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Financial & Banking

Reuters; Romania's Unicredit bank plays down consolidation prospects

Monday, May 25, 2015

Mergers in Romania's banking system are unlikely to happen any time soon because lenders are more inclined towards cheaper and less risky portfolio acquisitions, the chief executive of UniCredit Tiriac Bank said on Friday. The bank acquired the corporate portfolio of the Romanian unit of Royal Bank of Scotland last year and bought up RBS's retail portfolio in 2013. Also in 2013, rival lender Raiffeisen Romania bought the retail portfolio of Citibank's local ...

Isarescu: Three trends are obvious in terms of the future of the banking industry in Romania

Monday, May 25, 2015

The moderate increase in lending, the quality of credit and the higher importance of funding from local resources are the three trends to be seen in the future in the banking sector, the National Bank of Romania's (BNR) Governor Mugur Isarescu told a conference on the banking sector. "Mentioning that I am not trying to make predictions, as to not be punished by gods, it seems to me that three trends are obvious in terms of the future of the banking industry in Romania. The ...

Central bank's Isarescu supports euro adoption as possible catalyst of good economic policies

Monday, May 25, 2015

National Bank of Romania Governor Mugur Isarescu restated on Friday his support for the adopting of euro by Romania. "I hope that in Romania's case the objective of adopting the euro — an idea I have supported precisely because of this — would be both an anchor and a catalyst for good economic policies; the first step is the setting of realistic, clearly defined goals, around which a political and social consensus would crystalize, giving us a realistic roadmap instead of ...

FSA approved capital reduction for cash distribution at Proprietatea Fund

Monday, May 25, 2015

The Financial Supervisory Authority has approved the reduction of the subscribed social capital of the Proprietatea Fund from 11.575 billion lei to 10.965 billion lei, to distribute cash to the fund unit holders, the management company of the Fund announced on Friday in a report to the Bucharest Stock Exchange (BVB). The Bucharest subsidiary of Franklin Templeton Investment Management Limited UK, manager of the Proprietatea Fund, reported that the face value of the Fund's shares ...

CEC Bank's market share reached 7.69% in 2014

Monday, May 25, 2015

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CEC Bank's market share reached 7.69% in 2014, from 7.43% in 2013 and 4.03% in 2007, Radu Gratian Ghetea, President and CEO of CEC Bank, said on Tuesday at the opening of CEC Bank Ilfov Branch in Otopeni, north of Bucharest. "The market share has reached 7.69%. In 2007, when we started this project, we were talking about a market share of 4.03%. In 2013 we had a share of 7.43%, so we are following an upward trend despite the conditions on the market which were not in this ...

Libra Internet Bank recorded, in Q1 2015, a net profit of 8.4 million lei

Monday, May 25, 2015

Libra Internet Bank recorded, in Q1 2015, a net profit of 8.4 million lei, over three times higher versus than that in the similar period of last year, when it posted a profit of 2.4 million lei, according to a bank's press release issued on Wednesday."The Q1 results make us look at 2015 optimistically and confidently. We have reached the best quarter profit up so far and we have reduced the rate of non-performing loans below the market's average. In 2015 we will continue the ...

BRD CEO Philippe Lhotte: the bank's defrauding case will be successfully solved

Monday, May 25, 2015

BRD CEO Philippe Lhotte declared himself optimistic that the bank's defrauding case will be successfully solved and stressed that the institution "will continue to cooperate in utmost transparency with the authorities for the case to be finalised." In a release to the press issued on Tuesday evening, BRD CEO "welcomed the progress made in the investigation conducted by the organised crime authority DIICOT in the illegal lending case affecting the ...

BCR Leasing's net profit increased in Q1 2015 by 66%

Monday, May 25, 2015

BCR Leasing's net profit increased in Q1 2015 by 66% to 6.3 million lei, compared to 700,000 lei in the same period of 2014, with the growing figures having been brought by the funding extended mainly to small- and medium-sized enterprises, according to the financial data unveiled in a Monday's press conference by BCR Leasing IFN's CEO Bogdan Speteanu. According to the cited source, the company reached, at end-March, 8%, thus holding No. 3 among the largest leasing companies ...

Number of cards issued in Romania has increased by almost one million in the first quarter of the year

Monday, May 25, 2015

The number of cards issued in Romania has increased by almost one million in the first quarter of the year, to 46.8 million, and the active cards' number went up to 11.26 million, on an ascending trend by 220,000, but the number of transactions and their value, too have decreased as against the end of 2014, say the data released by the central bank (National Bank of Romania, BNR). In addition, the number of ATMs and POSs installed in Romania has grown by 23 for the ATMs, to ...

