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Financial & Banking

Erste Group posts net profit of EUR 987.6 million in 1-9 2017;stable outlook for 2018

Monday, November 6, 2017

“Erste Group posted a net profit of 987.6 million euros for the first nine months of 2017. As foreseen,this is lower than the 1,179.2 million euros we reported for the same period a year earlier, which had been positively influenced by the one-off from the sale of shares in VISA Europe. We are satisfied with our latest results, which were achieved on the back of solid lending growth of 5.6 percent, historically low risk costs at seven basis points and very healthy asset ...

BRD's 9-mo net profit doubles, NPLs drop

Monday, November 6, 2017

BRD [BSE:BRD], Romania's third-largest bank by assets, said on Friday its consolidated net profit in the first nine months of 2017 doubled year-on-year, reaching 1.04 billion lei ($264.4 million/227 million euro), seenews.com informs. BRD's net profit grew considerably in the nine months through September, compared to 586 million lei in the corresponding period of last year, fuelled by both dynamic commercial activity and improved risk profile, BRD, ...

Competition Council investigates the deal whereby OTP Bank Romania is taking over Banca Romaneasca SA from National Bank of Greece (NBG)

Monday, November 6, 2017

The Competition Council is looking at the deal whereby OTP Bank Romania is taking over Banca Romaneasca SA from National Bank of Greece (NBG), as well as the Romanian assets pertaining to NBG's London branch and its Maltese subsidiary, the Council said in a release on Wednesday. The acquired assets represent loans and related guarantees subject to agreements between NBG's London branch and its Maltese subsidiary, respectively, and various Romanian ...

Fitch rates Euroins Romania, Bulgaria's Eurohold at IFS 'BB-', IDR 'B'

Monday, November 6, 2017

Fitch said it has assigned Euroins Romania Asigurare Reasigurare an insurer financial strength (IFS) rating of 'BB-', and Eurohold Bulgaria AD a long-term issuer default rating (IDR) of 'B', both with stable outlook, seenews.com informs. The ratings agency has simultaneously assigned Eurohold's 200 million euro medium term note (EMTN) programme ratings of 'B'/'RR4', it said in a statement on Monday. Euroins Romania is part of ...

Banca Transilvania raises Romania's 2017 GDP growth fcast

Monday, November 6, 2017

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Banca Transilvania said that Romania's economy will expand by 5.2% in 2017, up from a previous forecast of 4.7%, but warned about a strong divergence between overheating consumption and sluggish investments, seenews.com informs. Banca Transilvania projects that Romania's economic growth will slow down to 4.1% in 2018, it said in its macroeconomic scenario November report. In 2016, Romania's economy grew by 4.8% year-on-year, ...

BNR: International reserves – October 2017

Monday, November 6, 2017

On 31 October 2017, the National Bank of Romania (BNR) foreign exchange reserves stood at EUR 33,932 million, compared to EUR 33,320 million on 30 September 2017. During the month, the following flows were recorded: EUR 1,961 million worth of inflows in the form of changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

Isarescu: Romania needs a national programme for its accession to eurozone

Monday, October 30, 2017

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Romania needs a national programme, to be endorsed by all the political parties, for its accession to eurozone, and this needs to be an ambitious and realistic programme, National Bank of Romania (BNR) governor Mugur Isarescu said at the Conference "10th Anniversary of Romania's Accession to the European Union: from Cohesion to ...

Mugur Isarescu, NBR Governor: Opening speech at the “The Future of the Euro Area and its Enlargement” Conference

Monday, October 30, 2017

Professor Sapir,Ladies and gentlemen, The National Bank of Romania’s Board and I are honored to extend a warm welcome to all of our distinguished guests attending the conference this morning. Allow me to wholeheartedly welcome our speaker, Professor André Sapir. It has become quite a tradition here, at the National Bank of Romania to invite well-renowned lecturers to address the audience on important topics of the ...

Isarescu wants mandatory trainings for bank employees

Monday, October 30, 2017

Mandatory training programs for bank employees are necessary because the quality of human resources can affect the reputation and credibility of credit institutions and even create systemic risk if employee problems are generalized, central bank governor Mugur Isarescu said at a conference. Isarescu told bank managers that they rely too heavily on internal trainings.They are neglecting joint industry programs carried out ...

PwC: some fiscal amendments will have a positive impact, others raise some question marks

Monday, October 30, 2017

Some fiscal measures announced by the authorities, such as the reduction of the taxation quota per income at 10% have a positive potential for the business environment, but there are question marks as regards the budgetary sustainability of these initiatives, according to a press release presented on Friday by the consultancy company PwC ...

