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Financial & Banking

Libra Internet Bank signed two conventions with FNGC/IMM for the improvement of the access of Romanian farmers for financing

Monday, March 25, 2019

Libra Internet  Bank signed recently two conventions with the National Fund for Guarantee of the loans for SMEs with a view to improving the access of the Romanian farmers to financing, through which the acquisition of agricultural land is financed, other investments or the development of the current activity, with guarantee of up to 80% on the part of the fund of guarantee.Similarly, Libra is one of the five banks of Romania  who take part in the ...

Current account deficit up 16 times, in January 2019 against January 2018

Monday, March 25, 2019

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The current account deficit increased 16 times in January this year compared with the same period of last year, in the context in which, according to the data released by the National Bank of Romania (BNR), in the first month of this year, the balance-of-payments current account registered a deficit of 114 million euros, compared with 7 million euros, in January 2018."In structure, the balance of goods registered a deficit higher by 476 million euros, and the ...

EBRD delegation visits Romania for talks to scale up investment

Monday, March 25, 2019

A high level EBRD delegation led by Jurgen Rigterink, First Vice President, and Alain Pilloux, Vice President, Banking, arrived in Bucharest last Monday for talks with the Romanian authorities and the business community. Discussions were focusing on the investment climate, ways to finance ...

Isarescu: Abuse of exchange rate fluctuation can be as damaging to economy as abuse of rigidity

Monday, March 25, 2019

Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Tuesday in Constanta that abuse of exchange rate fluctuation can be as damaging to the good functioning of the economy as the abuse of rigidity, mentioning that the BNR cannot lead the exchange rate where it wants."With regard to the current differences between countries in terms of euro adoption, some may find it odd that Bulgaria, which is still behind the real convergence, is considering a ...

Court of Auditors identifies damages of RON 350m, non-collected incomes of RON 932m in 2017

Monday, March 25, 2019

The Court of Auditors has identified damages worth RON 350 million and non-collected incomes of RON 932 million, following the controls carried out last year for the financial year 2017, according to the ‘Public Report for 2017’, posted on the institution’s website on Monday. The authors of the report show that, in the additional revenues of RON 931.54 million, an important share of about 45% is represented by the revenues ...

În 2018, Romania’s insurance market up 4.5 pct

Monday, March 25, 2019

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The Romanian insurance market rose by 4.5 percent last year to RON 10.1 billion (EUR 2.2 billion), due mainly to a surge in health insurance segment, Financial Supervisory Authority (ASF) data show. The car insurance segment maintains its dominant position, with compulsory car insurance (RCA) accounting for 35.6 percent of the insurance market in 2018, according to ASF. The average RCA premium declined by 12 percent last year to ...

EBRD increases by 5 million euro loan granted to Agricover IFN Credit

Monday, March 25, 2019

EBRD credits Agricover Credit IFN, a company specialised in financing the farming sector in Romania by another 5 million euro. The  loan will allow the company to support the local farmers' financing needs and increase the customer portfolio according to a bank press release. According to the document, the loan represents a new financing granted to Agricover Credit IFN, the first 10 million euro loan being granted last ...

Mutual funds net assets rose by 2.4 percent last month to RON 42 billion

Monday, March 25, 2019

The net assets of the 203 open and closed funds, local and foreign, rose 2.4 percent in February to RON 42 billion (EUR 8.8 billion), registering an increase of 0.1 percent since the beginning of the year, while the net outflows of the month totaled RON 207 million (EUR 43.7 million), according to the Association of Fund Managers (AAF). In January, the net assets of the 206 open and closed funds, local and foreign, decreased by 2.2 percent to RON 41 ...

BNR drains EUR 1.3 bln excess liquidity from local banks

Monday, March 25, 2019

The Romanian central bank (BNR) has drained excess liquidity of RON 6.13 billion (EUR 1.3 billion) from the local banks on Monday, a move designed to support the national currency. It is the first move of this kind since January 21, a period when the Romanian currency was on steep depreciation trend. BNR drained the liquidity from 22 banks in its one-week deposit auction.“It is likely that banks retained some liquidity ...

Groupama recorded gross premiums of over RON 1 billion in 2018

Monday, March 25, 2019

The total volume of gross premiums recorded by Groupama Asigurari exceeded RON 1 billion in 2018, registering an increase of 8.7 percent compared to the previous year. At the same time, the company posted an operating profit of RON 44 million, but reported an IFRS contribution of RON 9 million, amid exceptional events that marked the insurance market in 2018. The company’s results are expected to be above the market rate in this period, ...

