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Financial & Banking

UniCredit Bank to launch 500 mln lei (110 mln euro) bond on Bucharest bourse

Monday, July 17, 2017

Romania's UniCredit Bank said on Friday that it will launch on the Bucharest Stock Exchange (BVB) a 500 million lei ($125 million/110 million euro) bond issue exclusively for qualified investors, seenews.com reports. The proceeds from the issue will be used for general financing purposes, mostly lending to customers, UniCredit said in a statement posted on its website. The bonds will be offered to investors between July 17 and ...

EBA: Romanian banks, the most profitable in Europe

Monday, July 17, 2017

The Romanian banks have become the most profitable in Europe, as the return on equity (ROE) reached 15.6% at the end of the first quarter, double than the European average, according to the latest statistics released by the European Banking Authority (EBA). The banking system in Romania ranked second in the European profitability ranking last year, after the Hungarian one. However, despite ranking first, the Romanian banking ...

PM Tudose: The Pension Pillar II will not be nationalized

Monday, July 17, 2017

The Pension Pillar II will not be nationalized, Prime Minister Mihai Tudose said in Brussels on Tuesday, pointing out that Labour Minister Olguta Vasilescu asked for data on it "only to be informed." Asked what is his concern about the Pension Pillar II, the PM said: "I haven't asked for any assessment in any calculation briefing. (...) Mrs Minister Vasilescu asked for it. (...) She explained that she wanted to see how the money in Pillar II is spend and how ...

In Brussels , Prime Minister Mihai Tudose said that the unveiled additional tax on business turnovers will not be introduce

Monday, July 17, 2017

In Brussels on Tuesday, Romania's Prime Minister Mihai Tudose said that in his conversations with European officials in Brussels he very firmly reiterated that the unveiled additional tax on business turnovers will not be ...

Moody’s assigns Alpha Bank Romania deposit ratings of Ba3, better then the parent bank

Monday, July 17, 2017

Moody’s Investors Service has assigned Alpha Bank Romania (ABR) first-time Ba3 long-term local and foreign currency deposit ratings, Not Prime short-term local and foreign currency deposit ratings, and a b2 baseline credit assessment (BCA) and adjusted BCA., romaniajournal.ro reads Moody’s also assigned Counterparty Risk Assessments (CR Assessments) of Ba2(cr)/ Not Prime(cr). The outlook on the long-term deposit ratings is ...

Premier Tudose on joining Eurozone: We are on track, we still have to work in convergence

Monday, July 17, 2017

 Romania's accession to the Eurozone is a "commitment" that our country made once it joined the European Union (EU), Prime Minister Mihai Tudose stated on Tuesday, adding that a lot of work is still needed in terms of "convergence." When asked in a press conference in Brussels what is his stand regarding Romania's accession to the Eurozone, the head of the Executive reply: "It's a commitment that we made once we joined the European Union. (...) We are on ...

Net assets of the local open-end funds inched up 0.7 pct this June

Monday, July 17, 2017

The net assets of the local open-end funds inched up 0.7 pct this June to 22.58 billion lei, while the increase for the current year was 3.2 pct, the Fund Managers Association (AAF) said on Wednesday in a release. "Net inflows to local funds ...

Statistics: Romania's annual inflation quickens to 25-mo high in June

Monday, July 17, 2017

Romania's annual consumer price inflation quickened to 0.9% in June from 0.6% in May, reaching a 25-month high, data from the national statistical office, INS, showed on Tuesday, seenews.com reports. This is the highest inflation rate since May 2015, when consumer prices climbed 1.16% year-in-year. Food prices rose 2.83% year-on-year in June, while non-food prices edged up 0.21%, INS said in a ...

Erste Group wins “Best Bank in Central and Eastern Europe” Award from Euromoney

Monday, July 17, 2017

Best Bank in Austria, the Czech Republic and Montenegro Romanian subsidiary BCR awarded “Best Bank Transformation in Central and Eastern Europe” by Euromoney Erste Group Bank AG (Erste Group) has been awarded “Best Bank in Central and Eastern Europe” for 2017 by Euromoney, one of the leading global financial publications, in its annual Awards for ...

BNR’s profit down by 84 pct to RON 124.63 mln in 2016

Monday, July 10, 2017

The National Bank of Romania (BNR) registered a profit fall of 84 percent in 2016 compared with 2015 to RON 124.63 million, according to a report of the institution, business-review.eu informs.   „The financial result from December 31 2016 was determined mainly due to an operational profit of RON 771.997 million, by 14 percent under the operational profit of the previous year, registering expenses with ...

