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Financial & Banking

Balance of the non-government loans granted by credit institutions increased by 0.9 percent in October

Monday, November 28, 2016

In October 2016 the balance of the non-government loans granted by credit institutions increased by 0.9 percent (0.4 percent in real terms) compared to September 2016, to the 218.75 billion lei level, due to credits in lei, in general, and especially to those granted to households, according to the National Bank of Romania (BNR) data sent on Thursday. The loans in lei expanded by 1.2 percent (0.8 percent in real terms), while the foreign currency-denominated ...

Total deposits of non-government resident customers in Romania advanced 0.1 percentage in October

Monday, November 28, 2016

Total deposits of non-government resident customers in Romania advanced 0.1 percentage in October 2016 on a monthly, to 258.9 billion lei (RON), according to data released on Thursday by the National Bank of Romania (BNR). RON-denominated household deposits increased by 0.6 percent to RON 97,654.9 million. At end-October 2016, household deposits in domestic currency rose by 10.8 percent (11.3 percent in real terms) against end-October ...

EBRD reduced its equity stake in Banca Transilvania

Monday, November 28, 2016

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The European Bank for Reconstruction and Development (EBRD) has reduced its equity stake in Banca Transilvania, one of the leading banks in Romania. On 22 November, the bank sold 104.5 million shares, representing 2.9 per cent of Banca Transilvania's share capital, through a private placement led by the investment firm Wood & Company, according to an EBRD press statement ...

Vienna Insurance Group profit in Romania up by 16.6 pct in first three quarters of 2016

Monday, November 28, 2016

Vienna Insurance Group companies have posted a 16.6 percent rise in profits and a 30.3 percent premium growth on the Romanian market in the first three quarters of 2016, business-review.eu reports. Overall, Vienna Insurance Group’s profit stood at EUR 301.3 million and the rise in premiums to around EUR 7.0 billion. VIG’s profit before taxes rose in the first three months of 2016, with the CEE markets contributing to around 65 percent of ...

BNR's Georgescu: Modern banking brokerage in Romania can be thought only in consonance with fiscal transparency

Monday, November 28, 2016

Modern banking brokerage in Romania can be thought only in consonance with fiscal transparency, and the banking secret is not vanishing, but is consolidating, First Deputy Governor of the National Bank of Romania (BNR) Florin Georgescu told a conference on fiscal topics. "Banking brokerage in Romania can be thought only in consonance with fiscal transparency. As we noticed in the latest developments on an international level, the banking secret is not ...

BVB is preparing to launch a portal for investors

Monday, November 28, 2016

 Bucharest Stock Exchange (BVB) is preparing to launch a portal for investors that gathers all the information regarding/about a company that an investor might need, all the mandatory briefings, other data from the company, press news about the respective company and a module dedicated to analysts' reports, declared Daniela Serban, director ...

BVB: Compliance with the corporate governance requirements is important

Monday, November 28, 2016

Compliance with the corporate governance requirements is important because it increases company value, but investors can accept compliance variations if company representatives provide well-grounded explanations, president of the Bucharest Stock Exchange (BVB) Lucian Anghel on Tuesday told an event devoted to enhancing investor confidence in listed companies. "We strongly believe that corporate governance helps increase the company's value so that it is ...

Banca Transilvania, BCR and Garanti Bank win contract with ANAF

Monday, November 28, 2016

The National Tax Administration Agency (ANAF) has assigned the 1.87-million lei contract (without VAT) on the acquisition of services for the online payment of taxes, fees, contributions and other sums to the state budget through the National Electronic Payment System to three banks - Banca Transilvania, Banca Comerciala Romana (BCR) and Garanti Bank. According to an announcement posted on the website of the Electronic Public Procurement System (SEAP), the ...

Payments by debit instruments refused by banks have increased by 30 percent in October

Monday, November 28, 2016

The amount of payments by debit instruments refused by banks have increased by 30 percent in October compared to September, from 248.49 million lei to 323.13 million lei, the data collected by the Payment Incidents Register (PIR) of the National Bank of Romania (BNR) reveals. In comparison to last year, the payments with debit instruments refused by banks dropped by approximately 40 percent, taking into account that in November 2015, they stood at 450.57 ...

ARB joined the European Banking Institute as a supporting member

Monday, November 28, 2016

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The Romanian Banking Association (ARB) joined the European Banking Institute as a supporting member with the mission to strengthen the Europe-wide partnership between academia and the financial industry; ARB nominated the Bucharest Academy of Economic Studies (ASE) for the position of academic member of the Institute, the Association said in a ...

