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Financial & Banking

Romanian insurance market is stable, says ASF

Monday, October 30, 2017

The Romanian insurance market is stable and characterized by safety indices improvement, according to the Financial Surveillance Authority (ASF) quoted by business-review.eu. “Romania’s insurance market exceeded the imbalance moment and is stable and growing today. We are moving to a maturation of the market with a developing potential,”  stated ASF vice-president Cornel Coca Constantinescu. According to ...

Elke Meier, the new CFO of BCR as of 2018

Monday, October 30, 2017

Elke Meier takes over the Chief Financial Officer position in the Management Board of Banca Comerciala Romana (BCR) starting January 1st, 2018, romaniajournal.ro informs. Adriana Jankovicova, current Board Member in charge with the Financial line, has decided to pursue other career opportunities outside of Erste Group at the end of her existing term, December 31st 2017.   Elke Meier joins BCR after an international career span in Austria ...

Annual meeting of the European Federation of Building Societies will be held in Bucharest, November 2-3, 2017

Monday, October 30, 2017

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The annual meeting of the European Federation of Building Societies will be held in Bucharest, November 2-3 2017 and will bring together representatives of around 20 banking institutions from Austria, Belgium, the Czech Republic, Germany, Hungary, Romania and Slovakia, informs a press release of the Romanian Commercial Bank (BCR) BpL sent on ...

Transilvania Broker to sell 25 pct stake in IPO

Monday, October 30, 2017

Transilvania Broker for Insurance shareholders want to get up to RON 9.68 million from the company’s listing on the Bucharest Stock Exchange, business-review.eu reads. As part of the IPO, Login Gabriel wants to sell 15 percent stake (375,000 shares) from a total of 1.5 million shares and Niculae Dan, who wants to sell 10 percent (250,000 shares) from the total of 1 million shares. There will be a total listing of 25 percent of the company’s ...

Citu: 2% “solidarity fee” a desperate finding

Monday, October 23, 2017

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PNL (libeal party) vicepresident Florin Citu says that finance minister Ionut Misa “is manipulating at kindergarten level, and the solidarity fee is a “desperate finding” to cover the holes generated for the state budget by an “government irresponsible”in managing economy in difficulty. “What Ionut Misa is trying to induce into public opinion is fake, that is the fact that European regulations would impose the 2% ...

Romania 100 Platform: EU directive invoked by finance minister for solidarity fee does not exist

Monday, October 23, 2017

Romania 100 platform considers that all entrepreneurs in Romania (small companies, family business, medium and large companies) will suffer in 2018 because of the introduction of the solidarity fee and that the government should explain the introduction of the fee and the destination of the money. The Platform shows that the EU directive invoked by the finance minister as argument in favour the the tax does not exist and warns that productive employers and employees will be ...

Romanian share transactions up 30 pct in the first nine months to EUR 1.8 bln

Monday, October 23, 2017

Romania’s capital market strengthens its position in the region, after recording a 30 percent increase of shares’ transactions in the first nine months of this year to EUR 1.8 billion, according to a release of the Bucharest Stock Exchange (BVB), business-review.eu reads. Also, during the same period, the IPOs’ and corporate bonds’ value exceeded EUR 1 billion and the value of companies listed on ...

IFC and UniCredit Leasing Corporation Support Small and Medium Enterprises in Romania

Monday, October 23, 2017

IFC, a member of the World Bank Group, has provided a RON150 million (approximately $38.5 million equivalent) loan to UniCredit Leasing Corporation to help finance small and medium enterprises (SMEs), so they can grow their businesses and generate new employment, a statementsent to ACTMedia reads. The agreement will allow UniCredit Leasing, the market leader in Romania’s leasing sector, to extend its reach to smaller companies that need to ...

WB Report :Europe and Central Asia Economic Update, October 2017 - Migration and Mobility

Monday, October 23, 2017

The report finds that economic growth in Europe and Central Asia has been stronger than previously expected. At the same time, the region is facing both opportunities and challenges with regard to new technologies, more flexible labor contracts, and migration. Economic Developments & Outlook GDP growth in the Europe and Central Asia region will reach 2.2% in 2017, ...

World Bank report: Romanian economy to experience above-potential growth in 2017, 2018

Monday, October 23, 2017

Romania's economy is projected to grow above its potential in 2017 and 2018, the World Bank said in its latest Regional Economic Update, Migration and Mobility in Europe and Central Asia released on Thursday. "GDP will likely expand by around 5.5 percent in 2017, driven by the fiscal stimulus and aided by improvements in the European economy. The pickup in consumption is expected to widen the current account deficit to 3.1 percent in 2017, from 2.4 ...

