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Financial & Banking

Remarks by Vice-President Dombrovskis at the ECOFIN press conference

Monday, December 11, 2017

Brussels, 5 December 2017 Thank you, Toomas. I would like to thank you and your team for all the work that you have done during the past six months. The Estonian Presidency has managed to make progress on many challenging files and keep them high on the agenda. You conclude your Presidency with several landmark decisions on tax. A decision was made by Member States today on the list of non-cooperative tax ...

PayPoint Romania’s transactions up by 6.6 pct to 38.8 million in S1

Monday, December 11, 2017

PayPoint Romania’s transactions went up year-on-year by 6.6 percent to 38.8 million in the first semester of the financial year 2017-2018, with evolutions in all payment segments of the portfolio, business-review.eu reads. After closing the reference period in October, PayPoint announced the finalization of acquisition process of Payzone S.A. Mugur Dogariu, managing director PayPoint Romania ...

BNR representative against the idea of  caps on interests for loans: it is not part of the logic of market Economy

Monday, December 11, 2017

In connection with the legislative proposal through which the interests to loans for the population could be limited to at most 50% over the key interest of BNR Daniel Daianu, member of the Board of Central bank - BNR stated on Friday that the measure is not part of the logic of market economy. ‘Interests represent, in essence, the price of the loan, they reflect the creditation conditions and they depend, among other ...

Leader Team Insurance Broker announces a British investment from  Londongate Group

Monday, December 11, 2017

Leader Team Insurance Broker announces a British investment from Londongate Investment and Management Group, a press release sent to ACTMedia informs. Londongate is an UK-based company with more than 18 years of experience in the insurance market being developed in Europe, Asia, Africa and the Middle East, and from this year decided to entering into Romanian market. The two companies started working together back in 2016 when Leader Team was looking ...

Garanti Leasing signs loan agreement for EUR 15 mln with European Fund for Southeast Europe

Monday, December 11, 2017

Garanti Leasing, part of Garanti Romania, has signed a loan agreement of EUR 15 million with the European Fund for Southeast Europe (EFSE), business-review.eu reads. The facility is meant to increase access to financing for local micro and small enterprises and individual entrepreneurs. This is the second time Garanti Leasing partners with EFSE. Previously, the two institutions have signed an agreement in 2014, ...

Voinea on National Bank of Romania's report on financial stability

Monday, December 11, 2017

The National Bank of Romania's report on financial stability pinpoints five risks, of which three moderated but rising risks, one of them being the straining of domestic macroeconomic balances through slippages and uncertainties in the budget fiscal policy, Deputy Governor of BNR Liviu Voinea stated. "From the date of the previous report, May 2017, financial stability has kept strong but we notice the maintenance and accumulation of certain vulnerabilities, ...

EBRD to help Romania develop priority infrastructure projects

Monday, December 11, 2017

The European Bank for Reconstruction and Development (EBRD) said on Friday that it is committed to work with the Romanian authorities to develop priority infrastructure projects in the country, seenews.com informs. During a working visit to the EBRD headquarters in London, Romania's transport minister Felix Stroe discussed with EBRD managing director for infrastructure, Jean-Patrick Marquet, about the urgent need to develop the country's ...

Bucharest Stock Exchange reached 88 issuers at the end of last month

Monday, December 11, 2017

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The Stock Exchange reached 88 issuers at the end of last month, after five companies had listed on the Main Market in the past 12 months, which is a performance for the local stock exchange, President of the Board of Governors at the Bucharest Stock Exchange (BVB) Lucian Anghel stated. "The Bucharest Stock Exchange kept on accelerating at full throttle this November as the stock market witnessed two listings of shares worth a total of 64 million euro and 1.2 ...

Individuals with arrears exceeding 30 days dropped 1.56 per cent in October

Monday, December 11, 2017

Number of individuals with arrears exceeding 30 days, with the banks and non-banking financial institutions, dropped 1.56 per cent in October, compared with the previous months, down to 669,023, as shown by the National Bank of Romania (BNR). These people had cumulated arrears worth more than 7.53 billion lei. The most part of the amount was expressed in lei and euro, 2.99 billion in lei and 3.11 billion lei in euro respectively. By delay category, the ...

BNR: financial assets held by non-profit institutions serving households, down by 8.7% year-on-year

Monday, December 11, 2017

The financial assets held by non-profit institutions serving households registered a total value of 9.4 billion lei at end-2016, down by 8.7% year-on-year, shows a report of the National Bank of Romania (BNR). "The value of assets in the cash and deposits category increased by 12.3% in 2016, having reached 5.7 billion lei at end-December, accounting for 60.4% of the total financial assets of the sector. The largest share in the total of such instruments was ...

