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Financial & Banking

Fondul Proprietatea closed the first 9 months with a net profit up by almost 59 pc

Monday, November 20, 2017

For the nine-month period ended 30 September 2017, Fondul Proprietatea registered an unaudited net profit of RON 906.4 million (up by almost 59 percent year-on-year, when the net profit was RON 570.7 million), according to the data sent to Bucharest Stock Exchange (BVB) quoted by romaniajournal.ro. ”The main contribution to the profit recorded in the first nine months of 2017 was the gross dividend income, which increased due to OMV Petrom SA ...

OTP Bank Romania announces the financial results for Q3 2017

Monday, November 20, 2017

  OTP Group announced the financial results for the third quarter of 2017 on Tuesday, romaniajournal.ro reports. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group reporting standards, OTP Bank Romania registered an after-tax profit of RON 30.8 M (EUR 6.8 M) in the first 9 months of the year, decreasing by 3% year over year. The bank returned to profit in the third quarter, ...

Raiffeisen ups profit 15% in Romania on lower provisions

Monday, November 20, 2017

Austrian group Raiffeisen recorded a net profit of EUR 74 million in Romania between January and September this year, up EUR 10 million compared to the same period last year, romania-insider.com reads. The higher net profit mainly came from exceptional revenues classified as “other results” worth EUR 22 million. The bank managed to remove several risk provisions, including those related to the ...

KPMG advised Electrica on its RON 752 mn acquisition from Fondul Proprietatea

Monday, November 20, 2017

KPMG recently advised Electrica, the largest electricity distribution and supply operator in Romania, on its acquisition of a 22% stake in its subsidiaries from Fondul Proprietatea a statement sent to ACTMedia informs. The transaction is the most attractive investment opportunity Electrica has had in the past three years and supports the implementation of the Group’s strategy. KPMG assisted Electrica as M&A and ...

Romanians working abroad sent EUR 2.45 bn in the country last year, a record since 2010

Monday, November 20, 2017

The inflows of personal transfers in Romania in 2016 from those working abroad reached EUR 2.45 billion, the highest level since 2010 and the fourth highest in the EU, Eurostat, the statistical office of the European Union informs quoted by romaniajournal.ro. Romanians in the diaspora sent 12.5 percent more money in the country than in 2015, when the amount of transfers was EUR 2.17 billion. The amounts sent last year are equal to those in 2010, but ...

NBR Board decisions on monetary policy

Monday, November 13, 2017

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In its meeting of 7 November 2017, the Board of the National Bank of Romania decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to narrow the symmetrical corridor of interest rates on the NBR’s standing facilities around the policy rate to ±1.00 percentage points from ±1.25 percentage points. Thus, starting 8 November ...

Romania's annual inflation speeds up to 2.6% in Oct

Monday, November 13, 2017

Romania's annual consumer price inflation accelerated to 2.6% in October, from 1.8% in September, the national statistical office, INS, said on Friday, seenews.com informs. Food prices rose 3.52% year-on-year in October, while non-food prices were up 3.26%, INS said in a statement. Prices in the services sector decreased by 0.33% year-on-year in October. On a monthly comparison basis, Romania's consumer ...

UniCredit group sees higher profit in Romania

Monday, November 13, 2017

Italian financial group UniCredit recorded a EUR 69 million net profit in Romania in the first nine months of this year, up 7% over the same period of last year, romania-insider.com reads. The group’s operational revenues stood at EUR 278 million, slightly lower than in the same ...

Eurobank to sign deal on sale of Romanian units to Banca Transilvania at end-Nov

Monday, November 13, 2017

Greece's Eurobank Ergasias [EUROB:ATH] said on Friday that it expects to sign the deal on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania (BT) at the end of November, seenews.com informs. Eurobank (ERB) and BT have been pursuing exclusive negotiations since mid-September as regarding the potential sale of Bancpost, ERB Retail Services IFN and ERB Leasing IFN in Romania. "During the last few ...

ING Romania – profit of RON 391 M in Q3, up by 35 pc

Monday, November 13, 2017

After the 9 months of 2017, ING Romania reports a profit before tax of RON 459 million, mainly due to a strong development of the portfolio, healthy risk levels and an increase in number of clients, a press release informs. Excluding the one off effect of the sale of Visa shares at nine months in 2016, the profit before tax in 9-mo 2017 is RON 117 million higher than the same period last year, which was reported at 342 million RON. ...