EIF, Romania's BRD, ING Bank, Libra Bank sign partnership deal on SME financing

Monday, October 23, 2017

The European Investment Fund (EIF), part of the European Investment Bank group (EIB), on Thursday said it has concluded new partnerships with three Romanian banks to extend the range of financing products for small and medium-sized enterprises (SMEs) in the country, seenews.com informs. The three banks are Romania's BRD Groupe Societe ...

EIB lending 90 mln lei (20 mln euro) to Romania's ProCredit to back SMEs

Monday, October 23, 2017

 The European Investment Bank (EIB) said on Thursday it is lending 90 million lei ($23 million/ 20.3 million euro) to Romania's ProCredit Bank to support small and medium-sized enterprises (SMEs), seenews.com reads. The loan will support ProCredit Bank in providing financing to businesses in Romania that contribute to development and employment in the country, the EIB said in a press release. The credit line ...

New pension law enforcement to be delayed, says Dragnea

Monday, October 23, 2017

The head of the left wing PSD (ruling party), Liviu Dragnea, says that the new pension law will not be enforced starting 2018 as it hasn’t been approved yet, which also means it will not be part of next year’s budget, business-review.eu informs. Dragnea didn’t provide any reasons for the delay, but said that “the pension law mustn’t have a financial impact in 2018, but all the increases that we mentioned in the governing ...

Telekom Romania, Alior Bank launch Telekom Banking

Monday, October 23, 2017

Telekom Romania partnered Polish financial services provider Alior Bank to launch Telekom Banking, a service whose aim is to meet the needs of consumers for fast, easy-to-use banking products and services. Telekom Banking services are launched gradually, starting with two pillars, namely daily primary banking operations and an online exchange platform. A mobile application called Internet Banking will be added to the platform in November. The app focuses on an omnichannel ...

Bruegel think tank official: Romania should not rush to join the eurozone

Monday, October 23, 2017

Romania should not rush to join the eurozone because of the inherent real convergence challenges, André Sapir, senior fellow at the Bruegel think tank, on Tuesday told a conference hosted by the National Bank of Romania on the future of the ...

Craciun (BCR Pensions): Romanian state cannot keep competences in country by allocating resources

Monday, October 16, 2017

The Romanian state is not able to keep big competences in the country by allocating resources in order to cope with challenges we have , said Radu Craciun, president of BCR Pensions, at a conference. “We would not have such a problem if the state were a correct administrator of public resources. When I see that physicians from Romania emigrate in mass, I have a big question about the quality of state allocation of resources for the payment of ...

UniCredit Analysts: the National Bank could leave the exchange rate go down to 4.6 – 4.7 lei/euro

Monday, October 16, 2017

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  The National Bank of Romania ‘will allow a gradual depreciation of the leu, and the transition to the interval of trading of 4.6-4.7 will happen in Q1 of 2018’ anticipates in a report the analysts of the bank UniCredit. ‘The leu is overevaluated due to the capital flow which is going down and the increase of the single cost with the workforce. The  downward trend characteristic for the autumn months ...

S&P affirms Romania at BBB-/A-3 with stable outlook

Monday, October 16, 2017

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Standard & Poor's maintained Romania's rating at BBB-/A-3, with a stable outlook, and said that the country's budget and trade deficits will widen due to the consumption-focused growth, seenews.com informs. "Romania's procyclical budgetary stance is amplifying wage pressures in an already overheating economy. While wage convergence is desirable, pay increases that significantly outpace underlying productivity have historically led to boom-bust ...

EBRD invests in Romanian agribusiness enterprise

Monday, October 16, 2017

The European Bank for Reconstruction and Development (EBRD) and Agricover Holding SA have signed legal agreements confirming the bank’s intention to become a shareholder in the Romanian agribusiness company, world-grain.com informs.According to the agreement, the EBRD will invest RON 32 million ($8.278 million) in the company’s capital for a subscription to a 13% stake. The completion of the transaction is subject to statutory approvals and is expected ...

Fitch reconfirms the long-term ratings of Romanian lenders BCR, BT, BRD

Monday, October 16, 2017

Rating agency Fitch has reconfirmed the long-term default ratings of the local lenders BCR, Banca Transilvania, BRD Societe Generale and UniCredit Bank Romania with a stable outlook. It has increased the viability rating of BCR, romania-insider.com informs. These banks are well capitalized, generally have good coverage of bad credit provisioning and their non-performing loans ratios have declined over the ...

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