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Financial & Banking

Anna Grzelonska is the new CEO of NN Life Insurance Romania

Monday, June 5, 2017

NN Romania appoints Anna Grzelonska, currently chief operating officer of Nationale-Nederlanden in Poland, as CEO of NN Life Insurance Romania, effective  July 1, subject to regulatory approval, business-review.eu informs. She replaces Marius Popescu, who was appointed as CEO of NN Hayat ve Emeklilik from April 1. Grzelonska joined the company in 2008 as marketing services and communications director, and since then has held senior commercial ...

Ionut Dumitru (Fiscal Council): Budget deficit will exceed IMF estimates after salary law passes

Monday, May 29, 2017

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Budget deficit will grow after passing salary law, exceeding estimates announced by IMF on Thursday (3.7% in 2017 and 3.9% in 2018), Ionut Dumitru, the president of the Fiscal Council told Mediafax. “It is a signal drawn by an independent institution about the significant risk of budget slide. IMF estimates are not a surprise as they are close to those of the Fiscal Council. The IMF budget projections include only what is being voted now. If we ...

IMF: Announced fiscal policies in 2017-2020 could raise deficit by 6pct of the GDP until 2022

Monday, May 29, 2017

The fiscal policies included in the Government's plans for the period 2017 - 2020, such as the implementation of the unified wage bill, reduction of social security contribution rates, and further tax cuts, could raise the deficit by 6 percent of GDP by 2022, according to the document drawn up by the International Monetary Fund (IMF) experts following the spring visit to ...

IFC and Garanti Leasing Support Women Entrepreneurs in Romania

Monday, May 29, 2017

 IFC, a member of the World Bank Group, has provided a €5.5 million loan to Garanti Leasing, part of Garanti Romania, one of the most dynamic financial groups on the local market, for financing small and medium enterprises (SMEs) owned or managed by women. Thanks to the agreement, Garanti Leasing will become the first leasing company in Romania directly financing women-owned or -managed SMEs. The company is continuing Garanti Bank’s ...

Voinea (BNR): indebtedness of non-financial companies and households stands at 42 pct of GDP

Monday, May 29, 2017

The total indebtedness of non-financial companies and households stands at 42 pct of GDP, with the former accounting for 26 pct of GDP, deputy governor of the National Bank of Romania (BNR) Liviu Voinea on Wednesday told a conference organized by ...

CDR's Anghel: we are currently a bit too green to implement the household tax system

Monday, May 29, 2017

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Sending out hundreds of employees to pay their taxes on their own will be a "very delicate" endeavor and we are currently a bit too green to implement the household tax system, work group coordinator at the Coalition for the Development of Romania (CDR) Daniel Anghel told a specialist conference on ...

Assets of banks from Romania to RON 393.7 bln in March, spike by 6.3 pct in Q1

Monday, May 29, 2017

Assets of Romanian banks amounted to RON 393.7 billion in March, recording a 6.3 percent spike in the first quarter of this year, due to the reduction of non-performative loans and the maintenance of a constant profit/assets ratio, according to the data of the National Bank of Romania (BNR), business-review.eu reads.The return on assets indicator (ROA), representing the ratio between the annual profit and assets, reached 1.26 percent in the first quarter of this year, ...

VIG doubles pre-tax profit in Romania on favourable mkt conditions

Monday, May 29, 2017

Vienna Insurance Group (VIG) said on Tuesday its operations in Romania generated a pre-tax profit of 3.2 million euro ($3.57 million) in the first three months of 2017, compared to a 1.5 million euro profit in the same period last year, according to preliminary data quoted by seenews.com. This significant increase in profit was due to favourable market developments that primarily led to a significant improvement in the combined ratio, the company said ...

Mandatory private pension funds had assets worth approximately 34.75 billion lei on April 30, 2017

Monday, May 29, 2017

The mandatory private pension funds (Pillar II) had assets worth approximately 34.75 billion lei on April 30, 2017, up 32.15 pct year-over-year, according to the data relesed by the Financial Supervision Authority (ASF). The state securities hold the ...

IFC Helps Increase Lending to Farmers in Romania, Boosting Agribusiness

Monday, May 29, 2017

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IFC, a member of the World Bank Group, is providing a RON 70 million loan to Agricover Credit IFN to increase access to finance for farmers in Romania and support the country’s important agribusiness sector. Agricover Credit IFN, part of Romania’s Agricover group, is the only financial institution in Romania aimed exclusively at agriculture financing. The new loan will support Agricover Credit’s financing for agribusiness SMEs to ...

