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Financial & Banking
European Council recommends Romania to put end to excessive deficit by 2024
Monday, June 21, 2021
The European Council on Friday adopted a recommendation under the excessive deficit procedure for Romania that Romania should put an end to the excessive deficit situation by 2024 at the latest."The Council found that an extension to the current deadline for Romania to correct its public deficit would be important in order not to compromise the economic recovery after the COVID-19 pandemic. The new deadline for correcting the excessive deficit allows for a more ...
Isarescu: The BNR treasure remains only case in which assumed restitution obligations - not respected
Monday, June 21, 2021
The treasure of the National Bank of Romania (BNR) remains the only case in which a monetary gold reserve is entrusted with proper documents that it will be returned at any time at the request of the owner, and the obligations assumed have not been respected, the BNR Governor Mugur Isarescu said on Wednesday."The treasure of the National Bank of Romania remains the only case in which a monetary gold reserve is entrusted with proper documents and with all the ...
BVB's Tanase: We have 5,000 new investors in the stock market in the last quarter alone
Monday, June 21, 2021
The Bucharest Stock Exchange (BVB) reported 5,000 new investors in the last quarter of this year alone, an increase by 8%, BVB CEO Adrian Tanase said on Wednesday at an online debate, noting that there is currently a positive context "on all fronts" on the stock market."There is a context on the stock market, and the context is a positive one on all fronts, we have a very good performance registered in the last year and year to date: almost 20% of the BET index ...
Almost half of loans granted to corporate sector aimed at companies that may be affected by climate change
Monday, June 21, 2021
The transition to a green economy is a new challenge that companies may face in the coming period, and it could generate opportunities for both companies and the banking sector, but also negative implications, Florin Dragu, Chief of Service of the Department of Financial Stability of the National Bank of Romania (BNR) said on Tuesday.Dragu pointed out that almost 50 percent of the loans granted by banks to the corporate sector are aimed at companies that may ...
Initial public offer begins for listing One United Proprties company at BVB
Monday, June 21, 2021
The Financial Supervisory Authority (ASF) approved in Wednesday's session the listing particulars for the initial public offer (IPO) to sell shares regarding the shares' listing of One United Properties on the Main Market of the Bucharest Stock Exchange (BVB), according to a press release sent by the authority on Thursday.The listing plan submitted by One United Properties, a real estate developer for residential top-notch state-of-the-art offices and mixed ...
Agroland Agribusiness - the second company from the Agroland group went public on the AeRO market
Monday, June 21, 2021
Agroland Agribusiness is the second company part of the Agroland group that went public on the AeRO market. It is also the 10th company to come on the stock exchange since the beginning of this year The company carried out a private placement for selling shares in April 2021 and raised more than RON 6mn from ...
Lending up 8.3pct in April, at balance level, highest increase since the begininning of pandemic
Monday, June 21, 2021
Lending advanced in April 2021, at the balance level, by 8.3pct, up to 293 billion lei, with this being the highest growth rate since the beginning of the health crisis, Gabriela Folcut, executive director of the Romanian Association of Banks said on Tuesday.She added that the solvency indicator reached the highest level in the last 13 years, in December 2020, 25.14pct respectively."The Romanian banking system has gone through the first year of ...
BVB: Transport Trade Services becomes the first cargo carrier listed on Bucharest Stock Exchange following an IPO worth RON 288mn
Monday, June 21, 2021
TTS (Transport Trade Services), the largest Romanian carrier on the Danube, went public on the Bucharest Stock Exchange following an initial public offering, through which the company's shareholders sold 50% of the shares for RON 288mn. Radu Hanga, Bucharest Stock Exchange President: "The listing of the largest Romanian carrier on the Danube ...
Opening speech at the plenary meeting of the Center of Excellence in Finance Mugur Isarescu, NBR Governor
Monday, June 14, 2021
Esteemed Director Repansek, Distinguished Members of the Governing Board, Honoured colleagues, It is my great privilege to welcome and address you all today, at the end of my mandate as Chair of the Governing Board of the Center of Excellence in Finance (CEF), on behalf of Romania. For me, it is an honour and a ...
Romanian, Moldovan central banks sign new Cooperation Agreement
Monday, June 14, 2021
The main and enduring message of the National Bank of Romania (BNR) for the National Bank of Moldova is that of a sustainable and robust partnership, BNR governor Mugur Isarescu said on Friday at the signing ceremony of the new Cooperation Agreement between the Romanian and the Moldovan central banks."Let me begin by mentioning that this year we celebrate the 20th anniversary of the signing of the first cooperation agreement between the central banks of ...
