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Financial & Banking

S&P classifies BICRA on Romania at group 7

Monday, June 5, 2017

Standard & Poor's (S&P) said on Tuesday that it classifies the banking sector of Romania in group '7' under its Banking Industry Country Risk Assessment (BICRA), seenews.com informs. The strengths of Romania are that it is one of the fastest growing economies in the EU, its low corporate and household indebtedness, as well as the adequately capitalised banking sector, the credit agency said in a ...

Credit institutions tightened their credit standards in 2017 Q1

Monday, June 5, 2017

Credit institutions tightened their credit standards in 2017 Q1 for both consumer credit to households and loans for house and land purchase (housing loans), according to a May 2017 bank lending survey conducted by the National Bank of Romania ...

Voinea (BNR): 11% of the active non-financial companies had banking loans at the end of 2016

Monday, June 5, 2017

A percentage of 11.2% of the active non-financial companies have a banking loan according to the data at the end of 2016, stated on Wednesday Liviu Voinea,vice –governor of the BNR, in a conference organised by Coface. ‘From a total of 608,246, to be  more precise, the active non-financial companies, namely those who presented their ...

Poland's Kruk acquires debt portfolio from Romanian lender BRD

Monday, June 5, 2017

Polish debt collection company Kruk said it has agreed to purchase a portfolio of secured and unsecured corporate debt with a total nominal value of 1.25 billion lei ($305.8 million/273.7 million euro) from Romanian blue-chip lender BRD Societe Generale [BSE:BRD], seenews.com reports.  The agreement was subject to a condition precedent that the debts covered by the agreement will be assigned to the buyer upon payment of the price, ...

Romania leading FDI destination in SEE for 2016 - EY

Monday, June 5, 2017

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Romania is the only country in Southeastern Europe (SEE) included in the top 20 foreign direct investment destinations in Europe for 2016, a survey by global consultancy Ernst&Young (EY) showed quoted by seenews.com. Romania occupies the 12th place in the ranking, with a total of 132 FDI projects launched in 2016, up 35%, a survey by global consultancy Ernst&Young (EY) showed.  At the same time, ...

Over 50 pct of FDI in Romania coming from The Netherlands, Austria and Germany

Monday, June 5, 2017

The latest figures from the National Bank of Romania (BNR) show that states in the European Union account for around 90 percent of the total stock of foreign direct investments (FDI) in Romania, business-review.eu informs. The Netherlands accounts for 25 percent of the FDI in Romania, followed by Austria and Germany, with 14 percent and 12 percent, respectively. The data is included in the FDI report published by the Foreign Investors Council (FIC) and ...

Anna Grzelonska is the new CEO of NN Life Insurance Romania

Monday, June 5, 2017

NN Romania appoints Anna Grzelonska, currently chief operating officer of Nationale-Nederlanden in Poland, as CEO of NN Life Insurance Romania, effective  July 1, subject to regulatory approval, business-review.eu informs. She replaces Marius Popescu, who was appointed as CEO of NN Hayat ve Emeklilik from April 1. Grzelonska joined the company in 2008 as marketing services and communications director, and since then has held senior commercial ...

Ionut Dumitru (Fiscal Council): Budget deficit will exceed IMF estimates after salary law passes

Monday, May 29, 2017

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Budget deficit will grow after passing salary law, exceeding estimates announced by IMF on Thursday (3.7% in 2017 and 3.9% in 2018), Ionut Dumitru, the president of the Fiscal Council told Mediafax. “It is a signal drawn by an independent institution about the significant risk of budget slide. IMF estimates are not a surprise as they are close to those of the Fiscal Council. The IMF budget projections include only what is being voted now. If we ...

IMF: Announced fiscal policies in 2017-2020 could raise deficit by 6pct of the GDP until 2022

Monday, May 29, 2017

The fiscal policies included in the Government's plans for the period 2017 - 2020, such as the implementation of the unified wage bill, reduction of social security contribution rates, and further tax cuts, could raise the deficit by 6 percent of GDP by 2022, according to the document drawn up by the International Monetary Fund (IMF) experts following the spring visit to ...

IFC and Garanti Leasing Support Women Entrepreneurs in Romania

Monday, May 29, 2017

 IFC, a member of the World Bank Group, has provided a €5.5 million loan to Garanti Leasing, part of Garanti Romania, one of the most dynamic financial groups on the local market, for financing small and medium enterprises (SMEs) owned or managed by women. Thanks to the agreement, Garanti Leasing will become the first leasing company in Romania directly financing women-owned or -managed SMEs. The company is continuing Garanti Bank’s ...

