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Financial & Banking

Romanian private pension funds' assets grow 31% y/y in Feb

Monday, April 10, 2017

Net assets under the management of Romanian mandatory private pension funds increased 31% on the year to 33.17 billion lei ($7.8 billion/6.3 billion euro) in February, the financial supervision authority, ASF, said on Friday quoted by seenews.com. Government securities had the highest share in private pension funds' assets, of 64.11%. Shares came in second with 20.32% and bank deposits were third with a 6.35% share, ASF said in a ...

Romania c-bank sees below-target inflation next months, ready to cut reserve requirements

Monday, April 10, 2017

Romania's central bank, BNR, said on Wednesday it expects annual inflation to remain below its target of 1.5%-3.5% in the next months, and that it is ready to cut the minimum reserve requirements when needed, seenews.com reports. BNR will release its quarterly inflation forecast on May 5. "The most recent assessments reconfirm the outlook for the annual inflation rate to stick to a slightly upward path in the following months, ...

Commission for creation of Romania’s sovereign fund set up by PM Grindeanu

Monday, April 10, 2017

The inter-government commission for the creation of Sovereign Fund of Development and Investments (FSDI) was set up through a decision of PM Sorin Grindeanu, business-review.eu ...

MFP's Georgescu: with the Brexit there will be at least a simplification in the system of own resources after 2020

Monday, April 10, 2017

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Romania is voicing hope that with the UK leaving the European Union, there will be a simplification in the post-2020 system of own resources as far as the EU budgetary revenues are concerned, State Secretary with Romania's Finance Ministry (MFP) Elena Georgescu told a debate on Monday called "Post-2020 multiannual financial framework, a response for EU's future" held in Bucharest ...

ANAF collected in Q1 of this year 50.4 billion lei

Monday, April 10, 2017

The National Tax Administration Agency (ANAF) has collected in the first quarter of this year 50.4 billion lei, 1.3 percent above the amount funneled into the state coffers in the same period last year, the institution said in a Monday."Against the background of ...

EximBank finances BCR Leasing IFN with 100 million lei

Monday, April 3, 2017

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The EximBank and the non-banking financial institution BCR Leasing IFN signed an agreement of partnership where the bank offered the leasing company a loan of 100 million lei for the activity of the BCR leasing IFN clients for a short term or medium-term financing agreement, the bank announced on Wednesday. The facility was offered for a period of three months with a grace period of one year,out of which a period of use of three ...

The GfK study: 67% of the financial managers of Romania consider that the frequent changes of legislation represent a challenge in the business environment

Monday, April 3, 2017

Over 60%of  the financial managers of Romania consider that the frequent changes of legislation represent a challenge in the domestic business environment, according to a study made by GfK at the request of the IMF Group which shows that over 80% of the human resources managers have difficulty in finding the adequate work force. The study analysed the opinions  of 30 financial managers and 31 human resources managers from ...

Total value of BVB transactions down in 2016 by 7.5 pct to RON 11.25 bln

Monday, April 3, 2017

The total value of transactions recorded on the Bucharest Stock Exchange (BVB) went down by 7.5 percent in 2016 compared with 2015, reaching RON 11.25 billion on the back of a  decrease in the number of transactions, according to a release published on Tuesday by the Financial Supervision Authority (ASF), business-review.eu reports. In 2016, the number of transactions fell by approximately 3.98 percent compared with ...

Mandatory pension funds assets at 28 February 2017 counted for approximately 33.176 billion lei

Monday, April 3, 2017

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 The mandatory pension funds (Pillar II)' assets at 28 February 2017 counted for approximately 33.176 billion lei (rd EUR 7.29 billion), up by 30.92 percent against the level they touched at 29 February 2016, says the data released by the Financial ...

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 ...

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