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Financial & Banking

Former executive Goldman Sachs, interested by Banca Carpatica

Monday, September 1, 2014

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  The investment fund JCFlowers, set up by a former partner and executive to Goldman Sachs competes with AnaCapand Axxess Capital to enter into the shareholding of the Banca Comerciala Carpatica whose manager opts for merger with another banking institution, according to several sources, says ...

The Competition Council analyses the taking over of the Millennium bank by OTP Bank

Monday, September 1, 2014

  The Competition Council analyses the taking over of the subsidiary in Romania of the Portuguese bank Millennium bcp by OTP Bank Romania, member of the Hungarian group OTP through which there follows an economic concentration, announced the authority on Wednesday.OTP Bank Romania signed at the end of July a contract for the acquisition of 100% of the shares of Millennium Bank Romania, the worth of the trading being 39 million ...

A third of Romanians trust banks and less than a half consider they are well informed in the field

Monday, September 1, 2014

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Only a third of Romanians trust banks and more than a half declare they are a little or very little informed about the financial system, and those who want to save say interest rates offered are too small and one needs a lot of money to deposit it in banks, according to a study made by the Fund for the Guarantee of Bank Deposits based on an opinion ...

VIG records H1 pre-tax profit of 1 mln euros, in Romania

Monday, September 1, 2014

Vienna Insurance Group (VIG) recorded in Romania, in H1 2014, a pre-tax profit of 1 million euros, compared to a loss of 17.9 million euros in the same period of last year, according to the results released on Tuesday by the insurance company. Moreover, VIG posted in Romania a volume of gross underwritten premiums of 165.2 million euros in ...

Bank of America Merill Lynch wants to strengthen its position on Romanian market

Monday, September 1, 2014

Bank of America Merrill Lynch is interested in strengthening its presence in Romania, according to a release of the Department of Energy.The Minister-delegate for Energy Razvan Nicolescu on Thursday held a meeting with Chris Saunders, Director for Central and Eastern Europe of the Bank of America Merrill Lynch.'We took note with satisfaction of Bank of America Merrill Lynch's intention to boost its presence in Romania. I told them we are glad that the ...

Arrears to local budgets at over RON 200 ml as of end-July

Monday, September 1, 2014

At the end of July 2014, payments more than 90 days past due (arrears) owed to the general budgets of administrative-territorial units amounted to 200.29 million lei, slightly higher from the 196.25 million lei registered at the end of 2013, shows data published by the Ministry of Public Finance. The counties with the highest arrears are Valcea - with 76.23 million lei (74.05 million lei at the end of 2013); Hunedoara - 56.23 million ...

Brokers: investing in energy companies can yield 3-5 times more than bank interests

Monday, September 1, 2014

The top six energy companies listed on the Bucharest Stock Exchange (BVB) have important gain potential, 3-5 times more than bank interests, the stockbroking firm Tradeville asserts.The high earning potential is especially due to expected dividends, which are among the most attractive on the market, Tradeville brokers say.As bank deposit interest keep their downtrend, and in some cases already plunged below 3 percent per ...

Subsidies for social insurance budget total 7.88 bn lei in first seven months

Monday, September 1, 2014

The subsidies for the social insurance budget, from which the state pays pensions, totaled 7.88 billion lei in the first seven months of 2014, according to the Ministry of Public Finance /MPF/. The total revenues of this budget amounted to 30.38 billion lei, and total expenditures stood at 30.26 billion lei. The deficit of the national health insurance fund, recorded in the first seven months, was 791.2 million lei. ...

Non-government loans decline for third consecutive month

Monday, September 1, 2014

Non-government loans continue their decline in Romania; the amount of household and corporate loans in July was smaller than in June, thus extending this trend to the third consecutive month. Nominal credit volumes expanded only in two months of 2014, National Bank of Romania (BNR, central bank) data show.According to data released by BNR on Tuesday, the balance of ...

Monetary indicators - July 2014

Monday, September 1, 2014

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According to the BNR data, at end-July 2014, broad money (M3) amounted to RON 240,739.5 million, up 0.4 percent month on month. In year-on-year comparison, broad money rose 6.6 percent (5.6 percent in real terms). Table 1. Monetary aggregates* ...

