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Financial & Banking

Reuters: Hungary's OTP to buy Banca Romaneasca from Greece's NBG

Monday, July 24, 2017

Hungary'sOTP Bank <OTPB.BU> has agreed to buy Romania's Banca Romaneasca from the National Bank of Greece (NBG), two sources with knowledge of the deal told Reuters on Friday, continuing OTP's acquisition drive in central and eastern Europe, Reuters informs quoted by nasdaq.com. "There is a deal, NBG's unit will be sold to OTP," a source in Athens said. OTP executives have said publicly they were in ...

Piraeus Bank: We are selling the subsidiaries from Romania, Bulgaria and Serbia

Monday, July 24, 2017

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 The new general director Piraeus Bank, Christos Megalou, said in an interview to Bloomberg that the lender will be selling its subsidiaries in Romania, Bulgaria and Serbia, business-review.eu informs. Piraeus Bank presented recently the strategic plan “Agenda 2020”, according to which the Balkan units will be sold and the non-performing loans portfolio will be reduced. Besides the subsidiaries from ...

Romania, second in CEE by the number of IPO after the Warsaw capital market

Monday, July 24, 2017

The listing of Digi Communications and AAGES places Romania second in Central and Eastern Europe (CEE) by the number of initial public offerings (IPO) after the Warsaw capital market, the Bucharest Stock Exchange (BVB) said in a ...

ASF closes financial redress procedure of City Insurance

Monday, July 24, 2017

The Financial Surveillance Authority Council (ASF) has closed the procedure of financial redress of City Insurance, business-review.eu informs. „Within the meeting from yesterday of ASF the situation of Insurance-Reinsurance company City Insurance S.A was discussed and analyzed , in procedure of financial redress. The members of the Council were informed about the redress of financial stability and the verifications regarding  approval of ...

Omniasig Vienna Insurance Group started a large rehabilitation project of the Omu Peak

Monday, July 24, 2017

Omniasig Vienna Insurance Group in collaboration with Rasnov Mountain Rescue and the Oxygen Tourist Association for Nature, started a large rehabilitation project of the Omu Peak, which is believed to be the highest permanent lived place of Romania, the project being to be completed in September, CEO at Omniasig Mihai Tecau ...

Visa and PayPal Extend Partnership to Europe

Monday, July 24, 2017

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Visa (NYSE:V) and PayPal (Nasdaq: PYPL) announced an extension of their strategic partnership to Europe, a press release sent to ACTMedia informs. The two companies are already collaborating in the U.S. and Asia Pacific to accelerate the adoption of secure and convenient online, in-app and in-store payments. This latest step brings the benefits of the partnership to European consumers and businesses. Additionally, PayPal - under ...

National Bank of Romania Board : the annual inflation rate would have climbed to 0.96 percent

Monday, July 17, 2017

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  The National Bank of Romania Board members present at the meeting: Mugur Isarescu, 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; Eugen Nicolaescu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin ...

Banca Transilvania becomes partner of the Royal House

Monday, July 17, 2017

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Banca Transilvania announced on Wednesday that they became partners of the Royal House of Romania and will support the public presence of the Royal Family to the events of this year. ‘The Royal Family welcomes the beginning of the collaboration with Banca Transilvania, a Romanian bank of success, which has proved along the years involvement in supporting the Romanian entrepreneurs and the promotion of the Romanian values’ the press release ...

INS: taxes and social contributions retain over 20% of the households budgets

Monday, July 17, 2017

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Taxes and social contributions  and other fees had in 2016 a share of 20.3% of the total expenses of the households, being 513 lei monthly per household, shows a study of the Institute for Statistics. (INS). According to the study ‘ Coordinates of the living standard in Romania ‘ the edition with data for 2016 –published on the site of the INS the salary tax represented 39.7% and the social contributions (pension, unemployment ...

BNR: financial claims of the Public Administration sector increased by 0.3 percentage points of GDP in Q1

Monday, July 17, 2017

The financial claims of the Public Administration sector, expressed as share in the Gross Domestic Product, increased by 0.3 percentage points (pp), reaching 25.5 pct, according to a document of the National Bank of Romania (BNR). According to the document, shareholdings and other state holdings increased by 0.2 percentage points, reaching 9.9 pct of the GDP. Public administration deposits increased by 0.8 percentage points to 8.3 pct of the ...