Ludwik Sobolewski resigns from the position of Director General of BVB

Monday, October 30, 2017

Ludwik Sobolewski notified the Bucharest Stock Exchange (BVB) regarding his resignation from the position of Director General of the company, reads a notification released on the website of the share market's operator. "Bucharest Stock Exchange informs that on 27 October 2017, Ludwik Sobolewski notified the company on ...

BVB fails again to get the emerging market certification

Monday, October 30, 2017

The Bucharest Stock Exchange (BVB) has failed this year again to get promoted to the status of emerging market, romaniajournal.ro reports. BVB has failed to receive the certification of emerging market at the latest assessment decision of FTSE Russell agency, missing to reach the objective stated as such during the past two years. The main unaccomplished criterion is related to liquidity, capital.ro informs. BVB has a total capitalisation on the main ...

BRD Asigurari de Viata has new general director

Monday, October 30, 2017

Sabine Mireille Lucette Eustache De Lattre received yesterday the approval of the Financial Supervisory Authority (ASF) to take over as general director of the local insurer BRD Asigurari de Via?a, romania-insider.com infoms. She joined the Société Générale group in 2002. She has coordinated the company’s operations in Belgrade for two years. BRD Asigurari de Viata, owned ...

Companies and households bank arrears decreased by 7.6 pct in September

Monday, October 30, 2017

The total value of companies and households bank arrears decreased by 7.6 pct in September, down to about 12.5 billion lei, compared to the level recorded in the same month of the previous year, the National Bank of Romania (BNR) informs. Of this amount, ...

Romania's M3 money supply growth accelerates in Sept

Monday, October 30, 2017

Romania's M3, the broadest gauge of the country's money supply, grew by a nominal 12.3% year-on-year to 332.3 billion lei ($84.8 billion/72.2 billion euro) in September, compared to a 11.7% rise in August, the central bank, BNR, said on Tuesday quoted by seenews.com. On a monthly comparison basis, Romania's M3 money supply increased by 0.6% in September, BNR said in a statement. In real terms, September M3 money supply was 10.3% ...

Romania’s consumer protection authority fines 15 banks

Monday, October 30, 2017

Romania’s Consumer Protection Authority (ANPC) has fined 15 local lenders with over RON 500,000 (EUR 108,700) for unfair commercial practices in advertising activities, romania-insider.com reads. The institution has also asked them to cease these practices, to correct the contracts already concluded, to return the amounts received without legal basis, and to suspend the ad campaigns. The 15 banks ...

Annual bank deposit growth speeds up in September

Monday, October 30, 2017

The value of deposits of the non-government sector in Romanian banks grew 10.8% on the year to 286.38 billion lei ($73.1 billion/62.2 billion euro) in September, accelerating from an annual rise of 10.2% in August, the central bank, BNR, said on Tuesday quoted by seenews.com. Leu deposits increased 11.3% year-on-year to 194 billion lei in September, after growing by an annual 10.9% in the previous month, BNR said in a monthly monetary statistics ...

FinMin Misa: The value of VAT arrears exceeds EUR 1.5 bln

Monday, October 30, 2017

The value of non-recoverable arrears amounted to RON 7.1 billion (EUR 1.5 billion) at the end of September, finance minister Ionut Misa said last week. This represents VAT registered for taxpayers in bankruptcy, insolvency and reorganization. Of the total amount, almost RON 6 billion (EUR 1.3 billion) are arrears of taxpayers with no activity, reports ...

Government plans turnover tax for microenterprises

Monday, October 30, 2017

The minister of labor, Lia Olguta Vasilescu, has announced that the gross minimum wage in Romania will be hiked from RON 1,450 to RON 1,900 as of January 2018, as the government plans to shift the social contributions from employers to employees, while cutting the amount levied on gross wages by 2 percentage points, business-review.eu informs. This means that the level of social contributions will fall from 39.25 percent to 37.25 percent on the amount ...

Tiriac Leasing to take a loan of EUR 10 mln from Alpha Bank Romania to finance leasing contracts

Monday, October 30, 2017

Tiriac Leasing will take a loan of EUR 10 million from Alpha Bank Romania to finance and refinance the financial leasing contracts, according to a decision of the shareholders adopted at the end of September, business-review.eu says. The loan will come along with a movable mortgage for cars/ light vehicles financed/refinanced within the loan facilities that are the object of the leasing contract. Also will be closed a movable mortgage on the rights of ...

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