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Financial & Banking

RBI's 9-mo net profit in Romania drops on new mortgage default law

Monday, November 21, 2016

Raiffeisen Bank International (RBI) said on Wednesday its net profit from operations in Romania fell 25.3% to 64 million euro ($69 million) on the year in the first nine months due to charges related to a mortgage default law, seenews.com reports. "New legislation in Romania concerning private mortgage loans (“Walkaway Law”) gave rise to a charge of 39 million euro as a result of the expected take-up rate," RBI said in its ...

OTP Bank net profit in Romania down by 12 percent

Monday, November 21, 2016

The net profit of OTP Bank in Romania dropped by 12 percent year-on-year in the first nine months of 2016, to EUR 7.05 million, business-review.eu reads. Concurrently, revenues decreased by 10 percent, according to data published by the bank on Friday. In Q3, the net profit contracted year-on-year by EUR 1.9 million. Compared to Q2, the drop in net profit was 40 percent. According to OTP representatives, the drop in the net ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 4 November 2016

Monday, November 14, 2016

The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board member; Gheorghe Gherghina, Board member; Ágnes Nagy, Board member; and ...

BSTDB chairman: the strategy for the period 2015-2016 focuses on the support of operations in the real economy

Monday, November 14, 2016

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The Black Sea Trade and Development Bank (BSTDB) recorded a considerable success in the development of the activities in Romania in 2015 and at present it represent little over 13.6% of the total portfolio of contracted operations, which places it third after Turkey and Russia, states the chairman of the Bank for Commerce and Development of the Black Sea (BSTDB) Ihsan Ugur Delikanli in an interview offered to ...

Payments with the card increased by 59% in the Romanian online shops up to 434.2 million euro (study)

Monday, November 14, 2016

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The value of the online payments with card in the 3DSecure system on Romanian online shops recorded an increase of 59% in the first three quarters of 2016 as compared to the same period of last year and at the end of September 2016 there were online payments worth over 434.2 million euro against 273,2 million euro processed in the first 9 months of 2015, according to a study. The number of tradings online through card increased significantly between ...

Romania's Oct deflation softens to 0.4% y/y

Monday, November 14, 2016

Romania's annual consumer price deflation decelerated to 0.4% in October from 0.6% in September, data from the statistics office, INS, showed on Friday, quoted by seenews.com. Food prices were up 0.49% on the year in October, while non-food prices fell 0.8%, INS said in a statement. Prices in the services sector went down 1.11%. On a month-to-month basis, the consumer price index (CPI) rose 0.43% in ...

Ludwik Sobolewski (BVB): in order for Romania to have a bigger capital market, large companies will have to be listed

Monday, November 14, 2016

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The next government of Romania will have to understand that in order for Romania to have a bigger capital market, large companies will have to be listed, which is important to Romania's economic prosperity, Director General of the Bucharest Stock Exchange (BVB) Ludwik Sobolewski told ...

Greg Konieczny: Romanian capital market too small for country size, Fondul Proprietatea scale

Monday, November 14, 2016

The Romanian capital market is too small compared to the country's size and far too small for the scale of Fondul Proprietatea, and the government should get involved in the development thereof, argues Greg Konieczny, Templeton Emerging Markets Group executive vice-president and portfolio manager with Fondul Proprietatea in an interview with Agerpres. "We've ...

Rise of 59 percent in 3D Secure online card payments in the first three quarters of 2016

Monday, November 14, 2016

Romanian online shops have reported a rise of 59 percent in 3D Secure online card payments in the first three quarters of 2016, compared with the same period of the year before, to over 434.2 million euros as of end-September 2016, from 273.2 million euros in the first nine months of 2015, show findings of a study released on ...

Population's past-due loans with banks and non-banking financial institutions decreased this September from August 2016 by 19 percent

Monday, November 14, 2016

The population's past-due loans with banks and non-banking financial institutions (NBFIs) decreased this September from August 2016 by over 2 billion lei (19 percent) from 10.9 billion to 8.8 billion lei, shows data released by the National Bank of Romania ...

NBR Board decisions on monetary policy:to keep unchanged the monetary policy rate at 1.75 percent per annum

Monday, November 7, 2016

In its meeting of 4 November 2016, the Board of the National Bank of Romania (NBR) decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to pursue adequate liquidity management in the banking system; and to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities ...

