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Financial & Banking

BCR inks EUR 25 mln financing deal with TMK-ARTROM Slatina

Monday, February 6, 2017

BCR has inked a EUR 25 million financing deal with TMK-ARTROM Slatina, the steel pipes maker, business-review.eu reads. The loan, which has a 7-year maturty, will be used for the acquisition of a thermal treatment line, scheduled to start the operation in the third quarter of this year, increasing the output of the Slatina plant. „As a result of the investment, the annual capacity of the thermal treatment line will be of 160,000 tones. Once this ...

BSTDB cooperates with Transkapitalbank

Monday, February 6, 2017

The Black Sea Trade and Development Bank (BSTDB) is providing EUR 20 million to Transkapitalbank in Russia (TKB), business-review.eu reads. The five-year loan will facilitate access to finance for Russian small and medium sized enterprises (SMEs). In line with the economic policy priorities of the Russian Government, the proceeds of the loan will support SME sector development, which forms the core of the Russian market economy and will ...

Gerald Grull appointed head of Asset Management Retail Europe at IMMOFINANZ

Monday, February 6, 2017

Gerald Grull (46) has been appointed head of Asset Management Retail Europe at IMMOFINANZ, business-review.eu reports. In this function, he will be responsible for IMMOFINANZ’s retail portfolio in Europe. “We are pleased to welcome Gerald Grüll, an experienced real estate and retail expert, to IMMOFINANZ. He and his team will continue the expansion of our STOP SHOP retail parks and VIVO! shopping centers and further optimise the ...

CSAT to analyse budget: Finance Ministry posts new version of the draft, cuts and increases reported

Monday, January 30, 2017

President Klaus Iohannis has summoned the Supreme Defence Council (CSAT) on Tuesday in order to analyse the budget allotted to the institutions in the field of national security. “The draft state budget for the institutions in the field of national security, sent by the government, has arrived this afternoon (Friday – our note) at the CSAT secretariat. In this regard, Romania’s President Klaus Iohannis has decided the summoning with celerity of the Supreme Defence ...

Budget deficit at end-2016, below estimates

Monday, January 30, 2017

Consolidated state budget deficit climbed to RON 18.3 billion at end-2016, from RON 5.5 billion after the first 11 months, representing 2.41 percent of gross domestic product (GDP), Ministry of Public Finances (MFP) data reveal. The general consolidated budget includes both state budget (current expenses of the state) and social budget (public pensions and unemployment). For the whole year, the budget deficit was set at about RON 21 billion by the previous government, equivalent to ...

French presidential hopeful says EU’s ‘3% public deficit dogma must end’

Monday, January 30, 2017

During a TV debate, Wednesday, 25 January, both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU’s “3% deficit dogma”, EurActiv France reports. It was a tense Manuel Valls that faced up to ...

Loan debt of Romanian firms and individuals falls slightly in December

Monday, January 30, 2017

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The total back payments loans in the local currency of the population and firms registered in December 2016, amounted to RON 5.82 billion, which is a drop of 2.02 percent compared with the amount in November and the back payments loans in foreign curreny dropped by 4.12 percent to RON 7.45 billion, according to a report of the National Bank of Romania (BNR), business-review.eu informs. The total loans in the local currency reached RON 126.2 billion in December (by 0.4 percent over ...

APAPR calls on the government to rise the contribution to the mandatory second pillar private pensions for 2017

Monday, January 30, 2017

Romania's Privately Managed Pension Funds Association (APAPR) calls on the government to rise the contribution to the mandatory second pillar private pensions for 2017, according to the law providing for a gradual growth by 0.5 percentage points a ...

Romanian private pension funds' assets grow in 2016

Monday, January 30, 2017

Net assets under the management of Romanian mandatory private pension funds increased 27.5% on the year to 31.46 billion lei ($7.5 billion/6.9 billion euro) in 2016, the financial supervision authority, ASF, said on Friday, seenews.com reports. Government securities had the highest share in mandatory private pension funds' assets, of 64%. Shares came in second with 18.73% and bank deposits were third with a 7.17% share, ASF said in a statement. The number of contributors to the ...

Fondul Proprietatea plans to buy back 640 million share

Monday, January 30, 2017

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Fondul Proprietatea plans to buy back 640 million shares - in the form of both shares and global depositary receipts (GDRs) - under its 7th buyback program, reads an ad on the website of the Bucharest Stock Exchange (BVB). Franklin Templeton Investment ...

