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Financial & Banking

Groupama Asigurari appoints Stefan Stavrositu as national sales director

Monday, August 13, 2018

Groupama Asigurari appointed Stefan Stavrositu as its new national sales director, http://business-review.eu informs. From this position, he will develop and coordinate the sales activity via the company’s own network, brokers, leasing and strategic partnerships. “Stefan’s appointment ...

Competition Council authorises takeover of debts and goods of Alpha Bank to Deutsche Bank, AnaCap Financial and APS Investments

Monday, August 6, 2018

The Competition Council authorised the transaction by which Deutsche Bank, London branch, AnaCap Financial Europe SA Sicav-Raif and APS Investments took over a debt and real estate portfolio owned by Alpha Bank Romania and Alpha Bank AE, London branch. The portfolio is made of debts (and attached guarantees) and real estate goods. Deutsche Bank AG, London branch, is part of Deutsche Bank Group (DB), which offers a range of ...

Piraeus Bank Romania posts RON 25.1 mln pre-tax profit in H1 over higher corporate lending

Monday, August 6, 2018

Piraeus Bank Romania, controlled by US investment fund J.C.Flowers & Co, said it recorded a pre-tax profit of RON 25.1 million (around EUR 5.1 million) in the first half of 2018 compared to a result of RON 3.8 million in the same period of last year, http://business-review.eu informs. The bank’s loan book increased by 3 pecent year-on-year to RON 3.5 billion, mainly due to higher lending in ...

BNR survey: Main risks for banks – decisions made by Parliament and Governmen

Monday, August 6, 2018

The uncertainty and unpredictability of the financial-banking legal framework is the main risk bankers complain about, a quarterly survey conducted by the National Bank of Romania (BNR) reveals. According to the evaluation grid, the risk related to the above mentioned issues is ‘high’ and ‘difficult to manage’. Other risk factors are the increase of funding costs, following the higher interest rates and/or the depreciation of ...

Ministry of Finance launches second state securities issue

Monday, August 6, 2018

 Ministry of Public Finance launched the 2nd issue of state securities under the Thesaurus Programme - the CENTENNIAL edition, dedicated to the population, informs the institution on Thursday in a release.The state securities will have a nominal value of 1 leu, 3-year maturity, 4.5 per cent interest, with related revenues not subject to taxes. The securities are for resident individuals above 18 years old on the date of subscription, including for those who ...

Insurers' organization report: 826 severe road accidents caused by technical failures in 17-year span

Monday, August 6, 2018

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In the interval 2000 - 2017 technical failures caused 826 serious road traffic accidents that resulted in 309 deaths and in 752 people sustaining severe injuries, shows an expert report unveiled at a press conference on Thursday by the representatives of the National Union of Romania's Insurers and Reinsurers (UNSAR). UNSAR considers the number and consequences of the serious road accidents caused by vehicle technical issues has considerably reduced in recent ...

BRD, 6-month net profit of 757 million lei, unadjusted profit, 767 million lei

Monday, August 6, 2018

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BRD Group reported an unadjusted net profit of 757 million lei during the first semester of this year, with a slight rise of 0.9 percent, in comparison with the similar period of last year, as a result of improving net incomes from interest, growing volumes and the positive level of the risk cost, according to the interim financial statements, sent by the Bucharest Stock Exchange (BVB).The unadjusted net profit of the Bank was 767 million lei, establishing an ...

Aegon Romania posts 10.6pct rise in gross premiums underwritten in 2017

Monday, August 6, 2018

The volume of gross premiums underwritten in 2017 by Aegon Romania, part of the international financial group Aegon, exceeded 110.8 million lei, up 10.6pct from the previous year, according to the company's results made public on Thursday.According to the centralized data, last year, the total value of investments increased to 276.9 million lei, from 238.6 million lei in 2016. Also, the gross average premium was 2,650 lei.At the same time, the value of ...

