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Financial & Banking

Romania’s Allianz-Tiriac Asigurari gross written premiums rise 16% in 2016

Monday, April 3, 2017

Romanian insurer Allianz-Tiriac Asigurari said on Tuesday that its gross written premiums rose by 16% in 2016 to 1.2 billion lei ($286 million/264 million euro), seenews.com reads. The increase came on the back of general insurance operating revenues, which rose by 17% to 1.1 billion lei in 2016, Allianz-Tiriac Asigurari said in a statement. Motor vehicles insurance generated revenues of 795.9 million lei, of which the largest ...

Dan Bucsa (UniCredit): Romania fiscal risk at level from 2008

Monday, April 3, 2017

Romania is currently registering one of the highest fiscal risks in the Central and Eastern Europe and the situation of the local economy bears similarities to the figures that were recorded before the start of the financial crisis, according to Dan Bucsa, lead CEE Economist at UniCredit Bank AG in London, business-review.eu reports. “We do think that all this fiscal spending (…) will show up in lower investments,” said Bucsa. ...

Non-banking financial services provider iCredit targets 40% higher sales in Romania in 2017

Monday, April 3, 2017

Non-banking financial services provider iCredit, part of Bulgarian-headquartered Management Financial Group (MFG), targets a 40% increase in sales in Romania this year, the company's CEO told SeeNews on Wednesday. The high expectations in revenue growth for 2017 are backed by iCredit's plans to increase its portfolio and expand its office network in Romania. By the end of the year, iCredit is expecting portfolio growth of around 45%, or 30 million ...

Romania lacks appetite for bitcoin and blockchain technology

Monday, April 3, 2017

While the use of bitcoin and blockchain technology picks up speed across the Atlantic, Romania is playing it safe, amid calls for caution from across the EU, business-review.eu reads. But the Romanian economy could be missing out on something, pundits say. Four years ago, when the bitcoin price peaked at USD 1,216, it was widely hailed as the next big thing. In 2016, although the price had not managed to regain much ...

Vasilescu (BNR): Population's financial education number one trainer is inflation

Monday, April 3, 2017

 The population's financial education number one trainer is inflation, and through it, we have begun to learn what market economy is, declared on Wednesday Adrian Vasilescu, Strategy Consultant at the National Bank of Romania, at a conference about financial ...

Japanese rating agency reconfirms BBB/BBB+ rating for Romania

Monday, April 3, 2017

The Japan Credit Rating Agency (JCR) reconfirmed the stable perspective and the BBB/BBB+ rating of Romania for the long term debt in foreign currency, respectively the local currency, according to a Monday press release of the Ministry of Finance quoted by business-review.eu. The agency’s decision is supported firstly by the perspectives of a solid economic growth, which is forecasted by the agency due to the internal demand ...

Moody's upgrades Romania's Raiffesien Bank deposit ratings to Baa3

Monday, March 27, 2017

Moody's Investors Service said on Thursday it has upgraded Romania's Raiffeisen Bank SA long-term and short-term local and foreign-currency deposit ratings to Baa3 from Ba1, seenews.com reports. Moody's also upgraded  the bank's adjusted baseline credit assessment to ba2 from ba3 and its long-term and short-term Counterparty Risk Assessment (CRA) to Baa2 from Baa3. Moody's also changed the outlook on ...

Raiffeisen Bank Romania in digital tech revamp with Backbase

Monday, March 27, 2017

Raiffeisen Bank Romania, a subsidiary of Austria’s Raiffeisen Group, is modernising its channels delivery with Backbase, Banking Technology ...

ASF to support the acquisition of City Insurance by Swiss investor Max Roessler

Monday, March 27, 2017

Misu Negritoiu, the president of the Financial Supervision Authority (ASF), met with the Swiss investor Max Roessler to finalize the negotiations for the take over, City Insurance, the insurer that is in financial recovery, business-review.eu reaports. City Insurance has a share of 9 percent of the market and has a solid portfolio, especially on RCA segment.  „With an impressive banking and ...

