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Financial & Banking

ANAF tax collection up 4.1 pct to RON 100 bln in H1

Monday, July 10, 2017

The National Agency of Fiscal Administration (ANAF) said that the amount of taxes collected to the budget was up by 4.1 percent compared to the first semester of 2016, to RON 100 billion, business-review.eu reads. „In the first six months of 2017, ANAF collected RON 101.15 billion, which means a surplus of RON 3.955 billion than the the same period of 2016,” accordign to an ANAF press release. In June, ANAF collected ...

Romania's EximBank, Bancpost team up in new partnership to back entrepreneurs

Monday, July 10, 2017

Romania's EximBank and Bancpost, majority owned by Greece's EFG Eurobank, said on Tuesday they have partnered up to support local entrepreneurship and provide companies with an easier access to financing instruments, seenews.com informs. The SMEs Securing Ceiling Agreement will allow a large number of small and medium-sized enterprizes (SMEs), which do not have enough assets to cover the guarantees, to benefit from the Bancpost lending solutions, ...

Isarescu: there is a liquidity surplus of 3 billion euro on the market

Monday, July 10, 2017

Governor of the National Bank of Romania (BNR) Mugur Isarescu stated on Tuesday that there is a liquidity surplus of 3 billion euro on the market, to which as much is added in reserve requirements. "There is money. I do a simple calculation: there is a liquidity surplus of almost three billion on the market, almost the same amount in the reserve requirements, which remained to 8 percent. It should decline towards 2 percent. Can anybody say that there is no ...

BNR Report: upward trend of privately managed pension funds continued in 2016 both for Pillar II and Pillar III

Monday, July 10, 2017

 The upward trend of privately managed pension funds continued in 2016 both for Pillar II and Pillar III, as a result of the increase in the number of contributors and of the low monthly disbursements to the beneficiaries, shows a report by the National Bank of Romania (BNR). "Nevertheless, regional comparisons show that Romania has the lowest level of intermediation in the region (assets to GDP ratio), and there's a similar situation for the number of ...

Kruk Group: nominal value of debt assignments was 2.06 billion euros în 2016

Monday, July 10, 2017

 Receivables sold or outsourced for collection by banks and other entities on the Romanian market totaled 3.1 billion euro in 2016, compared to 2.01 billion euro in 2015, show estimates by Kruk Group, the largest receivables management company in Central and Eastern Europe. The nominal value of debt assignments was 2.06 billion euros last year as to 1.02 billion euros in 2015, and the nominal value of receivables outsourced for collection was 1.04 ...

Insurance policies for dwellings (PAD) rose by 6.13 pct in January

Monday, July 10, 2017

The number of active compulsory insurance policies for dwellings (PAD) rose by 6.13 pct, reaching 1.691 million on January 31, 2017 as compared to 1.593 million PAD polices on January 31, 2016 according to the statistics of the Pool of Insurance Against Natural Disasters (PAID), the company that issues this type of ...

Mandatory private pension funds had stockpiled assets worth about 32.173 billion lei in January

Monday, July 10, 2017

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The mandatory private pension funds had stockpiled assets worth about 32.173 billion lei, on January 31, 2017, rising by almost 30% as compared to the level of January 31, 2016, according to data from the Financial Supervisory Authority ...

Romania's Patria Bank increases share capital by 156 mln lei (34 mln euro)

Monday, July 10, 2017

Romania's Patria Bank, formerly known as Nextebank, said on Thursday it has increased its share capital by 156 million lei ($38.5 million/32 million euro), seenews.com reports. Following the increase, Patria Bank's share capital totals 376.2 million lei, divided into 3.76 billion shares with a nominal value of 0.10 lei each, the bank said in a statement filed with the Bucharest Stock Exchange (BVB). Patria Bank is owned by EEAF ...

Greece’s National Bank to sell Romania, Serbia, Cyprus operations

Monday, July 10, 2017

Greece’s second-largest lender National Bank (NBG) will sell more assets in the Balkans, including its Romanian operations, to complete a restructuring plan agreed with European authorities, its chief executive said on Tuesday, Reuters reports quoted by ekathimerini.com. Like other big Greek banks, NBG has been slimming down by divesting assets and foreign subsidiaries to focus on banking at home, with proceeds boosting capital ratios and ...

BCR leads Romania's banking market with 16.28% share in 2016

Monday, July 10, 2017

 Banca Comerciala Romana (BCR) remained Romania's largest bank by assets at the end of last year with a market share of 16.28%, up from 15.8% at end-2015, the central bank said quoted by seenews.com. With total assets worth 64.06 billion lei ($15.8 billion/13.9 billion euro) at the end of December, BCR, owned by Austria’s Erste, led the ranking, BNR said in its annual report published earlier this week. Banca ...