UniCredit Bank to launch 500 mln lei (110 mln euro) bond on Bucharest bourse

Monday, July 17, 2017

Romania's UniCredit Bank said on Friday that it will launch on the Bucharest Stock Exchange (BVB) a 500 million lei ($125 million/110 million euro) bond issue exclusively for qualified investors, seenews.com reports. The proceeds from the issue will be used for general financing purposes, mostly lending to customers, UniCredit said in a statement posted on its website. The bonds will be offered to investors between July 17 and ...

EBA: Romanian banks, the most profitable in Europe

Monday, July 17, 2017

The Romanian banks have become the most profitable in Europe, as the return on equity (ROE) reached 15.6% at the end of the first quarter, double than the European average, according to the latest statistics released by the European Banking Authority (EBA). The banking system in Romania ranked second in the European profitability ranking last year, after the Hungarian one. However, despite ranking first, the Romanian banking ...

PM Tudose: The Pension Pillar II will not be nationalized

Monday, July 17, 2017

The Pension Pillar II will not be nationalized, Prime Minister Mihai Tudose said in Brussels on Tuesday, pointing out that Labour Minister Olguta Vasilescu asked for data on it "only to be informed." Asked what is his concern about the Pension Pillar II, the PM said: "I haven't asked for any assessment in any calculation briefing. (...) Mrs Minister Vasilescu asked for it. (...) She explained that she wanted to see how the money in Pillar II is spend and how ...

In Brussels , Prime Minister Mihai Tudose said that the unveiled additional tax on business turnovers will not be introduce

Monday, July 17, 2017

In Brussels on Tuesday, Romania's Prime Minister Mihai Tudose said that in his conversations with European officials in Brussels he very firmly reiterated that the unveiled additional tax on business turnovers will not be ...

Moody’s assigns Alpha Bank Romania deposit ratings of Ba3, better then the parent bank

Monday, July 17, 2017

Moody’s Investors Service has assigned Alpha Bank Romania (ABR) first-time Ba3 long-term local and foreign currency deposit ratings, Not Prime short-term local and foreign currency deposit ratings, and a b2 baseline credit assessment (BCA) and adjusted BCA., romaniajournal.ro reads Moody’s also assigned Counterparty Risk Assessments (CR Assessments) of Ba2(cr)/ Not Prime(cr). The outlook on the long-term deposit ratings is ...

Premier Tudose on joining Eurozone: We are on track, we still have to work in convergence

Monday, July 17, 2017

 Romania's accession to the Eurozone is a "commitment" that our country made once it joined the European Union (EU), Prime Minister Mihai Tudose stated on Tuesday, adding that a lot of work is still needed in terms of "convergence." When asked in a press conference in Brussels what is his stand regarding Romania's accession to the Eurozone, the head of the Executive reply: "It's a commitment that we made once we joined the European Union. (...) We are on ...

Net assets of the local open-end funds inched up 0.7 pct this June

Monday, July 17, 2017

The net assets of the local open-end funds inched up 0.7 pct this June to 22.58 billion lei, while the increase for the current year was 3.2 pct, the Fund Managers Association (AAF) said on Wednesday in a release. "Net inflows to local funds ...

Statistics: Romania's annual inflation quickens to 25-mo high in June

Monday, July 17, 2017

Romania's annual consumer price inflation quickened to 0.9% in June from 0.6% in May, reaching a 25-month high, data from the national statistical office, INS, showed on Tuesday, seenews.com reports. This is the highest inflation rate since May 2015, when consumer prices climbed 1.16% year-in-year. Food prices rose 2.83% year-on-year in June, while non-food prices edged up 0.21%, INS said in a ...

Erste Group wins “Best Bank in Central and Eastern Europe” Award from Euromoney

Monday, July 17, 2017

Best Bank in Austria, the Czech Republic and Montenegro Romanian subsidiary BCR awarded “Best Bank Transformation in Central and Eastern Europe” by Euromoney Erste Group Bank AG (Erste Group) has been awarded “Best Bank in Central and Eastern Europe” for 2017 by Euromoney, one of the leading global financial publications, in its annual Awards for ...

BNR’s profit down by 84 pct to RON 124.63 mln in 2016

Monday, July 10, 2017

The National Bank of Romania (BNR) registered a profit fall of 84 percent in 2016 compared with 2015 to RON 124.63 million, according to a report of the institution, business-review.eu informs.   „The financial result from December 31 2016 was determined mainly due to an operational profit of RON 771.997 million, by 14 percent under the operational profit of the previous year, registering expenses with ...

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