Private pension funds held, at end-March 2015, over 17% of BVB shares

Monday, May 25, 2015

Romania's private pension funds held, at end-March 2015, over 17% of the Bucharest Stock Exchange /BVB/ shares, according to the data that the Financial Supervisory Authority /ASF/ unveiled at the International Insurance-Reinsurance Forum FIAR 2015. The mandatory private pension funds (Pillar II) had investments of 46 million lei in BVB shares (16.21% of BVB shares), while optional private pension funds (Pillar III) - 3 million lei (0.91%). According to the ...

OTP Bank Romania sways to EUR 1.3 mln profit in Q1

Monday, May 25, 2015

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OTP Bank Romania achieved a EUR 1.3 million profit in the first quarter of the year, after loss amounting to EUR 5.18 million in the last quarter of 2014, the strengthening of Millennium Bank having a significant impact on the profit dynamics and on balance. The result includes a EUR 1.36 million loss of Millennium Bank. According to the financial report of the Hungarian group as quoted by Mediafax, ...

Generali Group, a net profit of 682 million euros in Q1 201

Monday, May 25, 2015

Generali Group recorded a net profit of 682 million euros in Q1 2015, which is up 3.3 per cent from the similar period of 2014, representatives of the insurer announced on Thursday. The performance of financial markets in Q1 allowed the Group to consolidate its capital position, with a Solvency I rate of 168 per cent, by 12 percentage points higher. Taking into account the sale of BSI, the pro-forma rate ratio reached 177 per cent. The value of Generali ...

Fiscal Council favorably approves with reserves the 9% VAT reduction for food and restaurant services

Monday, May 18, 2015

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 The Fiscal Council favorably approves but with reserves the emergency order amending and completing the Fiscal Code Law.   “The Fiscal Council cannot validate without reserves the financial impact of expanding the area of application of the reduced VAT share as of June 1, 2015 was taken into account in the prognosis of budget incomes and does not ...

Isarescu: I don’t believe in the accession to euro target without a road map starting this moment

Monday, May 18, 2015

The BNR governor, Mugur Isarescu appreciates that the roadmap for the accession to the euro zone is more important than the date when it happens but if this lacks it is useless to have debates for 1 January 2019, as considering that the discussion is dangerous when speaking about the target only. ‘I don’t believe in an interval without a roadmap starting this moment. It is not 2019, that which one, if you don’t have a roadmap? We toss ...

Bloomberg: Romanian Inflation Slows in April on Drop in Natural Gas Prices

Monday, May 18, 2015

  Romanian inflation slowed in April as natural gas prices declined. Consumer prices advanced 0.7 percent from a year earlier compared with 0.8 percent the previous month, the National Statistics Institute said Tuesday in an e-mailed statement. That matches the median estimate of 13 economists surveyed by Bloomberg. Prices rose 0.1 percent from March. The central bank warned last week that Romania will probably experience ...

Erste Group Report: Investments in CEE: switching into the next gear of growth

Monday, May 18, 2015

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Six things you should know about the growth outlook in CEE: Investments in CEE turned a corner in 2014 and are continuously on the up This time, domestic savings and EU transfers are in the driving seat of financing investments, with FDIs becoming less important Doubling investment dynamics to 10-15% would boost potential GDP growth in ...

SIF Oltenia, unaudited profit of 5.69 million lei in Q1

Monday, May 18, 2015

 SIF (Financial Investment Company) Oltenia has closed the first quarter of 2015 with an unaudited profit of 5.69 million lei, by 17.9 percent smaller than the one recorded in the similar period of 2014, according to the report published on the Bucharest Stock Exchange (BVB) site. (1 euro=approx. 4,5 lei) In the first quarter of 2014, the profit of SIF Oltenia advanced to rd 6.93 million lei. As for the loan-loss provisions, ...

BCR wants to keep in 2015 the 2014 trend in terms of housing contracts

Monday, May 18, 2015

For 2015 we plan to keep the 2014 trend in terms of housing contracts, and our partners, in a proportion of 5, 10 and 15 per cent, expect the real estate market to keep its growing pace this year, Romanian Commercial Bank (BCR) Partners Office's Head Teodor Mincu said on ...

Sobolewski: Romanian companies are unaccustomed to taking advantage of the capital market

Monday, May 18, 2015

Bucharest Stock Exchange CEO Ludwik Sobolewski, addressing on Thursday the "2015 Angel Summit" organized by the European Business Angels Network in Eindhoven - the Netherlands, said that implementing in Romania a market dedicated to SMEs was a difficult task, because the companies were unaccustomed to taking advantage of the capital market and attracting ...

SIF Transilvania , unaudited net profit of 24 million lei in Q1

Monday, May 18, 2015

The Financial Investment Company (SIF) Transilvania posted am unaudited net profit of 24 million lei in the first quarter of this year, swinging back to black after having seen loss at the end of the similar period of 2014, shows the quarterly report published on the website of the Bucharest Stock Exchange. "Compared with the first quarter of the previous tax year, when the company recorded a loss of 0.37 million lei, in Q1 2015 the company made a net profit ...

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