BNR: At end-December 2016, household deposits in domestic currency rose by 13.0 percent

Monday, January 30, 2017

RON-denominated household deposits increased by 3.6 percent to RON 103,643.6 million. At end-December 2016, household deposits in domestic currency rose by 13.0 percent (13.7 percent in real terms) against end-December 2015, reads a National Bank of Romanian (BNR) release sent on ...

Non-government loans went down 0.2 percent in December

Monday, January 30, 2017

 The non-government loans went down 0.2 percent in December from the previous month, to RON 220,091.3 million, reads a press release the National Bank of Romania (BNR) issued on Wednesday."At end-December 2016, ...

Bloomberg: Greek Eurobank seeks strategic partner for Romania's Bancpost -source

Monday, January 30, 2017

Eurobank has hired HSBC and Mediobanca to help it find a "strategic partner" for its Romanian subsidiary, a source at the Greek bank said on Monday, Bloomberg correspondent informs. Major Greek banks are looking to reduce their exposure abroad and strengthen their capital base under the terms of the country's latest multi-billion euro financial bailout Bancpost, with total assets of 2.8 billion euros, has a network of 147 ...

Fitch keeps constant the ratings for Bucharest, due to the high operational performances

Monday, January 23, 2017

The company for financial evaluation Fitch kept constant the ratings for Bucharest with stable perspective, due to the high operational performances,supported by a level of the debts and their service in accordance with the ratings and the solid taxing basis. Ratings for long term debts in foreign currency and in lei was kept at the level BBB-. In case of the long term debts in foreign currency, the rating was kept at F3, a ...

Small and medium companies can access overall credits of 20 million lei through accord between Romanian Bank and EximBank

Monday, January 23, 2017

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Small and medium companies can access credits of 20 million lei for investments or for current activities following the accord signed by Banca Romaneasca and EximBank, a press release shows. “Through this accord, Banca Romaneasca benefits from a level of 20 million lei from EximBank. Clients of small and medium companies backed by Banca Romaneasca have at their disposal a maximum individual guarantee of 1.5 million lei and the maximum percentage ...

CCR postpones again conversion law in Swiss francs

Monday, January 23, 2017

The Constitutional Court (CCR) decided on Wednesday to postpone for February 7 its decision on the conversion law from Swiss francs into lei at a historic exchange rate. CCR president Valer Dorneanu said the problem had to be analysed in detail. It is the second time when a decision in this case is postponed. The first one was in November 2016. “We postpones it for that magical formula, for the in-depth examination of the ...

Two banks in Romania could be sold this year

Monday, January 23, 2017

At least two banks operating on the Romanian market could be taken over this year, said Radu Dumitrescu, partner in the transaction support department at Deloitte Romania. The banks could be acquired either by players that are already active in the local market or by new investors. Both options are possible, according to Dumitrescu, reports local Economica.net. Romania is also one of the most active markets in the region for ...

UniCredit keeps Romania 2017 GDP growth fcast at 3.4%

Monday, January 23, 2017

Romania's economy will expand by 3.4% in 2017, UniCredit said in its January 2017 CEE Quarterly Report, confirming its previous forecast made in September. UniCredit projects economic growth of 3.3% in 2018 in Romania, UniCredit said quoted by seenews.com. The bank estimated that Romania posted a 4.5% Gross Domestic Product (GDP) growth in 2016, up from 4.4% projected in September. According to provisional data from the Romanian statistical office INS, ...

Romania’s operational leasing market reached 60,000 units at the end of 2016

Monday, January 23, 2017

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Romania’s operational leasing market reached 60,000 units last year, according to the estimations from the beginning of the year, which is a growth of 8 percent compared with the end of 2015, according to the Association of Operational Leasing Firms (ASLO), business-review.eu reads. In 2016, around 14,400 cars were registered by the operational leasing companies, holding a  13.3 percent share of total new ...

Euroins Romania acquires non-life portfolio of ATE Insurance Romania

Monday, January 23, 2017

Romanian insurer Euroins has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of Greece’s Piraeus Bank, Euroins’ Bulgarian-based parent Eurohold Bulgaria said on Friday, seenews.com informs. "ATE Insurance's non-life insurance portfolio is dominated by non-motor insurance policies and the acquisition is in line with our goal to diversify Euroins Romania's product portfolio and business ...

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