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Financial & Banking

Profits close to EUR 250 mln for closed-end funds on BVB in five months

Monday, June 19, 2017

The six companies within the financial index BET-FI from Bucharest Stock Exchange (BVB) accumulated profits close to EUR 250 million for BVB closed-end funds in the first five months of the year, business-review.eu informs. The biggest contribution belonged to Fondul Proprietatea, with a net profit of RON 968.5 million. The dividends season brought consistent amounts in the closed funds of BVB, so that they exceeded the level of combined gains of ...

EC requests Romania, Belgium to apply EU rules on payment accounts

Monday, June 19, 2017

The European Commission is urging Belgium and Romania to send details about how the Payment Accounts Directive (Directive 2014/92/EU) is being enacted in their domestic law, an obligation they had to fulfil by 18 September 2016. The Directive gives all legal EU residents the right to a basic payment account for a reasonable fee, regardless of place of residence. It also improves the transparency of payment account fees and makes it easier to compare and switch. The ...

World Bank lifts Romania's economic growth forecast to 4.4 pct

Monday, June 12, 2017

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The World Bank on last Monday raised its projections for Romania's economic growth from 3.7 to 4.4 percent in 2017. In its report regarding Global Economic Prospects, the bank upgraded its formal forecast on January for the eastern European country for the current year. Moreover, it revised upwards by 0.3 percentage point the estimations for 2018 and 2019, when Romania's GDP is to increase by 3.7 percent and 3.5 percent ...

Lazea (BNR): Many firms have negative capitals; financial indiscipline tolerated

Monday, June 12, 2017

A large number of companies have negative capitals, have come non-bankable, financial indiscipline being tolerated in Romania, Valentin Lazea, senior economist at the National Bank of Romania (BNR), declared on Thursday at a conference. “Shortcomings in legislation step in here, making the owner of a company more interested in lending the company rather than bring in more capital. By means of loans the owner can make fiscal deductions and starts ...

BVB leads top of increases in Europe, with 23.77% advance for main index

Monday, June 12, 2017

BVB (Bucharest Stock Exchange) continued to grow this year for the fifth month on a row and leads the top of increases in Europe, with 23.77% advance for the main index, according to a BVB press release. Austria ranks second with 19.29%, followed by Poland, with 17.11%, Bulgaria with 12.76%, Germany with 9.88%, France 8.67% and Hungary with 7.96%. BVB recorded in May the month with most transactions of the last 10 years in all ...

Tax authority collects 2.2 pct more tax to state budget in May

Monday, June 12, 2017

The National Agency of Fiscal Administration (ANAF)collected in May RON 16.137 billion, RON 350.3 million more, representing a 2.2 percent year-on-year tax increase, business-review.eu informs. Last May, the income stood at RON 15.786 billion. This increase, ANAF representatives argue, comes on the back of the elimination of the tax on special constructions and of the cut of the standard ...

Insolvency law for individuals enforced in Romania starting September

Monday, June 12, 2017

The Government adopted this Friday a decision on for the application norms of the law for the insolvency of individuals, said the spokesperson of the executive, Alina Petrescu, business-review.eu informs „It’s about establishing the manner in which this insolvency procedure will be started and how the claims recovery will be made. Starting September 1 this new procedure for the Romanian society of entering ...

Gov't: multinationals will file their business reports in the countries of their tax residence

Monday, June 12, 2017

The Government adopted on Friday an emergency ordinance amending the Tax Procedure Code, which stipulates the fact that multinationals will file their business reports in the countries of their tax residence, Spokesperson for the Gov't Alina Petrescu announced on ...

Lazea (BNR) : poorest 10 percent of the citizens encounter difficulty in repaying loans about 80 percent of the time

Monday, June 12, 2017

The poorest 10 percent of the citizens encounter difficulty in repaying loans about 80 percent of the time, while the richest 10 percent face similar difficulties only face 40 percent of the time, stated Thursday Valentin Lazea, chief-economist of the National Bank of Romania (BNR), during a speciality ...

IFC Helps Alpha Bank Romania to Increase Mortgage Lending

Monday, June 12, 2017

IFC, a member of the World Bank Group, is providing a €50 million loan to Alpha Bank Romania to support mortgage lending and help expand access to finance for prospective home owners in Romania, a press release sent to ACTmedia informs. Alpha Bank Romania, an existing IFC client and a Company of the Alpha Bank Group, one of the leading Groups of the financial sector in Greece, became the first bank to introduce mortgages in Romania in 2001 and is now one of ...