BVB capitalization at over EUR 37 bln in H1

Monday, July 10, 2017

The Bucharest Stock Exchange (BVB) registered a two-digit increase at the end of the first semester of this year, close to 11 percent, in conditions of dividends offer and political uncertainties, according to a statement of the market operator, business-review.eu reads. . „BET, the main market index, that measures the evolution of the most liquid companies, closed on June with 7,855 points, corresponding to a ...

Opening speech at the 'The City of London as a financial centre after UK exit from EU' conference by Mugur Isarescu, NBR Governor

Monday, July 3, 2017

Bucharest, 30 June 2017 Lord Mayor, Mr. Browne, Your Excellency Ambassador Brummell, Dear guests, We are delighted to welcome you, Lord Mayor, at the National Bank of Romania (NBR). We extend a warm welcome to Mr. Jeremy Browne, Special Representative for the City of London to the European Union, as well as to our guests from this leading international financial ...

National Bank of Greece sells Garanta insurer in Romania to Exin

Monday, July 3, 2017

Netherlands-based Exin Financial Services has agreed to acquire 75 percent stake in Greek insurer Ethniki Hellenic General Insurance (Ethniki Insurance), the majority shareholder of the insurer Garanta in Romania, from the National Bank of Greece (NBG) for EUR 718 million,romaniajournal.ro informs. The price also includes the transfer of Ethniki Insurance Cyprus, valued at EUR 13.4 million, as well as Ethniki’s activities in Romania (Garanta), ...

BNR: Non-performing loans (NPL) has declined in April

Monday, July 3, 2017

The rate of non-performing loans (NPL) has declined in April compared to the previous months by 0.1 percentage points to 9.26 percent, the data published by the National Bank of Romania (BNR) reveal. Compared to April 2016, the level declined by 3.85 ...

Isarescu: BNR did not drop the interest under 1.75 to encourage savings and creation of domestic resources

Monday, July 3, 2017

The National Bank of Romania (BNR) did not drop the reference interest under 1.75% to encourage savings and the creation of financial resources on a domestic plan,stated on Wednesday the governor of the BNR Mugur Isarescu suggesting that the interest will not drop under this level in the future, in the debate of the work of the former governor of the Bank of England Mervyn King ‘ The end of alchemy: money, banks and the future of world ...

Romanian Parliament votes to appoint Leonardo Badea as ASF head

Monday, July 3, 2017

The plenum of the Romanian Parliament voted on Wednesday to appoint Leonardo Badea as head of Financial Surveillance Authority (ASF) and Ovidiu Razvan Wlassopol as first deputy of the financial body, business-review.eu informs. Leonardo Badea received 321 votes in favor and 38 against, while Ovidiu Wlassopol received 338 votes in favor and 21 against. The two received positive ...

Large companies in Romania rally against new governing program

Monday, July 3, 2017

The largest Romanian business associations have convened for Friday a press conference to protest against the fiscal measures announced by the Social Democratic Party (PSD) through the new governing program, romania-insider.com reports. These include the Coalition for Romania’s Development (CDR), Romanian Business Leaders, the American Chamber of Commerce in Romania, the French Chamber of Commerce and Industry in Romania, the Romanian-German ...

Romania to issue 5.1 bln lei (1.1 bln euro) in domestic debt in July

Monday, July 3, 2017

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Romania's finance ministry said on Friday it plans to auction 5.1 billion lei ($1.3 billion/1.1 billion euro) in government securities and to sell an additional 510 million lei in non-competitive offers in July, seenews.com informs. The finance ministry plans seven auctions of government securities with maturity of two to ten years, and two auction for one-year and six-month T-bills worth 1.7 billion lei. In June, the finance ministry sold 5.235 ...

Intesa Sanpaolo acquires the branch network of Veneto Banca in Romania

Monday, July 3, 2017

Intesa Sanpaolo has announced the acquisition of the branch network of Veneto Banca in Romania, as part of an international deal, business-review.eu informs. “As head of Intesa Sanpaolo’s International Subsidiary Banks Division ...

Romania's EximBank backs Prolyte Group with loan for new facility

Monday, July 3, 2017

Romania's EximBank has reached an agreement to lend 15.7 million lei ($3.8 million/3.4 million euro) to aluminium trussing and staging systems maker Prolyte Group for a new production facility in Piatra-Olt, in the southwest of the country. Seenews.com reports. The new project is doubling up the production capacity of the company in Piatra Olt, EximBank said in a press release on Monday. "We are looking forward to other ...

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