Banca Transilvania launches BT Open Banking, a platform that allows fintechs to test integration with bank services

Monday, March 25, 2019

fintechs and other technology companies to test integration with BT to present bank services, such as: online balancing, transaction history, and the initiation of transactions through external platforms to Banca Transilvania. PSD2 is a first step towards Open Banking and is a mandatory European directive for the banks in Romania, in the direction of the significant development of banking services. This implies the ...

Romanians now allowed to withdraw from Pillar II private pension funds

Monday, March 18, 2019

Individuals who have contributed to the Pillar II pension funds for at least 5 years will now be allowed to withdraw from the fund and the 3.75 percent of the social insurance payment total (25 percent of incomes) allocated for Pillar II will be directed to the public pension system, according to a new ANAF regulation that was recently published in the Official Gazette. The termination of the Pillar II contributions takes place in the month when the ...

ASF: the share in GDP of the private pensions went up to 5.22% in 2018

Monday, March 18, 2019

The share of the private pensions in the GDP went up, at the end of last year to 5.22% as compared to 4.84% in December 2017 while the value of the total assets in the administration at the level of the whole system of private pensions reached 49.60 billion lei (10.64 billion euro) up by 19.40% against the previous year, according to a press release of the Authority for financial supervision (ASF).On 31 December 2018 the highest share in the structure of the portfolio ...

Raiffeisen Bank International to reevaluate operations in Romania following GEO 114

Monday, March 18, 2019

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Raiffeisen Bank International (RBI) will reevaluate its operations in Romania after the government imposed a new bank tax in a last-minute legislation in December, chief executive Johann Strobl announced on Wednesday, as quoted by Reuters. Raiffeisen holds EUR 8.97 billion euros, which is around 6 percent of its assets, in Romania. “We will need to reevaluate Romania,” Johann Strobl said in the ...

EU adopts tax haven blacklist

Monday, March 18, 2019

*The move triples the roster to 15 countries including Bermuda, the US Virgin Islands and the United Arab Emirates. EU finance ministers adopted a revised blacklist for tax havens outside the bloc, overcoming Romania’s bid to postpone a vote to May. The move triples the roster ...

EUR 50,000 funding for start-ups through Factory by Raiffeisen Bank

Monday, March 18, 2019

Entrepreneurship is the engine of economic growth in our country, says to 70 percent of the people according to an iVox study that also show shows 50.6 percent would like to become entrepreneurs and 34 percent Romanians who are employed are considering starting their own business provided they receive funding from a bank. According to a study by iVOX at the beginning of March, 70 percent of Romanians believe that entrepreneurship is the engine of ...

JC Flowers in talks for Leumi Bank’s Romanian subsidiary

Monday, March 18, 2019

U.S. investment fund JC Flowers, founded by a former Goldman Sachs executive, has entered into talks with Israeli Leumi Bank for its Romanian subsidiary, according to unofficial sources quoted by ...

Euler Hermes Report : Romania ranks among the particularly vulnerable countries to global slowdown, external financing

Monday, March 18, 2019

Romania ranks among the countries considered “particularly vulnerable” to a global slowdown and to external financing problems, according to a Euler Hermes report. Experts identified those countries with large current account deficits and Romania is considered with high risk regarding external liquidity, moderate risk regarding debt and significant risk regarding economic policy. From this perspective, the most ...

ING Bank Romania’s 2018 net profit up by 39 percent to RON 685 million

Monday, March 18, 2019

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ING Bank Romania celebrates 25 years of presence on Romanian market, period in which it grew from a team of 5 people and a computer with no network connection to a market share of 10.1 percent and 1.5 million customers. ING recorded a net profit of RON 685 million in 2018, up by 39 percent, compared to 2017 when it made a net profit of RON 493 million. “In 2018 we recorded the highest growth so far in Romania. Over the ...

PwC survey: If tax on assets is enforced 5 years, the banks will recover the loses in 37 years

Monday, March 18, 2019

If the tax on banks’ financial assets, as provided by the Emergency Ordinance 114/2018, is enforced at the level of 1.2% for five years, the banks will recover the costs in 37 years, a survey conducted by PwC reveals. “If the tax is enforced one year, the recovery of losses will be made in five years, if enforced three years the recovery will be complete in 16 years and if enforced five years the recovery of losses will last 37 ...

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