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Financial & Banking

Raiffeisen Bank: NPLs deals will continue in Romania as market matures

Monday, October 16, 2017

The transactions involving non-performing loans (NPLs) will continue on the local market, with prices ranging depending on the size of the portfolio, says Mihai Busuioceanu, vice president in the risk division of Raiffeisen Bank. Quoted by business-review.eu “It would be good to have in Romania to have an organized market for the sale of NPLs,” said Busuioceanu, during a press conference marking ...

PAD decreased by 3.5pct, reaching on September 1, 2017 the number of 1,660,916

Monday, October 16, 2017

The number of active compulsory home insurance policies (PAD) decreased by 3.5pct, having reached on September 1, 2017 the number of 1,660,916, compared to 1,721,434 PAD policies active on September 30, 2016, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company ...

BNR Board decisions on monetary policy:1.75 percent per annum

Monday, October 9, 2017

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* In its meeting of 3 October 2017, the Board of the National Bank of Romania (BNR)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 narrow the symmetrical corridor of interest rates on theBNR’s standing facilities ...

International reserves – September 2017

Monday, October 9, 2017

On 30 September 2017, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,320 million, compared to EUR 34,955 million on 31st August 2017. During the month, the following flows have taken place: EUR 965 million worth of inflows in the form of changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s ...

Bucharest stock indices rise in lower turnover

Monday, October 9, 2017

Bucharest stock indices rose on Friday in lower turnover, Bucharest Stock Exchange (BVB) data showed quoted by seenews.com. The total equity turnover of the BVB fell to 27.7 million lei ($7.1 million/6 million euro) from 38.7 million lei on Thursday. Lender Banca Transilvania [BSE:TLV] rose 3.13% at 2.31 lei in the day’s largest turnover of 7.35 million lei. Blue-chip natural gas producer Romgaz ...

Reuters: Hungary's OTP Bank aims to boost Romanian market share to up to 8 pct - report

Monday, October 9, 2017

Hungary’s OTP Bank aims to boost its market share in Romania to up to 8 percent, OTP Group Chief Executive Sandor Csanyi was quoted as saying in a media report on Friday, Reuters correspondent . “In all the countries we are operating in, our target is a market share of 10 percent,” Csanyi was quoted as saying by daily Ziarul Financiar. “However, I don’t think we will reach 10 percent in Romania in the next 20 ...

Raiffeisen Bank: inflation to reach 4 percent in mid-2018

Monday, October 9, 2017

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There's an obvious upward trend of the Romanian interbank offered rate ROBOR, and the indicator might surpass 2 percent when inflation reaches 4 percent in mid-2018, said Raiffeisen Bank chief economist and Fiscal Council president Ionut Dumitru. "ROBOR's upward trend was very clear, but the recent build-up of events and the very rapid growth are the effect of short-term factors that have sharpened this trend," said Raiffeisen Bank's chief ...

BNR's Isarescu: Litigation costs burden clients and banks alike

Monday, October 9, 2017

Litigation costs affect clients and banks alike, and for lower costs of loans, we have to take them into consideration, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a conference called "Alternative resolution of financial and banking litigations". "Law and the institution combined in Romania make it that before the courts step in or even to avoid their trail, if banks and clients are in litigation, they are equally entitled to ...

European Commission proposes far-reaching reform of the EU VAT system

Monday, October 9, 2017

The European Commission has today launched plans for the biggest reform of EU VAT rules in a quarter of a century. The reboot would improve and modernise the system for governments and businesses alike. Overall, over€150 billion of VAT is ...

BVB: value of transactions with shares exceeded 1.8 billion euros at end-September

Monday, October 9, 2017

The value of transactions with shares on the Bucharest Stock Exchange (BVB) exceeded 1.8 billion euros at end-September, recording an advance of over 30pct over the first nine months of last year, reads a press release issued by the operator of the capital market sent on last Thursday. "Investors traded shares worth more than 300 million euros last month, up 70pct from August 2017. The average daily trading value on the share segment was 14.7 million euros in ...

CEC Bank posted a three-quarter pre-tax profit of about 203.9 million lei

Monday, October 9, 2017

CEC Bank posted a three-quarter pre-tax profit of about 203.9 million lei, the bank announced on Thursday. With a net balance of 28,595.9 million as of September 30, 2017, up 1.54 percent from the end of 2016, CEC Bank managed to increase its market share from 7.16 percent by total bank assets as of December 31, 2016 to 7.23 percent as of June 30, 2017, ranking seventh in the Romanian banking system. "The results recorded in the first nine ...