Arrears on loans granted to companies and the population amounted to over 13.6 billion lei at the end of February

Monday, March 27, 2017

Arrears on loans granted to companies and the population amounted to over 13.6 billion lei at the end of February, their value decreasing by 35.7 pct as compared to the one recorded at the end of the same month of 2016, according to data centralized by the National Bank of Romania ...

Deposits of non-government resident customers went up 0.6 percent this February

Monday, March 27, 2017

Deposits of non-government resident customers went up 0.6 percent month on month to RON 272,187.9 million in February 2017; RON-denominated household deposits increased by 1.0 percent to RON 104,520.5 million. RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) edged up 0.4 percent to RON 81,067.4 million, according to a press ...

BNR: end-February 2017, non-government loans went up 2.1 percent

Monday, March 27, 2017

At end-February 2017, non-government loans granted by credit institutions went up 0.8 percent (0.9 percent in real terms) from January 2017 to RON 219,805.2 million; RON-denominated loans expanded 1.4 percent (1.5 percent in real terms), whereas foreign currency-denominated loans rose by 0.1 percent when stated in RON, but decreased 0.2 percent when expressed in ...

EximBank will continue to issue insurance policies for Romanian companies until 2021

Monday, March 27, 2017

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Until 2021, EximBank will continue to issue insurance policies on behalf of the Romanian state for Romanian companies faced with the private insurers' impossibility to cover commercial and political risks for the exports on the European Union market and the OECD countries, reads a press release of the bank sent on ...

Insurence market advanced last year to 10.05 billion lei

Monday, March 27, 2017

Gross written premiums advanced last year to 10.05 billion lei, a figure 10 pct higher compared to 2015, with health insurance scoring the steepest increase of approximately 70 pct, the Financial Supervisory Authority (ASF) announced in a release on Tuesday. The general insurance segment increased 11 pct in 2016 compared to 2015, and the advance on the life ...

Carpatica Asigurari enters bankruptcy

Monday, March 27, 2017

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Carpatica Asigurari will enter bankruptcy after aRomanian court ruling. The guarantee fund will startprocessing the over 16,300 compensations requests, business-review.eu reads. Each creditor can request a compensation of up to RON450,000, the fund ...

Romania runs out of money to co-finance EU projects

Monday, March 27, 2017

Romania’s regional development minister has told the nation’s mayors that there is no more money left for co-financing European projects, since the limit has already been reached and the country is trying to keep its deficit under 3%, EURACTIV ...

Romania: Staff Concluding Statement of the 2017 Article IV Mission

Monday, March 20, 2017

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's ...

BNR's Lazea: IMF proved that EU funds absorption could lead to 4.5pct potential GDP growth

Monday, March 20, 2017

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The International Monetary Fund (IMF) told the National Bank of Romania (BNR) officials that a 95 percent absorption of EU funds could lead to the potential GDP growth to 4.5 percent, BNR Chief Economist Valentin Lazea said on Wednesday, on the occasion of the launching of the 2017 economic outlook for Romania. "The International Monetary Fund ...

European Commissioner Cretu: EU funds absorption rate in Romania will exceed 90pct on 2007-2013 period

Monday, March 20, 2017

European Commissioner for Regional Policy Corina Cretu on Wednesday said that in Romania the absorption rate for the funds allotted for the 2007-2013 period will exceed 90 percent and that invoices corresponding to this period are still received until the end of this month. "I have made all possible efforts to increase the absorption rate. When ...

Anghel: listing Hidroelectrica is needed for the Romanian capital market to upgrade to the status of emerging market

Monday, March 20, 2017

 The listing of water power corporation Hidroelectrica is needed for the Romanian capital market to upgrade to the status of emerging market, and the Romanian state will be the main beneficiary of this promotion, Chairman of the Bucharest Stock Exchange (BVB) Administration Board Lucian Anghel told the 6th edition of the Individual ...

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