Norwegian group to buy EUR 270 mln bad loans from Raiffeisen Bank Romania

Monday, December 11, 2017

Norwegian group B2 Holding is in negotiations to acquire a bad loan portfolio worth EUR 270 million from Raiffeisen Bank Romania, according to market sources, romania-insider.com informs. The acquisition price is estimated at about EUR 30 million, bank representatives told local mergers & acquisitions ...

The Banker: UniCredit, the ‘Bank of the Year’ in Romania

Monday, December 11, 2017

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UniCredit received from The Banker the ‘Bank of the Year’ award in Romania, Bosnia Herzegovina and Germany, a press release informs quoted by romaniajournal.ro. “These prestigious awards reconfirm the Group’s achievements and the effort of the people throughout the organization. It would not have been possible without the involvement of our employees and without the loyalty of our customers, and we will ...

Operational leasing market has exceeded 66,000 units in management at the end of Q3 of 2017

Monday, December 4, 2017

The operational leasing market has exceeded 66,000 units in management at the end of the 2017 third quarter, thus generating a 11 pct increase, Y-o-Y, informs a press release of the Association of Operational Leasing Companies (ASLO) sent on Wednesday. January through September of the same year, approximately 13,000 new vehicles were registered by operational leasing companies, representing a 15 pct share of the overall number of new registrations (90,959 cars and light ...

Romania ranks 42nd in the PwC Paying Taxes 2018 global index

Monday, December 4, 2017

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Romania climbed 8 ranks, up to the 42nd place in the PwC Paying Taxes 2018 global index, which measures the ease of paying taxes for a typical company in 190 countries around the world, business-review.eu reads. “This is the best ranking of Romania since PwC started measuring the Paying Taxes index, which highlights the progress made by Romania in recent years, by facilitating the online tax payments and by decreasing the total tax burden. Basically, Romania has now ...

Fitch: CEE Bank Outlooks Stable, Helped by Economic Momentum

Monday, December 4, 2017

 The banking sector outlooks in central and eastern Europe (CEE) in 2018 are stable, helped by solid economic momentum and wage growth, low unemployment, acceleration in EU fund disbursements and a growth upswing among eurozone trading partners, Fitch Ratings says în a statement. We expect a marginal improvement in overall profitability, particularly in the Czech Republic, Poland and Romania. Funding, asset quality and capitalisation metrics should remain healthy.We ...

VIG's 9-mo pre-tax profit in Romania rises despite lower premiums

Monday, December 4, 2017

The Vienna Insurance Group (VIG) said on Wednesday its profit before tax from operations in Romania has increased by an annual 39.0% to 8.9 million euro ($10.5 million) in the first nine months of 2017, despite a drop in total gross written premiums, seenews.com informs. VIG's total gross written premiums in Romania fell by 4.7% year-on-year to 373.4 million euro in the January-September period, VIG said in an interim financial statement. Motor third party liability (MTPL) ...

Number of bad-payers increases in Romania as repayments of over 670,000 Romanians to banks, NBFIs in arrears

Monday, December 4, 2017

The number of bad-payers in Romania is on the increase, as the repayments of over 670,000 Romanians to banks and non-banking financial institutions (NBFIs) are in arrears, with the number increasing from one month to the next. According to a special analysis, over 100,000 debtors were monitored on the Internet in November, and the repayments to banks and NBFIs of more than 670,000 Romanians were found in arrears, increasing on a monthly basis. Amidst a strong appreciation of ...

ING closes private banking division in Bucharest

Monday, December 4, 2017

Dutch group ING will close down its private banking division in Bucharest from January 1 next year, reports local Ziarul Financiar, romania-insider.com ...

Romania’s Banca Transilvania moves into Moldova

Monday, December 4, 2017

Moldova’s crisis-hit banking sector moved a step closer to recovery with the announcement in November that Romania’s Banca Transilvania has agreed to take over troubled lender Victoriabank. News of the acquisition, which will be the first by a foreign bank in Moldova since 2007, came almost exactly three years after $1 billion was stolen from three of the country’s leading banks in as many days. The resultant bailout cost more than 10% of ...

Overall value of overdue loans in lei of households and companies declined by 2.3 percent in October 2017

Monday, December 4, 2017

The overall value of overdue loans in lei of households and companies, recorded in October 2017, stands at 5.513 billion lei, declining by 2.3 percent compared to the amount reported in September, and the overdue loans in foreign currencies slightly went up by 0.11 percent to 6.909 billion lei (equivalent), according to a report of the National Bank of Romania (BNR). The overall loans in lei amounted to 143.93 billion lei in October (a value by 0.6 percent over the value of ...

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