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Financial & Banking
Alpha Bank Romania launches instant money transfer
Monday, December 2, 2019
Lender Alpha Bank Romania has launched an instant money transfer service in partnership with Netopia Payments ...
BNR: Loans to non-government sector advance 0.6pct in Oct. 2019
Monday, December 2, 2019
At end-October 2019, loans to non-government sector granted by credit institutions advanced by 0.6 percent (0.1 percent in real terms) from September 2019 to RON 268,294.7 million, while in year-on-year comparison they went up 7.5 percent (3.9 percent in real terms), according to data released on Tuesday by the National Bank of Romania (BNR).RON-denominated loans went up 0.9 percent (0.5 percent in real terms) and foreign currency-denominated loans decreased 0.1 ...
Net assets of investment funds rise 1.3pct in Oct
Monday, December 2, 2019
The net assets of the 210 open and closed-end funds, local and foreign, increased by 1.3pct in October, to the level of 47.1 billion lei (9.9 billion euros), registering an advance of 12.4pct from the beginning of the year, according to a release of the Association of Fund Managers .In October, net inflows totaled 490 million lei (103.1 million euros).According to the press release, the top 5 most performing funds in the last 12 months registered ...
ING Bank Romania, 599 mln RON net profit at 9 months
Monday, December 2, 2019
ING Bank Romania has managed a net profit of 599 million RON in the first three quarters, while the gross profit reached 704 million RON at the end of the first nine months, an increase of 17 pct compared to the same period of last year, supported by the powerful commercial development, according to a release of the bank .The incomes rose by 13 pct, to 1.537 billion RON, due to the dynamic of the commercial volumes. Operational cost grew to 675 million RON, ...
Uniqa Insurance, Uniqa Life Insurance, gross written premiums worth 73.4 M euro in first 9 months
Monday, December 2, 2019
Uniqa Insurance and Uniqa Life Insurance have concluded the first nine months of 2019 with a total of gross written premiums worth 73.4 million euro, according to IFRS, a release of the company reveals.The cumulated profit of the two companies remains at 1.7 million euro.According to the release, non-car insurances remain the main engine for growth, maintaining their uphill trend, with a two-digit increase compared to the same period of 2018. In the ...
Assets of optional pension plans exceed 2.43 billion lei, as of Oct. 31, 2019
Monday, December 2, 2019
The optional pension plans had assets worth over 2.43 billion lei, as of October 31, 2019, up 21.7% from the same period of 2018, according to the Financial Supervisory Authority (ASF).Government securities held the highest share in the assets, of 1.373 billion lei, which is 56.4%. Second came stocks, at 600.509 million lei (24.67%). Corporate bonds were third, at 210.930 million lei, and 8.66% of the total assets.According to data with ASF, the value ...
Bloomberg: With Ally Re-Elected, Romania’s Government Moves on Budget
Monday, December 2, 2019
Finance minister eyeing 2020 shortfall closer to EU’s 3% limit Romania to boost local-debt sales after deficit-target miss Romania’s government, emboldened by the landslide win of its ally in Sunday’s presidential election, announced the first concrete measures to tackle a budget deficit that’s set to blow ...
Governor Isarescu: Internal and external reasons have fuelled conflict between creditors and debtors
Monday, November 25, 2019
The conflict between creditors and debtors has been fuelled for internal and external reasons, and this is why an alternative dispute resolution institution was started later in Romania, the governor of the National Bank of Romania (BNR), Mugur Isarescu, told the annual conference of the Alternative Banking Dispute Resolution Centre (CSALB)."I am on my way to the airport, but I still greatly wanted to come here to answer your invitation for two very simple ...
TransferGO launches the real-time local transfer service in Romania
Monday, November 25, 2019
TransferGO, a fintech company based in London, is launching the local transfer service in Romania. The service is free of charge and will allow the fintech’s clients to send money to other TransferGO customers, but also to their relatives or friends who have the app installed yet. The local transfer service in real time is launched in the Romanian beta version as of this month. Money transfers from Romania and to Romania ...
CEC Bank targets top-five position after capitalisation
Monday, November 25, 2019
The EUR 200 million capital increase recently approved by the European Commission will help Romanian state-owned lender CEC Bank to set high targets such as ranking among the five biggest banks in the country, the bank’s new CEO Bogdan Neacsu said in a conference. CEC is one of the two banks still controlled by the Romanian state, alongside Eximbank. Romania’s largest banks are Banca Transilvania (a private lender controlled by ...