Rail Commercial Bank extends loans to beneficiaries of APIA subsidies APIA, under SAPS campaign

Monday, September 1, 2014

Rail Commercial Bank has signed the convention with the Agency for Payments and Intervention in Agriculture (APIA) on extending loans to beneficiaries of the single payment scheme per area (SAPS), under the 2014 campaign, the bank informs on Friday.Individuals and companies benefiting from APIA subsidies may require from Rail Commercial Bank loans in lei based on discounting subsidies, up to 90% ...

Financial association extends 235 M euros in H1 consumer credit, more than 20 pct up

Monday, September 1, 2014

The members of the Association of the Financial Companies (Romania ALB) extended 235 million euros worth of consumer credit in the first half-year, up by 20.5 percent from Jan.-June of 2013, with 89 percent of it being aimed for personal consumption, Romania ALB said in a release.Industrial crediting accounted for 7 percent (17 million euros) of the overall consumer lending, while car-purchasing ...

Opinion poll: Romanian bankers consider credit risk the main threat for banking system

Monday, August 25, 2014

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The credit risk is considered by Romanian bankers the main threat for the local banking system, the list of worries being completed by macroeconomic risk and that of derivative financial instruments, according to the PwC and CSFI Romania Banking Banana Skins opinion poll.   “As long as the rate of non performing credits continues to ...

Gothaer Romania replaces Astra as Tarom insurer

Monday, August 25, 2014

Gothaer Romania will insure Tarom’s ffeet composed of 24 airplanes starting with September 1, 2014 and until August 31, 2015, according to representatives from the German insurance company, writes Mediafax. “As a result of Tarom’s auction, which is over and which attracted Gothaer’s participation, our offer was deemed the winner. Gothaer will be the insurer of Tarom’s fleet for a period of 12 months ...

Viktor Boczan is Provident Romania’s new general director

Monday, August 25, 2014

British group International Personal Finance (IPF) announced on Friday the appointment of Viktor Boczan as general director for Provident Financial Romania. Boczan, 37, will be in charge of Provident’s strategic and operational development on the local market and will be responsible for consolidating its company’s position on the loan ...

Raiffeisen posts H1 net profit of 47 mln euros in Romania

Monday, August 25, 2014

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Austrian banking group Raiffeisen Bank International (RBI) announced on Thursday that, in the first six months of this year, its subsidiary in Romania recorded a net profit of 47 million euros, down by 16% compared to the result of 56 million euros recorded in the same period of last year, informs a bank's press release. RBI said that, in H1, the net revenue from interest rates in Romania fell slightly to 134 million euros, from 141 million euros last year, mainly ...

Financial watchdog: Market capitalization down in H1 for companies listed on Bucharest Stock Exchange

Monday, August 25, 2014

The market capitalization of the companies listed on the Bucharest Stock Exchange (BVB) totalled 131.569 billion lei at the end of the first half-year, down by 2.26 billion lei from end-December 2013, accounting for 19.86 percent of the gross domestic product estimated for 2014, says the Financial Supervisory Authority in a release. (1 euro=4.4 lei)When compared to the last ...

Capital market depository to connect to European settlement platform via SWIFT network

Monday, August 25, 2014

The capital market depository Depozitarul Central (DC) - the company conducting the offset-settlement operations for the stock exchange transactions - will connect to the Target2 Securities (T2) European settlement platform via the added-value communication network offered by SWIFT, the company announced on Wednesday.Choosing the provider of the connectivity services is an ...

Doubled amounts refused to payment result of seasonal activities, insolvencies

Monday, August 25, 2014

The spectacular surge in the amounts refused to payment by the banks in July can be explained by the seasonal character of several activities conducted over this period and also by the existence of a business climate that generates insolvencies, the Secretary General of the Romanian Businessmen's Association Cristian Parvan told Agerpres on Wednesday.'There can be various ...

Number of BVB shareholders, down to 1,427, in July

Monday, August 25, 2014

The Bucharest Stock Exchange /BVB/ had 1,427 shareholders at end-July, Romanian and foreign individuals and legal entities, fewer than at the end of the previous month, when the number of shareholders stood at 1,433, according to BVB reports. In July, the Romanian institutional shareholders increased their interests from 70% to 71.1%, whilst foreign institutional ...

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