Christian Kettel Thomsen (EIB VP): EIB to focus on private sector growth and FDI in Romania
Monday, June 14, 2021
Christian Kettel Thomsen, European Investment Bank (EIB) Vice President responsible for Romania, talked to Business Review about the sectors the institution supports in Romania, its future plans for our country, and how it fosters sustainable investments with a lasting impact on the local market. How do you think the Romanian economy has evolved since the EIB started operating in the country back in ...
Utku Ogrendil has been appointed CEO of PayPoint Romania
Monday, June 14, 2021
Utku Ogrendil has been appointed CEO of PayPoint Romania. With an extensive experience in the financial-banking field, he will focus on strengthening the company’s position locally, with a focus on innovation. The appointment of Utku Ogrendil as CEO of the company is made after the private equity fund Innova Capital took over the entire assets and operations of PayPoint Services SRL. The new CEO of PayPoint Romania ...
Banca Transilvania chooses SAS solutions for a holistic approach in order to fight fraud
Monday, June 14, 2021
SAS, the global leader in analytics, announces that Banca Transilvania, the largest bank in Romania, will implement a SAS solution to cover all the needs of detecting and preventing bank fraud. This collaboration is the result of a close partnership between Banca Transilvania and SAS, carried out over a year, which will bring a competitive level to the bank and will ultimately determine better services to its end ...
Banca Transilvania ups forecast for Romania's economic recovery
Monday, June 14, 2021
Romania's biggest financial group Banca Transilvania has revised its economic growth forecast upward, estimating a GDP advance of 6% in 2021, followed by 5.5% in 2022 and 4.8% in 2023. The upward revision, 0.6pp for this year and 1.4pp for 2022, is underpinned by robust growth of the gross fixed capital formation. Q1 GDP data published ...
ASF: Total assets of private pension funds increased by 33% in the first quarter
Monday, June 14, 2021
Private pension funds (Pillar II and Pillar III) accumulated, at the end of March, 83.34 billion lei in total assets, by 33% more compared to the previous year, informs the Financial Supervisory Authority (ASF), through a press release.According to the quoted source, as a share in GDP, the total assets of the private pension system registered a level of 7.9%."The private pension market was the least affected by the COVID-19 pandemic, given its ...
EBRD: NPLs stable in central and south-eastern Europe during Covid-19 pandemic
Monday, June 14, 2021
Non-performing loans stable in CESEE during Covid-19 pandemic New report warns of impact of tapering state support Regulators monitoring banks’ asset quality closely Massive state intervention in the economy ...
ASF sanctioned City Insurance S.A. with a fine in the amount of 2,930,766 lei
Monday, June 7, 2021
Financial Supervisory Authority (ASF) slapped fines totaling RON 11.9 mln (EUR 2.42 mln) on City Insurance, the country’s biggest insurer, and its management team. City Insurance's top executives and Supervisory Board members were fined RON 1 mln (EUR 203,000) each while the company will have to pay RON 2.9 mln (EUR 595,000). The financial markets watchdog also revoked the ...
Eurohold, the owner of Euroins Romania, reports rising revenues and assets in the first quarter of 2021
Monday, June 7, 2021
?urohold – the largest Bulgarian public holding and one of the leading independent financial and insurance groups in the CEE/SEE/CIS region, reported solid performance in the first quarter of 2021 in the context of the third wave of COVID-19 pandemic, according to the holding’s consolidated financial statement for the period January-March 2021. The holding succeeded in returning its results nearly to the levels achieved a year ago when the European economy and ...
Banca Transilvania buys Idea Bank, a transaction worth 43 million euros
Monday, June 7, 2021
Banca Transilvania (TLV), the biggest financial group in Romania by assets, will further consolidate its position by acquiring Polish group Getin Holding’s local operations. The Romanian ...
BCR listed the largest bond issue on Bucharest Stock Exchange worth RON 1bn
Monday, June 7, 2021
The bonds issued by BCR, worth RON 1bn, started trading on Bucharest Stock Exchange under the ticker BCR28 Fitch agency assigned BBB+ rating to the bond issue It is the largest bond issue traded on Bucharest Stock ...