ANAF tax collection up 4.1 pct to RON 100 bln in H1

Monday, July 10, 2017

The National Agency of Fiscal Administration (ANAF) said that the amount of taxes collected to the budget was up by 4.1 percent compared to the first semester of 2016, to RON 100 billion, business-review.eu reads. „In the first six months of 2017, ANAF collected RON 101.15 billion, which means a surplus of RON 3.955 billion than the the same period of 2016,” accordign to an ANAF press release. In June, ANAF collected ...

Romania's EximBank, Bancpost team up in new partnership to back entrepreneurs

Monday, July 10, 2017

Romania's EximBank and Bancpost, majority owned by Greece's EFG Eurobank, said on Tuesday they have partnered up to support local entrepreneurship and provide companies with an easier access to financing instruments, seenews.com informs. The SMEs Securing Ceiling Agreement will allow a large number of small and medium-sized enterprizes (SMEs), which do not have enough assets to cover the guarantees, to benefit from the Bancpost lending solutions, ...

Isarescu: there is a liquidity surplus of 3 billion euro on the market

Monday, July 10, 2017

Governor of the National Bank of Romania (BNR) Mugur Isarescu stated on Tuesday that there is a liquidity surplus of 3 billion euro on the market, to which as much is added in reserve requirements. "There is money. I do a simple calculation: there is a liquidity surplus of almost three billion on the market, almost the same amount in the reserve requirements, which remained to 8 percent. It should decline towards 2 percent. Can anybody say that there is no ...

BNR Report: upward trend of privately managed pension funds continued in 2016 both for Pillar II and Pillar III

Monday, July 10, 2017

 The upward trend of privately managed pension funds continued in 2016 both for Pillar II and Pillar III, as a result of the increase in the number of contributors and of the low monthly disbursements to the beneficiaries, shows a report by the National Bank of Romania (BNR). "Nevertheless, regional comparisons show that Romania has the lowest level of intermediation in the region (assets to GDP ratio), and there's a similar situation for the number of ...

Kruk Group: nominal value of debt assignments was 2.06 billion euros în 2016

Monday, July 10, 2017

 Receivables sold or outsourced for collection by banks and other entities on the Romanian market totaled 3.1 billion euro in 2016, compared to 2.01 billion euro in 2015, show estimates by Kruk Group, the largest receivables management company in Central and Eastern Europe. The nominal value of debt assignments was 2.06 billion euros last year as to 1.02 billion euros in 2015, and the nominal value of receivables outsourced for collection was 1.04 ...

Insurance policies for dwellings (PAD) rose by 6.13 pct in January

Monday, July 10, 2017

The number of active compulsory insurance policies for dwellings (PAD) rose by 6.13 pct, reaching 1.691 million on January 31, 2017 as compared to 1.593 million PAD polices on January 31, 2016 according to the statistics of the Pool of Insurance Against Natural Disasters (PAID), the company that issues this type of ...

Mandatory private pension funds had stockpiled assets worth about 32.173 billion lei in January

Monday, July 10, 2017

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The mandatory private pension funds had stockpiled assets worth about 32.173 billion lei, on January 31, 2017, rising by almost 30% as compared to the level of January 31, 2016, according to data from the Financial Supervisory Authority ...

Romania's Patria Bank increases share capital by 156 mln lei (34 mln euro)

Monday, July 10, 2017

Romania's Patria Bank, formerly known as Nextebank, said on Thursday it has increased its share capital by 156 million lei ($38.5 million/32 million euro), seenews.com reports. Following the increase, Patria Bank's share capital totals 376.2 million lei, divided into 3.76 billion shares with a nominal value of 0.10 lei each, the bank said in a statement filed with the Bucharest Stock Exchange (BVB). Patria Bank is owned by EEAF ...

Greece’s National Bank to sell Romania, Serbia, Cyprus operations

Monday, July 10, 2017

Greece’s second-largest lender National Bank (NBG) will sell more assets in the Balkans, including its Romanian operations, to complete a restructuring plan agreed with European authorities, its chief executive said on Tuesday, Reuters reports quoted by ekathimerini.com. Like other big Greek banks, NBG has been slimming down by divesting assets and foreign subsidiaries to focus on banking at home, with proceeds boosting capital ratios and ...

BCR leads Romania's banking market with 16.28% share in 2016

Monday, July 10, 2017

 Banca Comerciala Romana (BCR) remained Romania's largest bank by assets at the end of last year with a market share of 16.28%, up from 15.8% at end-2015, the central bank said quoted by seenews.com. With total assets worth 64.06 billion lei ($15.8 billion/13.9 billion euro) at the end of December, BCR, owned by Austria’s Erste, led the ranking, BNR said in its annual report published earlier this week. Banca ...

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