a level of initial offer on June 1 and we already have applications from four continents. The main advantage for ...

Eximbank buys Banca Romaneasca from Greece’s NBG

Monday, June 24, 2019

Eximbank, a Romanian state-owned bank, has secured a deal to acquire Banca Romaneasca from the Greek group NBG for an amount of EUR 250-350 million. National Bank of Greece was forced to sell Banca Romaneasca due to troubles on its domestic market and failed to close a transaction with OTP Bank last year due to Romanian central bank’s opposition. Eximbank and J.C Flowers, who bought Piraeus Bank, entered the final phase of ...

ANAF to use new app to verify individuals’ fiscal situation

Monday, June 24, 2019

Romania’s tax agency ANAF is currently developing an app that will analyze the fiscal situation of individuals according to several tax risk criteria, ...

Ilinka Kajgana to be BCR’s new Chief Risk Officer starting January 2020

Monday, June 24, 2019

Banca Comerciala Romana will have a new Chief Risk Officer as Ilinka Kajgana will take over the position starting January 1, 2020. Currently in charge of Erste Bank Austria’s Strategic Risk Management, she will replace Michael Beitz, who is retiring from his professional activity after more than 30 years at Erste Group. “We are delighted to welcome Ilinkai Kajgana, a strategic vision manager and relevant risk management manager in Erste ...

Banca Transilvania becomes largest bank in southeast Europe

Monday, June 24, 2019

Romania’s Banca Transilvania is now the largest bank in the entire southeast Europe region by assets, according to SeeNews’s TOP 100 SEE Banks, economica.net reports. In second place is a Croatian bank, followed by two other Romanian banks, BCR and BRD. The five biggest banks in SEE accounted for 25 percent of the total assets of the top 100 lenders at the end of 2018, as the sector has continued to ...

Market for motor third party liability insurance advances 4.65pct in Q1 2019

Monday, June 24, 2019

The total value of RCA motor third party liability insurance premiums underwritten in the first three months of 2019 neared 970 million lei (over 200 million euro), up 4.65pct from Q1 2018, according to a press statement released by the Financial Oversight Authority (ASF).The total value of the RCA premiums underwritten in the first three months of 2019 neared 970 million lei, with the remainder of A10 class (1.022 billion lei) representing carrier's liability ...

Sustainable businesses should become mainstream in coming decades

Monday, June 24, 2019

Leonie Schreve, ING’s global head of sustainable finance, tells Business Review about the concept of sustainable finance, the lender’s involvement in this field, and how this approach will help companies to develop a sustainable business and be increasingly competitive in the future. What are the main international trends in sustainable finance? Banks have a major role to play in supporting ...

BNR Governor Mugur Isarescu speech at the ECB conference: Resilience to global headwinds? CESEE responses to a changing trade and financial landscape

Monday, June 17, 2019

* Session "Responses to monetary policy and financial shocks" Ladies and gentlemen, The two keynote speakers shared with us insightful thoughts about the consequences of monetary policy and financial shocks and about the responses of CEE countries. My intervention ...

BNR: Balance of payments and external debt – April 2019

Monday, June 17, 2019

In January - April 2019p, the balance-of-payments current account posted a deficit of EUR 2,306 million, compared with EUR 1,665 million in January - April 2018. The deficit on trade in goods widened by EUR 1,273 million, the surplus on services income decreased by EUR 34 million, the deficit of the primary income balance decreased by EUR 817 million, and the surplus of the secondary income balance decreased by EUR 151 ...

Government tests austerity measures to limit fiscal gap

Monday, June 17, 2019

The Romanian government is showing the first signs that it is running out of money as it begins to test austerity measures in order to control the fiscal deficit. The Finance Ministry has sent an address to many public authorities urging them to take measures in order to limit wage spending through wage cuts or layoffs, according to a document presented by Vlad Alexandrescu, an opposition MP. The official document says that the ...

BVB President Anghel: Romania will have a faster growth than the European average

Monday, June 17, 2019

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Romania has been one of the fastest growing economies in the European Union (EU) over the past years and we believe that we will have a much faster growth than the European average for the next decade, President of the Bucharest Stock Exchange (BVB) Lucian Anghel said on Friday at an event dedicated to technologies on financial markets."Over the past years, Romania has been one of the fastest growing economies in the European Union (EU) over the past years and we ...

Lazea: financial companies, banks make up 60pct of stock market capitalisation in Romania

Monday, June 17, 2019

Financial companies and banks make over 60pct of the stock market capitalisation in Romania, chief economist at the National Bank of Romania (BNR) Valentin Lazea told an event on Friday dedicated to technology on financial markets."Like any parent, we are pleased to see that this kid [the Bucharest Stock Exchange (BVB)] has developed into a young adult that takes independent steps in life, and we are encouraging the stock exchange to continue its independent ...

ASF: Average social capital of pension fund administrators doubles

Monday, June 17, 2019

The average social capital of private pension administrators will grow from 9 million euro to 19.4 million euro, the funds representing an important source of capital, said Dan Armeanu, vicepresident of  the private pension sector, Financial Supervisory Authority (ASF) on Thursday. Armeanu said about the role of ASF in the legislative amendments to the private pension system: “It succeeded introduce amendments to provisions of government ...

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