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Financial & Banking

Romania's Fondul Proprietatea sells 2.5% stake in OMV Petrom

Monday, September 25, 2017

Romanian investment fund Fondul Proprietatea [BSE: FP] has sold a 2.5% shareholding interest in oil and gas group OMV Petrom [BSE:SNP] for 399.85 million lei ($105 million/87 million), Bucharest Stock Exchange (BVB) data shows quoted by seenews.com. Before Wednesday's transaction Fondul Proprietatea owned 12.6% of OMV Petrom's share capital. Fondul Proprietatea sold 1.454 billion existing shares in OMV Petrom at an agreed ...

Official: ANAF is prepared for a split Value Added Tax collection system

Monday, September 25, 2017

The National Agency for Fiscal Administration (ANAF) is prepared for a split Value Added Tax (VAT) collection system and we can deal with problems that may arise, ANAF Deputy Chairman Daniel Florin Anghel told a specialist conference on Thursday. "ANAF has been very well prepared and there will be no problems with implementing Ordinance 23. Any problem that might arise are analysed and we will certainly deal with it. Since the ordinance came out, all our ...

Aggregate level of the net assets of the five Financial Investment Companies (SIF) reached in August RON 8.16 billion

Monday, September 25, 2017

 The aggregated level of the net assets of the five Financial Investment Companies (SIF) reached in August RON 8.16 billion, at the same level with July, a release by the Funds Administrators' Association (AAF) sent on ...

Bank Transilvania and the European Investment Fund offer the SMEs financing with European guarantee

Monday, September 25, 2017

Banca Transilvania and the European Investment Fund (FEI) – the initiative for SMEs (POIMM) signed an agreement to guarantee following which the bank will offer loans to the SMEs worth 100 million euro, according to a press release of the bank. ‘Starting with 20 September this year BT offers financing with European guarantee  destined to the growth of the business and the support of the working capital. This is a new programme through ...

Bucharest Stock Exchange index up eightfold in 20 years

Monday, September 25, 2017

BET, the main index of the Bucharest Stock Exchange, reached its 20th anniversary on Tuesday, September 19, romania-insider.com informs. The market capitalization of the BET index companies increased eightfold during this period to RON 35 billion (EUR 7.6 billion). The index was launched in September 1997, with ten companies and a capitalization of RON 443 million. It had an initial level of 1,000 points. ...

BNR's Daianu: Some wrongly claiming BNR does not want Romania to enter Eurozone

Monday, September 25, 2017

The claim that some do not want Romania to enter the Eurozone or that they have a "conservative" attitude towards the Banking Union is wrong Daniel Daianu, a member on the National Bank of Romania's Administration Board, told a specialist conference on Tuesday. "BNR was and is deeply involved in Romania's economic and institutional integration with the ...

Lazea (BNR): Romania meets the criteria starting with 2015 to join the eurozone

Monday, September 25, 2017

 One of the five criteria of nominal convergence to join the eurozone might be exceeded, the budget deficit respectively, on Tuesday said the National Bank of Romania (BNR)'s Chief Economist Valentin Lazea, at the "EU imminent reform: Romania and the 'tough core'. Adequacy, policies, necessary measures" ...

FinMin Misa: "fiscal secret" protects financial data of the banks that allegedly did not pay profit tax

Monday, September 25, 2017

Finance Minister Ionut Misa said on Tuesday that the financial data of the banks that allegedly did not pay profit tax fall within "fiscal secret" and that these will be provided to the members of the specialized parliamentary committees under the mention of "keeping fiscal ...

Juncker: ‘I don't intend to force countries to join the euro if they are not willing or not able to do so'

Monday, September 18, 2017

Jean-Claude Juncker, the President of the European Commission, defended his proposal to expand the eurozone. All EU Member States should have the possibility – as required by the EU Treaties – to introduce the euro, but no one would be forced to do so, Juncker said on Thursday in a YouTube interview. The strict euro-accession criteria would continue to apply, he explained. President Juncker's statement in the State of the Union Address ...