Individuals registered with over 30-day outstanding debts dropped by 0.8 percent in April

Monday, June 12, 2017

The number of individuals registered with over 30-day outstanding debts to banks and non-banking financial institutions (NBFIs) dropped by 0.8 percent in April compared to the previous month, to 668,682, reads a release by the National Bank of Romania ...

OTP wants to acquire Banca Romaneasca

Monday, June 12, 2017

OTP, the most powerful banking group in Hungary, is in the pole position in the tender for acquiring local lender Banca Romaneasca, according to sources in the banking market, cited by ...

IFC Issues First RON Denominated Bond to Support Financing of the Private Sector in Romania

Monday, June 12, 2017

 IFC, a member of the World Bank Group, has issued a 70 million Romanian Lei (RON) bond—equivalent to approximately $17 million—as a private placement, a press release sent to ACTMedia informs. This is IFC’s first local currency issuance in Romanian Leu, following the recent consent of the government of Romania. The bond is issued under IFC’s Global Medium Term Note (GMTN) program. Under the program, IFC can issue bonds ...

BVB increases share capital by 3.7 million lei to merge with SIBEX

Monday, June 5, 2017

The Bucharest Stock Exchange (BVB) is increasing its share capital by 3.7 million lei in order to merge with the SIBEX Sibiu Stock Exchange, reads an announcement posted by BVB on its website. "The Board of Governors of Bursa de Valori Bucuresti S.A., in the meeting held on May 30, 2017, adopted the decision to establish the final value of the share capital ...

S&P classifies BICRA on Romania at group 7

Monday, June 5, 2017

Standard & Poor's (S&P) said on Tuesday that it classifies the banking sector of Romania in group '7' under its Banking Industry Country Risk Assessment (BICRA), seenews.com informs. The strengths of Romania are that it is one of the fastest growing economies in the EU, its low corporate and household indebtedness, as well as the adequately capitalised banking sector, the credit agency said in a ...

Credit institutions tightened their credit standards in 2017 Q1

Monday, June 5, 2017

Credit institutions tightened their credit standards in 2017 Q1 for both consumer credit to households and loans for house and land purchase (housing loans), according to a May 2017 bank lending survey conducted by the National Bank of Romania ...

Voinea (BNR): 11% of the active non-financial companies had banking loans at the end of 2016

Monday, June 5, 2017

A percentage of 11.2% of the active non-financial companies have a banking loan according to the data at the end of 2016, stated on Wednesday Liviu Voinea,vice –governor of the BNR, in a conference organised by Coface. ‘From a total of 608,246, to be  more precise, the active non-financial companies, namely those who presented their ...

Poland's Kruk acquires debt portfolio from Romanian lender BRD

Monday, June 5, 2017

Polish debt collection company Kruk said it has agreed to purchase a portfolio of secured and unsecured corporate debt with a total nominal value of 1.25 billion lei ($305.8 million/273.7 million euro) from Romanian blue-chip lender BRD Societe Generale [BSE:BRD], seenews.com reports.  The agreement was subject to a condition precedent that the debts covered by the agreement will be assigned to the buyer upon payment of the price, ...

Romania leading FDI destination in SEE for 2016 - EY

Monday, June 5, 2017

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Romania is the only country in Southeastern Europe (SEE) included in the top 20 foreign direct investment destinations in Europe for 2016, a survey by global consultancy Ernst&Young (EY) showed quoted by seenews.com. Romania occupies the 12th place in the ranking, with a total of 132 FDI projects launched in 2016, up 35%, a survey by global consultancy Ernst&Young (EY) showed.  At the same time, ...

Over 50 pct of FDI in Romania coming from The Netherlands, Austria and Germany

Monday, June 5, 2017

The latest figures from the National Bank of Romania (BNR) show that states in the European Union account for around 90 percent of the total stock of foreign direct investments (FDI) in Romania, business-review.eu informs. The Netherlands accounts for 25 percent of the FDI in Romania, followed by Austria and Germany, with 14 percent and 12 percent, respectively. The data is included in the FDI report published by the Foreign Investors Council (FIC) and ...

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