EBRD providing 10 mln euro loan to Garanti Leasing Romania to back MSMEs

Monday, October 9, 2017

The European Bank for Reconstruction and Development (EBRD) said last week it is providing a loan of up to 10 million euro ($11.7 million) to Garanti Leasing, part of financial group Garanti Romania. Garanti Leasing will use the loan to broaden access to finance for local micro, small- and medium-sized enterprises (MSMEs), the EBRD said in a press release. Even though leasing represents an attractive alternative for local MSMEs to support their ...

Romania’s Competition Council starts investigation on banking system

Monday, October 9, 2017

Romania’s Competition Council has started an investigation on the local retail banking system, romania-insider.com reports. The council wants to find out why the banking services in Romania are more expensive than in other countries. It will verify current accounts, loans and credit cards, reports ...

Bucharest Stock Exchange fails to enter emerging market list

Monday, October 9, 2017

The FTSE Russell financial assessment agency didn’t promote the Bucharest Stock Exchange to the emerging market category from the frontier category, romania-insider.com reads. However, it decided to keep it on the watchlist for another year. A new decision could be made in September next year. The agency included Romania on its watchlist in September last year. The FTSE announced ...

BCR Asigurari to merge with AXA Life Insurance Romania

Monday, October 9, 2017

AXA Life Insurance’ shareholders initiated the merger by absorption process, resulting in the absorption of former local subsidiary of French AXA by BCR Asigurari de Viata Vienna Insurance Group, under the approval of the Financial Surveillance Authority (ASF), business-review.eu informs. „The merger will be initiated and realized based on the merger project from April 30, developed by the members of ...

The accelerated growth of ROBOR is kept: the indicator for three months got to 1.58%

Monday, October 2, 2017

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The ROBOR indicator for three months, on which depends  the costs of loans in lei with variable interest, grew on Friday to 1.58% against a level of 1.46%recorded a day before and 1.11% recorded on Monday 25th September, according to the BNR information. Similarly the indicator ROBOR for six months, used in the evaluation of the interests to mortgage loans, increased to 1.69% from 1.57% as it was on 28 September. At the ...

Saxo Bank: shares and their derivatives remain the instruments preferred by Romanians

Monday, October 2, 2017

The shares and their derivatives remain the instruments preferred by the clients in Romania, 2017 being a very interesting year for local investors, says Christopher Dembik, Head of Macro Analysis at Saxo Bank, in an analysis sent on Thursday.According to him, his bank's efforts, especially in the field of ETO education (listed options), through the series of "Options Lab" seminars, begin to pay off among Romanian investors. The BET index, ...

Third issuance of International Investment Bank’s bonds starts trading on BVB

Monday, October 2, 2017

The third issuance of corporate bonds issued by International Investment Bank (IIB) on the Romanian capital market starts trading on the main market of the Bucharest Stock Exchange (BVB). The issue is structured in two tranches, both with 3 years maturity: one in Romanian currency is worth RON 300 million and pays an interest rate of ROBOR 3M + 1.5 percent and one in the foreign currency is EUR 60 million with an interest ...

Romania’s Competition Council investigates the aviation insurances market

Monday, October 2, 2017

The Competition Council announced that it sent inspectors at headquarters of the insurance companies Omniasig Vienna Insurance Group and Generali Romania Asigurare Reasigurare, as well as of the company Aon Romania Broker de Asigurare-Reasigurare, over suspictions of market fixing practices in the aviation insurances sector, business-review.eu reports. “The goal of the Competition Council’ investigations was the possible breach of the ...

General budget execution January into August 2017 closed with a RON 6.5 billion deficit of GDP

Monday, October 2, 2017

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The general budget execution January into August 2017 closed with a RON 6.5 billion deficit (0.78 pct of the Gross Domestic Product, GDP), as reported to the deficit of RON 3.1 billion (0.41 pct of GDP) in the similar period of 2016, on Monday informed the Public Finance Ministry (MFP). From January to July 2017, the budget deficit parked at RON 5.1 billion (0.63 pct of GDP), as compared to RON 1.74 billion (0.23 pct of GDP) seen in the same period of ...

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