Reuters: Euro zone enlargement call sparks backlash in Germany

Monday, September 18, 2017

After years of bailing out Greece, the idea of letting more poorer states into the euro zone has sparked controversy, particularly in Germany, where Chancellor Angela Merkel is seeking re-election in two weeks time. The backlash came after European Commission President Jean-Claude Juncker called on Wednesday for non-euro zone countries to quickly adopt the single currency so that the European Union can find new unity in the euro after Britain leaves in ...

BNR: Balance of payments and external debt – July 2017

Monday, September 18, 2017

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According to Central Bank, BNR, înJanuary - July 2017 , the balance-of-payments current account posted a deficit of EUR 3,631 million, compared with EUR 2,226 ...

Greece's Eurobank in talks for sale of Romanian units to Banca Transilvania

Monday, September 18, 2017

Greece's Eurobank Ergasias [EUROB:ATH] said on Friday it has entered into negotiations on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania, seenews.com informs. "Eurobank and Banca Transilvania are in negotiations as regard to the potential sale of Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A. in Romania," the Greek bank said in a statement. Details about the negotiations ...

Euroins Romania cuts stake in Bulgaria’s Delta Credit

Monday, September 18, 2017

Sofia-based financial and insurance services provider Delta Credit [BUL:6AC] said that insurer Euroins Romania has decreased its stake in the company to 22.92% from 29.31%, seenews.com reports. The transaction went through on September 12, Delta Credit said in a bourse filing on Friday. Further details were not disclosed. On Wednesday, Delta Credit said that Euroins Romania has decreased its stake to ...

More regulations for non-banking financial institutions in Romania

Monday, September 18, 2017

Romania’s National Bank (BNR) has approved a regulation that caps the interest rates that non-banking financial companies can charge from their clients, romania-insider.com reads. Several non-bank institutions will come under BNR’s supervision following the approval of this new regulation. Some companies, such as Provident Financial, active in the low-value credit market, ...

Romania’s National Bank wants to restrict consumer loans

Monday, September 18, 2017

Romania’s National Bank (BNR) is discussing with local banks the possibility to limit the population’s debts based on a model that BNR had applied until 2007, Florian Neagu, director of BNR’s Financial Stability Directorate, said quoted by romania-insider.com. The central bank targets a maximum level of indebtedness of 35-40% for consumer loans, according ...

Radu Ghetea, replaced from CEC Bank’s helm after 10 years, sources say

Monday, September 18, 2017

CEC Bank’s General Meeting of the Shareholders has decided on Friday to replace Radu Ghetea from the helm of the state bank, sources close to the situation say, quoted by hotnews.ro and profit.ro, romaniajournal.ro informs. The new CEO will be Dan Sandu, former Vice-president of Volksbank, according to the same sources. Radu Ghetea was president of CEC (Bank) since 2007, having previously been chairman of Alpha ...

Garanti Leasing signs loan agreement for EUR 10 mln with the Black Sea Trade and Development Bank

Monday, September 18, 2017

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Garanti Leasing, part of Garanti Romania, has signed a loan agreement of EUR 10 million with the Black Sea Trade and Development Bank (BSTDB), business-review.eu reports. The facility will be used to support Garanti Leasing’s activities and provide financial leases to small and medium-sized enterprises (SMEs) in particular for equipment, machinery, and commercial vehicles. This is the second agreement between Garanti Leasing and the ...

CNP: outstanding loans in the industrial sector could record a 0.3 pct increase in Q3

Monday, September 18, 2017

 The volume of outstanding loans in the industrial sector could record a 0.3 pct increase in Q3, as compared to the previous one, according to a National Prognosis Commission (CNP) ...

RBL: Pension funds finance significant part of budget deficit

Monday, September 11, 2017

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Pension funds finance a significant part of the budget deficit, by purchasing state bonds next to other major local institutional investors, and any public declaration about the change of the pension system must be made with responsibility, in a balanced way, because they risk depriving local entrepreneurs of a source with which they can finance their growth and may make Romania vulnerable, a press release of Romanian Business Leaders (RBL) ...

PM Tudose: pillar II might become optional

Monday, September 11, 2017

Prime Minister Mihai Tudose has made an announcement that pillar II will not be eliminated, but it might become optional, in exchange, with a comparative analysis to be made public, so that Romanians be able to take the best decision for their ...

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