Iohannis: It is not good for Romania to get fixated on a deadline for accession to Eurozone

Monday, November 21, 2016

 Romania is at a non-stage as far as its accession to the Eurozone is concerned, President Iohannis said Thursday in northwestern Cluj-Napoca, adding that it is not good for Romania to get fixated on a deadline for ...

IER study: Romania could be ready to adopt euro in 13 years from now

Monday, November 21, 2016

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Romania could join the Eurozone 13 years from now - if the country sustains the average growth rate of the last 15 years, according to a new study conducted by the European Institute of Romania, seenews.com reports. „If Romania would keep the growth pace from the 2000-2015 period, then it could reach the average of the Eurozone in 27 years, while 75% of the Eurozone average could be reached by our country in 13 years," says the study "Romania ...

Romanian economy might be ready to adopt euro in 13 years, says study

Monday, November 21, 2016

The country needs another 13 years before attempting to join the Euro zone based on the average growth rythm of the last 15 years, according to a new study coordinated by Daniel Daianu, member of the administration board at the National Bank of Romania, business-review.eu informs. „If Romania would keep the growth rythm registered in the 2000-2015 period, then it could reach the average of the Euro zone in 27 years, while 75 percent of the Euro ...

European Commission admits UNSAR complaint over RCA fees capping; Gov't has 10 weeks to reply

Monday, November 21, 2016

The European Commission admitted the complaint of the National Union of Romania's Insurers and Reinsurers (UNSAR) regarding the capping of the RCA mandatory liability insurance premium fees; the government has 10 weeks to respond, UNSAR said on Thursday. "The National Union of Romania's Insurers and Reinsurers received a letter from the European Commission announcing us that our complaint has been admitted and is being looked into. According to the ...

A third of the population in the villages own a banking account

Monday, November 21, 2016

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The rural environment of Romania is weakly adapted to the banking system, taking into consideration that only over one third (35%) of the population in this area own a banking account and many of the ones who stated that they don’t have a banking card say they had one but they don’t want to have a new one, according to a study presented on the occasion of the anniversary of 20 years of cards in Romania. ‘In Romania, over a third of ...

Euroins Romania's Jan-Oct premium income rises on third-party liability insurance

Monday, November 21, 2016

The premium income of Euroins Romania for the first ten months of 2016 rose by 21.3% year-on-year, reaching 158 million euro ($169 million), the insurer’s Bulgaria-based parent Eurohold [BUL:4EH] said on Wednesday. In October alone, Euroins Romania’s premium income increased 46.4% on the year to 18.7 million euro, Eurohold said in a filing with the Sofia bourse. Euroins Romania's premium income from third-party ...

NN registers gains on life insurance premiums in Romania and growing assets on pensions arm on nine months

Monday, November 21, 2016

NN Asigurari closed the first nine months of the year with assets worth RON 14.9 billion in Romania, out of which RON 11 billion on pillar II of mandatory pensions, says the data published on Thursday by the company quoted by business-review.eu. NN had assets worth RON 3.2 billion on life insurances segment at the end of September, RON 783.2 million on pillar II of facultative pensions and RON 11 billion on pillar II of mandatory pensions, says ...

ING plans to double staff in global software hub from Romania

Monday, November 21, 2016

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The ING Software Development Center in Romania, which handles the devleopment of banking solutions that are scalable at global level, will double its number of IT experts in the next two years to over 500, business-review.eu reads. At present, the hub is working with 11 subsidiaries within the group, developing apps for core banking, software ATM, financial markets, data management. Alongside the increase in the number of employees, the center will ...

Bulgarian and Romanian Tax Authorities will Fight VAT fraud

Monday, November 21, 2016

Bulgarian and Romanian tax authorities agreed ?n making inspections of the high risk goods at the border between the two countries, during a meeting in Veliko Turnovo, on 16 November, according to the National Revenue Agency quoted by novinite.com. The aim is to strengthen the cooperation between Bulgaria and Romania in the field of a Value- Added Tax (VAT) and in the field of high risk goods. Inspectors from both ...

FP recorded a 570.7 million lei net profit in the first months of 2016

Monday, November 21, 2016

Fondul Proprietatea (FP) recorded a 570.7 million lei net profit in the first months of 2016, up from losses of 432.4 million lei in the same period of 2015, show data disclosed by FP to the Bucharest Stock Exchange (BVB) on Tuesday. As for the global outcome, it reached 417 million lei at 30 September 2016. "Gross dividend income for the ...

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