BCR gets Fitch rating for planned unsecured bonds
Monday, November 25, 2019
International rating agency Fitch has assigned the upcoming senior unsecured notes announced by Romania’s second-biggest lender Banca Comerciala Romana (BCR; BBB+/Stable) a BBB+ expected long-term rating, with the final rating contingent on the receipt of final documents conforming to the information already received. The notes are rated in line with BCR's Long-Term Issuer Default Rating (IDR) because they will constitute direct, unsecured and ...
Official data : Romanian banks’ record profits in Q3
Monday, November 25, 2019
The aggregated net profits of Romanian banks reached RON 2.23 billion (EUR 470 million) in the third quarter of this year, the second-highest result in the post-crisis period while the non-performing loans ratio dropped to the lowest level since it started being assessed in 2014, according to data released by Romania’s National Bank (BNR). Higher quarterly profits were posted only in the last quarter of 2015 (EUR 498 mln) while the profits ...
Dorinel Umbrarescu to sell his bank, Banca Romana de Credite si Investitii
Monday, November 25, 2019
Romanian businessman Dorinel Umbrarescu, known as one of the local “asphalt kings” due to his construction companies’ infrastructure contracts with the state, has reached an agreement to sell his bank, Banca Romana de Credite si Investitii (BRCI).The deal is currently being analysed by Romania’s National Bank (BNR) for compliance with local regulations. Umbrarescu has been trying to sell his credit institution for about three ...
Radu Hanga, elected Bucharest Stock Exchange CEO
Monday, November 25, 2019
Radu Hanga was elected on Wednesday CEO of the Bucharest Stock Exchange (BVB) for the next four years by the BVB stockholders, according to sources with the General Meeting of BVB Shareholders.At the same time, Dragos Neacsu, Robert Pana, Dan Paul, Stefan Szitas, Mihaela Biciu, Radu Hanga, Octavian Molnar, Claudia Ionescu and Razvan Rat were elected to the BVB Board of Governors.Competing for membership of the BVB Board were 12 candidates: respectively ...
BCR plans to issue bonds on local market
Monday, November 25, 2019
Banca Comerciala Romana (BCR), the local subsidiary of Austrian group Erste, announced that it plans to sell bonds denominated in local currency to qualified investors and list them on the stock ...
Idea Bank, first bond issuer and first bank that joins ARIR
Monday, November 25, 2019
The Romanian Investor Relations Association (ARIR) has announced that Idea Bank, the first credit institution that issued this year bonds in euro on the alternative market – AERO, became Associate Member of ARIR. Idea Bank offers products and services to individuals and SMEs, relying on the development of new technologies and the diversification of the sales and after sales alternative channels. Mioara Popescu, Executive President Idea Bank ...
Coinbase launches debit cards in Romania
Monday, November 25, 2019
The Coinbase cryptocurrency trading platform, among the largest in the world, has launched its debit card in 10 new European countries, including Romania, increasing to 29 the total number of markets where this product is available. Coinbase Card, a Visa debit card that allows holders to directly spend their cryptocurrencies in the digital wallet, was introduced in the UK in April, now being launched in 10 other states: Romania, Bulgaria, Croatia, ...
ING Bank Romania switches to flexible/collaborative work concept at new headquarters in Bucharest
Monday, November 25, 2019
ING Bank Romania, one of the biggest lenders in Romania, has moved almost 2,000 employees working at its headquarters in Bucharest to a new office building. The move marks 25 years since the Dutch group started operations in Romania. It also comes with a new office concept, with flexible workspaces and relaxation/entertainment areas, which are more common to tech companies. ING is the first local lender to implement such an office concept in ...
EIB Group moves to finance Romania’s SMEs sector
Monday, November 25, 2019
The European Investment Bank Group has signed the “SME Initiative in Romania”, a deal with nine commercial banks aiming to ease lending terms for local entrepreneurs. BR spoke with Andrew McDowell, the Vice President of the EIB Group, about how the local economy can benefit from EU Bank financing. The EIB is moving towards supporting SMEs in Romania, as you already announced, after a period ...
Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2019
Monday, November 18, 2019
13 November 2019 The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Csaba ...