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Financial & Banking
Erste sees 30% growth potential for shares of Romanian cargo river transport company TTS
Monday, December 5, 2022
Austrian financial group Erste, which operates BCR group in Romania, maintained its "buy" recommendation for the shares of river transporter Transport Trade Services (BVB: TTS) and indicated a price target of RON 14.35, according to the latest analysis report of the group. The target was updated from RON 13.67, the new value implying a yield of 30% in ...
VIG board of directors has a new team starting July 1, 2023
Monday, December 5, 2022
The Managing Board of Vienna Insurance Group (VIG) will be composed as follows as of 1 July 2023: Hartwig Löger, Chief Executive Officer and Chairman of the Managing Board, Peter Höfinger, Deputy Chief Executive Officer and Deputy Chairman of the Managing Board, Liane Hirner, CFRO, Gerhard Lahner, Gábor Lehel and Harald Riener. All Management Board mandates will run until 30 ...
IFC’s support to expand access to climate finance in Bulgaria, Croatia, Romania, and Serbia
Monday, December 5, 2022
A new investment will help expand access to climate finance, supporting small and medium enterprises (SMEs), while bolstering the banking systems in Bulgaria, Croatia, Romania, and Serbia, https://pressroom.ifc.org/ ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 8 November 2022
Monday, November 28, 2022
22 November 2022 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and ...
Loans extended by NFIs in Romania exceed 41 bn RON at mid-2022
Monday, November 28, 2022
The value of loans extended by non-banking financial institutions (NFIs) in Romania reached a record level of over 41 billion RON at mid-2022, after a 9.2% advance in the first 6 months of this year (compared to the same period in 2021), according to a KeysFin analysis.Unlike the banking sector, NFIs mainly lend to non-financial companies, with 76% of the total portfolio, compared to 47% of the total, in the case of banks in 2021. Of the portfolio of loans ...
Guarantee agreement with IBRD, with a view to a preventive loan of 406 million euros
Monday, November 28, 2022
The Government approved on last Tuesday the negotiation of a guarantee agreement with the International Bank for Reconstruction and Development, the Government informs.This is related to the preventive loan that the Bank Deposit Guarantee Fund (FGDB) is going to contract from IBRD to support the project regarding the institutional consolidation and resilience of the financial safety net.The agreement in principle regarding the guarantee of a preventive ...
Loans worth 229 million euros from the EIB for investments in healthcare sector
Monday, November 28, 2022
The government approved, on Tuesday, a memorandum in which it expresses its agreement in principle regarding the contracting of reimbursable financial assistance from the European Investment Bank, in the total amount of 229 million euros, with the destination of investments in the healthcare sector, informs a press release sent by the Government.The total value of the loans will be 229 million euros, being intended for investments in the health sector in the ...
22% of Romanians have overdue payments, the majority of them bills
Monday, November 28, 2022
The most recent national study reflecting the attitudes and practices of Romanians in the financial field, conducted by KRUK Romania together with IRES in November this year, shows that 22% of Romanians have overdue payments. Most of them are payments of bills (15%), returns of loans (8%), as well as installments (7%). “We began this research in a special ...
Laws regarding Romania pulling out of the IIB and the IBEC, promulgated by President Iohannis
Monday, November 28, 2022
President Klaus Iohannis signed, on last Monday, the decrees regarding the promulgation of laws denouncing the Intergovernmental Agreement on the establishment of the International Investment Bank (IIB) and its Statute and the Convention on multilateral settlements in transferable rubles and the organization of the International Bank for Economic Cooperation (IBEC).The head of state promulgated the laws for denouncing the Intergovernmental ...
Garanti BBVA and IFC sign EUR 40 M loan agreement on financing investments in green housing
Monday, November 28, 2022
Garanti BBVA has signed a EUR 40 million loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group, with the purpose of financing investments in green housing, aiming to contribute to the joint effort to preserve the environment. The EUR 40 million loan will allow Garanti BBVA to provide green mortgages and home improvement loans, thus encouraging the bank’s clients to ...
Net assets of investment funds down by 4 pct in September, to 15.7 billion RON
Monday, November 21, 2022
The net assets of the funds opened for local investments stood at a value of approximately 15.7 billion RON in September, down 4% compared to the previous month, according to a report by the Financial Supervisory Authority (ASF).At the end of September 2022, the net assets related to all categories of open investment funds decreased compared to the previous month.Thus, open-end funds of bonds and fixed-income instruments held the largest share in ...
Romanian banks post record profit in Q3
Monday, November 21, 2022
The aggregated net profit of Romanian banks surged to RON 2.88 bln (EUR 581 mln) in the third quarter of the year (Q3), 25% more compared to the same period last year, according to calculations based ...
Black Friday 2022 online card transactions up 27 pct from previous year
Monday, November 21, 2022
The number of online card transactions on Black Friday this year was approximately 27 percent higher compared to the previous edition of the shopping bonanza, and on average Romanians spent around 322 RON online, slightly down from 370 RON in 2021, shows data published on Thursday by payment processor Netopia Payments.Sellers made an average of 80 transactions per minute, with transactions peaking at 2:15 p.m. The biggest purchase amounted to 35,000 RON paid ...
Patria Bank doubled net profit in first 9 months, to 14.86 million lei
Monday, November 21, 2022
Patria Bank recorded a net profit of 14.86 million lei, in the first 9 months of the year, in the rise by 106%, fom 7.2 million lei in thee first 9 months of 2021. The net bank income went up by 12% to 138.6 million lei. The net bank income records a positive evolution of 12% compared to the same period of 2021 (+15 million lei), although this evolution includes to contraction of 5 million lei ...
Rising consumption rattles markets spooked by inflation
Monday, November 21, 2022
Market commentary by eToro analyst for Romania, Bogdan Maioreanu Last retail sales data came better than expected throwing a wrench into markets' expectation that central banks will stop hiking interest rates. The latest data from Romania shows that the ...
Vienna Insurance Group posts 10pct increase in net profit Jan-Sep
Monday, November 21, 2022
Vienna Insurance Group's net profit January through September this year reached 302.4 million euros, up 10.1% compared to the same period last year, according to a press release from the company sent on last Tuesday.In the context of major geopolitical and economic challenges, Vienna Insurance Group (VIG) recorded a very good performance in the first three quarters of 2022. All key indicators continued to improve compared to the same period last ...
FONDUL PROPRIETATEA FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2022
Monday, November 21, 2022
Fondul Proprietatea (hereinafter “The Fund”) published its financial results for the nine months ended on 30 September 2022 and would like to share the following highlights: The profit for the 9-month period ended 30 September 2022 is RON 3,510.2 million compared with RON 3,097.7 million for the same period in 2021. The main contributor to the profit recorded in the first nine ...
Key interest rates go up in Romania and CEE
Monday, November 21, 2022
Inflation has been soaring, but the first signs of moderation have begun to appear and inflation expectations, although high, remain anchored. Further, recession is knocking on the door and reducing demand pressures. On the other hand, the ...
iBanFirst announces closing of acquisition of Cornhill
Monday, November 21, 2022
Cornhill, the London-based FX provider, is officially part ...
EC: Romania's 2022 GDP to growth forecast to 5.8%, and to cut 2023 projection to 1.8%
Monday, November 14, 2022
The European Commission (EC) said on Friday that Romania’s economy is expected to expand by a real 5.8% in 2022, as compared to 3.9% growth rate projected in July, but lowered expectations for 2023 economic growth to 1.8% from previously estimated 2.9%. After a strong 2022, Romania’s economy is set to slow down in the coming years due higher inflation, tighter financial conditions and the ...