Voinea (BNR): indebtedness of non-financial companies and households stands at 42 pct of GDP

Monday, May 29, 2017

The total indebtedness of non-financial companies and households stands at 42 pct of GDP, with the former accounting for 26 pct of GDP, deputy governor of the National Bank of Romania (BNR) Liviu Voinea on Wednesday told a conference organized by ...

CDR's Anghel: we are currently a bit too green to implement the household tax system

Monday, May 29, 2017

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Sending out hundreds of employees to pay their taxes on their own will be a "very delicate" endeavor and we are currently a bit too green to implement the household tax system, work group coordinator at the Coalition for the Development of Romania (CDR) Daniel Anghel told a specialist conference on ...

Assets of banks from Romania to RON 393.7 bln in March, spike by 6.3 pct in Q1

Monday, May 29, 2017

Assets of Romanian banks amounted to RON 393.7 billion in March, recording a 6.3 percent spike in the first quarter of this year, due to the reduction of non-performative loans and the maintenance of a constant profit/assets ratio, according to the data of the National Bank of Romania (BNR), business-review.eu reads.The return on assets indicator (ROA), representing the ratio between the annual profit and assets, reached 1.26 percent in the first quarter of this year, ...

VIG doubles pre-tax profit in Romania on favourable mkt conditions

Monday, May 29, 2017

Vienna Insurance Group (VIG) said on Tuesday its operations in Romania generated a pre-tax profit of 3.2 million euro ($3.57 million) in the first three months of 2017, compared to a 1.5 million euro profit in the same period last year, according to preliminary data quoted by seenews.com. This significant increase in profit was due to favourable market developments that primarily led to a significant improvement in the combined ratio, the company said ...

Mandatory private pension funds had assets worth approximately 34.75 billion lei on April 30, 2017

Monday, May 29, 2017

The mandatory private pension funds (Pillar II) had assets worth approximately 34.75 billion lei on April 30, 2017, up 32.15 pct year-over-year, according to the data relesed by the Financial Supervision Authority (ASF). The state securities hold the ...

IFC Helps Increase Lending to Farmers in Romania, Boosting Agribusiness

Monday, May 29, 2017

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IFC, a member of the World Bank Group, is providing a RON 70 million loan to Agricover Credit IFN to increase access to finance for farmers in Romania and support the country’s important agribusiness sector. Agricover Credit IFN, part of Romania’s Agricover group, is the only financial institution in Romania aimed exclusively at agriculture financing. The new loan will support Agricover Credit’s financing for agribusiness SMEs to ...

Prima Casa program posts record demand

Monday, May 29, 2017

The state-backed mortgage program “Prima Casa” reaches a record of demand with over 600 requests per day, according to the National Guarantee Fund of Loans for SMEs (FNGCIMM), business-review.eu reports. The representatives of the fund decided to adopt some supplementary measures to accelerate the analysis process, such as the expansion of the regular work program of operational teams, the maintenance of the regular work program during the ...

Non-performing loan declined in March compared to the previous months by 0.22 percentage points

Monday, May 29, 2017

The rate of the non-performing loans (NPLs) declined in March compared to the previous months by 0.22 percentage points, to 9.36 percent, the data published by the National Bank of Romania (BNR) reveal. As compared to March 2016, the level dropped by 4.16 percentage points. At the end of March, a number of 674,125 individuals have over-30 days outstanding debts to banks and non-banking financial institutions, increasing by 4.7 percent compared to the previous ...

UNIQA Romania's Q1 pre-tax loss widens

Monday, May 29, 2017

Austrian insurance group UNIQA said on Wednesday its pre-tax loss from operations in Romania widened to 1.8 million euro ($2.01 million) in the first three months of 2017 from 1.2 million euro a year earlier, seenews.com reports. Total gross written premiums from operations in Romania fell 5% year-on-year to 26.8 million euro in the January-March period, UNIQA said in its first quarter financial report. Gross written premiums in ...

BNR: Companies' and households' outstanding debts to banks declined by 32.7 percent from April 2016

Monday, May 29, 2017

Companies' and households' outstanding debts to banks declined by 32.7 percent from April 2016 up to the same month of 2017, to 13.21 billion lei, data published by the National Bank of Romania (BNR) reveals. From this amount, 6.08 billion lei were in the national currency and 7.13 billion lei in foreign exchange currency. Bucharest recorded 32.5 percent of the overall debts. The overall value of loans granted to companies and households ...

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