Prima Casa program posts record demand

Monday, May 29, 2017

The state-backed mortgage program “Prima Casa” reaches a record of demand with over 600 requests per day, according to the National Guarantee Fund of Loans for SMEs (FNGCIMM), business-review.eu reports. The representatives of the fund decided to adopt some supplementary measures to accelerate the analysis process, such as the expansion of the regular work program of operational teams, the maintenance of the regular work program during the ...

Non-performing loan declined in March compared to the previous months by 0.22 percentage points

Monday, May 29, 2017

The rate of the non-performing loans (NPLs) declined in March compared to the previous months by 0.22 percentage points, to 9.36 percent, the data published by the National Bank of Romania (BNR) reveal. As compared to March 2016, the level dropped by 4.16 percentage points. At the end of March, a number of 674,125 individuals have over-30 days outstanding debts to banks and non-banking financial institutions, increasing by 4.7 percent compared to the previous ...

UNIQA Romania's Q1 pre-tax loss widens

Monday, May 29, 2017

Austrian insurance group UNIQA said on Wednesday its pre-tax loss from operations in Romania widened to 1.8 million euro ($2.01 million) in the first three months of 2017 from 1.2 million euro a year earlier, seenews.com reports. Total gross written premiums from operations in Romania fell 5% year-on-year to 26.8 million euro in the January-March period, UNIQA said in its first quarter financial report. Gross written premiums in ...

BNR: Companies' and households' outstanding debts to banks declined by 32.7 percent from April 2016

Monday, May 29, 2017

Companies' and households' outstanding debts to banks declined by 32.7 percent from April 2016 up to the same month of 2017, to 13.21 billion lei, data published by the National Bank of Romania (BNR) reveals. From this amount, 6.08 billion lei were in the national currency and 7.13 billion lei in foreign exchange currency. Bucharest recorded 32.5 percent of the overall debts. The overall value of loans granted to companies and households ...

Isarescu (BNR): the standards and good practices established at the OECD level have been the benchmark for us

Monday, May 22, 2017

The standards and good practices established at the level of the Organization for Economic Co-operation and Development (OECD) represented to the National Bank an important benchmark against which the institution has reported and reports on a regular basis, Governor of the National Bank of Romania (BNR) Mugur Isarescu on Thursday told the "Romania and OECD, present and future ...

Finance Ministry: Romania’s financing need represents 8.4% of GDP this year

Monday, May 22, 2017

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Romania needs 54-55 billion lei this year to refinance old debts and another 24 billion lei to cover the estimated budget deficit, that is 8.4% of GDP estimated for this year,  said Enache Jiru, secretary of state in the Finance Ministry on Thursday, at the conference of the Organization for Econimic Cooperation and Development (OECD), organized by ELEC Romania and Finmedia, with the support of the Government of Romania and the National Bank of Romania ...

Study: Sum total of competition policy impacts in ten key industries exceeds 1 billion euros

Monday, May 22, 2017

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The sum total of the impacts generated by the policies applied for 20 years in business by the Competition Council in ten key industries is exceeding one billion euros, according to a study conducted by the Bucharest School of Economics (ASE). "The active competition policy pursued by the Competition Council in 1996-2016 for the main propose of securing the ...

Romania’s mandatory car insurance market to have reference prices

Monday, May 22, 2017

This Thursday was the last day with regulated prices for the mandatory insurance RCA, while the reference tariffs will be enforced starting Friday, said the first vice president of the Financial Surevillance Authority (ASF), Cornel Coca Constantinescu, in a press briefing, business-review.eu informs. „Thursday it’s the last day of the ceiling for tariffs. From the discussions that we had with the Government and with the ...

Raiffeisen Bank Romania records lower profit in first quarter

Monday, May 22, 2017

Raiffeisen Bank Romania, one of the top 5 local lenders, recorded a net profit of EUR 21 million in the first quarter of this year, down 25% year-on-year, romania-insider.com informs. The company also saw its revenues go down year-on-year. The bank increased its lending by 3.6% during this period reaching a total balance of loans of EUR 4.73 billion at the end of March. Raiffeisen Bank Romania raised its assets by 9% to ...

ING Bank Romania registered în Q1 of 2017 a gross profit of 120 million lei

Monday, May 22, 2017

ING Bank Romania registered in the first quarter of this year a gross profit of 120 million lei, by 22 million lei higher than in the same period last year, as revenues increased significantly (52 million lei) and costs were kept under control, according to a press release sent on Thursday ...

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