Main Romanian stock market index had a single drop in the area in October

Monday, November 7, 2016

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The main index of the Romanian stock market had a single drop in the area in October, according to BVB data. BET index, showing the evolution of the most liquid 10 shares dropped by 1.81%. In the Czech republic, the main index had an increase of 5.33%, in Bulgaria 4.38%, in Hungary 4.31%, in Poland 3.45%, Austria -2.32% and in Croatia 0.07%. “BVB had in October a slight drop. The main BVB index - BET and BET Total Return ...

Half of FIC members consider fiscal burden is not competitive

Monday, November 7, 2016

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Half of the members of the Foreign Investors’ Council (FIC) consider fiscal burden is not competitive and the legislative process worsened, according to an opinion poll made by the organization and released to the press. “On one hand, FIC members expect a moderate business increase for 2017. More than half (60%) of respondents foresee such an increase for their businesses. They foresee both an increase of the local market and for export, a ...

Romania needs 20 years to join the euro zone at current growth pace, says Bucsa (UniCredit)

Monday, November 7, 2016

GDP per capita in Romania is currently less than 60 percent below the EU average and most likely it will need to reach a level of about 80-90 percent before joining the Euro area, thinks Dan Bucsa, economist with UniCredit London, quoted by business-review.eu. Getting there would probably take Romania 20 years given its current growth pace, he added. “I don’t think we will see a country joining the euro ...

Norwegian debt purchaser B2Holding sees Bulgaria, Romania as key markets in SEE

Monday, November 7, 2016

Norwegian debt solutions provider B2Holding sees the non-performing loan markets in Bulgaria and Romania as having the biggest growth potential among the countries in the Southeastern European region, a senior company official said quoted by seenews.com.  "The share of NPLs from banks [in our portfolio] in Bulgaria has not reached 50%. That was due to the investment capacity of Bulgaria's DCA [Debt Collection Agency]," the company's director ...

EBRD forecast: growth slowly picking up despite continuing global turmoil

Monday, November 7, 2016

Growth across the EBRD region is expected to pick up in 2016 and 2017 despite continued major risks, according to the Bank’s latest economic forecasts. Depressed commodity prices and ...

Insurers in Romania notify the EC over freezing of RCA insurance prices

Monday, November 7, 2016

Insurance companies from Romania have notified the European Commission through the National Union of Insurance and Reassurance from Romania (UNSAR) following the government’s decision to let the Financial Supervision Authority (FSA) enforce mandatory insurance prices of auto civil responsibility (RCA) for six months, claiming that the authorities gave in on the transporters’ pressure, business-review.eu informs. “As a result of the ...

BRD - Groupe Societe Generale reported 586.38 million lei in net profit for the first nine months of 2106

Monday, November 7, 2016

BRD - Groupe Societe Generale has reported 586.38 million lei in net profit for the first nine months of 2016, up 67.3pct from the similar period of 2015, according to financial results published on Thursday. The bank's gross profit in the same period parked at 691 million lei, up 64.4pct from 420 million lei in September 2015. In the same period, the bank's revenue advanced 9.9pct, from 1.8 billion lei in January-September 2015, to over 2 ...

A new BVB's service: "What you must know before the start of the BVB session"

Monday, November 7, 2016

A new service offered by the Bucharest Stock Exchange (BVB) titled "What you must know before the start of the BVB session" is available, starting 3 November, on the institution's website, the BVB announced in a press release. The new functionality will aggregate relevant information in the beginning of each day, which will be taken from the BVB's website. "This service is part of a large range of instruments and services offered by the BVB ...

Franklin Templeton gets new term as Romania's Fondul Proprietatea manager

Monday, November 7, 2016

The shareholders of Romanian property restitution fund Fondul Proprietatea [BSE:FP] approved on Monday the continuation of the mandate of Franklin Templeton as sole administrator and fund manager. Franklin Templeton Investment Management Ltd. United Kingdom will continue to act as the alternative investment fund manager and sole director of Fondul Proprietatea, the board of nominees said in a statement filed with the Bucharest Stock Exchange, BVB, ...

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