EC: Romania’s GDP to grow by 5.7 pc in 2017; government deficit, projected to increase to 3.9 pc of GDP

Monday, November 13, 2017

European Commission (EC) has revised Romania’s growth and deficit forecasts upwards in 2017 and 2018, warning that the growth is set to decelerate but remain above poten?ial, romaniajournal.ro reads. Thus, according to its Autumn Forecast released today, Romania’s GDP is forecast to grow by 5.7 percent in 2017, 4.4 percent in 2018, and 4.1 percent in 2019. Private consumption is projected to decelerate in 2018, as inflation increasingly ...

Shares of Sphera Franchise Group start floating on BVB

Monday, November 13, 2017

The Bucharest Stock Exchange (BVB) has significantly expanded its representativeness this year, romaniajournal.ro reads. The newest company on the local capital market is Sphera Franchise Group whose shares started trading today, under SFG symbol. The company, which manages restaurants under the KFC, Pizza Hut and Taco Bell brands, becomes the first listed foodservice operator on BVB, a press release informs. “The listing of Sphera Franchise ...

Moody’s upgrades Raiffeisen Bank Romania’s local currency deposit rating to Baa2

Monday, November 13, 2017

Moody’s Investors Service has upgraded Raiffeisen Bank Romania’s long-term and short-term local-currency deposit ratings to Baa2/Prime-2 from Baa3/Prime-3, a press release informs quoted by romaniajournal.ro. The bank’s Baa3/Prime-3 long-term and short-term foreign-currency deposit ratings, constrained by the respective country ceiling for Romania, were affirmed. The outlook on Raiffeisen Bank’s long-term deposit ratings remains ...

Banca Transilvania shows interest in buying Moldova’s Victoriabank

Monday, November 13, 2017

Banca Transilvania plans to acquire an initial indirect stake of over 39 percent of the share capital of Victoriabank, the third largest bank in the Republic of Moldova, a press release informs quoted by romaniajournal.ro. The transaction is in the process of request of approval of the acquisition from the banking regulators of Romania and Moldova as well as other relevant authorities. “As a result of ...

Romania needs a national bank to promote investments in the priority fields

Monday, November 13, 2017

Romania would perform better if it had a national bank to promote investments in the priority fields and a legislative framework suitable for public private partnership (PPP), in order to be able to initiate large projects, says a document presented on Tuesday at an event of the European Commission Representation in Romania. The European Commission Representation launched a national campaign to promote InvestEU in Romania. According to this ...

EBRD, European Investment Advisory Hub and EU launch programme to boost SMEs in Romania

Monday, November 13, 2017

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EBRD, European Investment Advisory Hub and European Union launch programme to help businesses from south-eastern Europe, to obtain advice for sustainable growth, business-review.eu informs. The new program is launched this Tuesday also in Bucharest committed to helping small and medium-sized enterprises (SMEs) obtain advice. The programme will support at least 240 SMEs in Bulgaria, Greece and Romania with tailored business ...

EIB and UniCredit Bank sign EUR 50 mln loan agreement

Monday, November 13, 2017

UniCredit Bank and the European Investment Bank (EIB) signed a loan agreement of EUR 50 million under the European Fund for Strategic Investments (EFSI) as part of the Juncker Plan, business-review.eu informs. The loan will be used to finance different projects by SMEs, Mid-Caps, start-ups and companies that promote employment and jobs for the young people. “The agreement signed between the ...

Romania, one of the most active markets for IPO in Central and Eastern Europe

Monday, November 6, 2017

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Romania is one of the most active markets for initial public offerings (IPO) in Central and Eastern Europe, Chairman of the Bucharest Stock Exchange (BVB) Lucian Anghel told a news conference on Thursday. "Over the past 12 months, there have been four companies from different sectors, which shows an increased interest of both market investors and companies in listing. We have more than 30 brokers. The last 10 brokers run somewhere around 1 percent. The last ...

Romania's Electrica, Fondul Proprietatea extend minority stakes buyout deadline

Monday, November 6, 2017

Romanian power distributor and supplier Electrica [BSE:EL] and investment fund Fondul Proprietatea [BSE:FP] said they agreed to extend the deadline for the buyout of the fund’s holdings in Electrica subsidiaries by a month, seenews.com reads. The two companies have extended the Long Stop Date of the memorandum of understanding (MoU) signed in July for the buyout from the initially agreed October 31 to November 30, the companies said in statements ...

BCR net profit falls in half to EUR 123 mln on nine months

Monday, November 6, 2017

The net profit of BCR, the biggest lender in Romania controlled by Austrian Erste, fell by 51 percent to RON 559.8 million (EUR 123 million) in the first nine months of the year compared to the same period of last year, business-review.eu reads. BCR said the fall in profits was mainly due to base effect from substantial risk provision releases and from significant gain following the sale of certain stakes in the first ...

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