Erste Group records strong net profit of EUR 774 mln in H1 2018

Monday, August 6, 2018

Erste Group’s net interest income increased – mainly in the Czech Republic and in Romania – to EUR 2.21 billion (+3.3 percent), http://business-review.eu reads. Net fee and commission income rose to EUR 959.3 million (+5.3 percent) mostly on the back of stronger income from payment services, asset management and lending. While net trading result declined ...

BCR - net profit of 697 mln lei in H1 2018

Monday, August 6, 2018

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The Romanian Commercial Bank (BCR) recorded in the first half of 2018 a net profit of 697 million lei (149.7 million euro) and an operating result of 740.9 million lei (159.2 million euros), BCR representatives inform on Tuesday in a press release.BCR recorded a steady advance of more than 50pct in retail lending compared to H1 2017, consolidating its position as the main banking partner of the Romanians who want to buy a house, holding more than 20pct of the ...

MFP: Budget deficit has doubled in June to 1.61pc of GDP, 3 times higher than last year

Monday, July 30, 2018

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The consolidated state budget deficit increased almost twice (83%) in June this year, reaching RON 14.97 billion, against RON 8.14 billion in the first five months of the year, according to the figures released Thursday evening by the Ministry of Public Finance (MFP), romaniajournal.ro informs. Compared to the similar period last year, the budget deficit is more than three times higher. “According to the operative data, the execution of the general consolidated budget ...

Fitch downgrades Garanti Bank Romania to 'BB', negative outlook

Monday, July 30, 2018

 International rating agency Fitch Ratings said on Tuesday it has downgraded the long-term issuer default rating (IDR) of Garanti Bank (GBR) to 'BB', with a negative outlook, seenews.com informs. The downgrade follows that of GBR's direct parent Turkiye Garanti Bankasi A.S. (TGB) to 'BB', on the back of the recent downgrade of the Turkish sovereign rating, Fitch said in a press release. The rating agency also said: "KEY RATING DRIVERS IDRS AND SUPPORT ...

Deposits of non-government resident customers went up 1.4 pct in June 2018

Monday, July 30, 2018

Deposits of non-government resident customers went up 1.4 percent on a monthly basis to RON 312,926.7 million in June 2018. At end-June 2018, deposits of non-government resident customers grew by 12.4 percent (6.6 percent in real terms) over the same year-ago period, according to data released on Tuesday by the National Bank of Romania (BNR).RON-denominated household deposits moved up 1.0 percent to RON 114,435.4 million. At end-June 2018, household deposits in domestic currency ...

BNR: Non-government loans granted by credit institutions in Romania advance 1.4pct in June 2018

Monday, July 30, 2018

At end-June 2018, non-government loans granted by credit institutions advanced 1.4 percent (1.4 percent in real terms) from May 2018 to 242,448.4 million lei, according to data released by the National Bank of Romania (BNR) on Tuesday.RON-denominated loans expanded 1.9 percent (1.9 percent in real terms), whereas foreign currency-denominated loans increased by 0.4 percent when expressed in RON (0.1 percent when expressed in EUR). At end-June 2018, non-government loans went up 6.8 ...

SIF investment funds' aggregate net assets, up 5 billion lei in June

Monday, July 30, 2018

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The aggregated level of the net assets of the five Financial Investment Companies (SIF) reached 5 billion at the end of June this year, up 7.8 percent as compared to the May level, whereas the net assets went up 4.6 percent, to 8.46 billion lei, the Association of Fund Managers in Romania (AAF) informs.The level of net assets in euro at the end of June stood at 1.1 billion, by 7.5 percent higher than the previous month level.All five SIFs had an upward trend, as ...

ING Bank launches mobile payments service in Romania

Monday, July 30, 2018

Dutch group ING Bank has launched its mobile payments service ING Pay in Romania. The service is available for all the bank’s clients but for now it can only be used on Android phones. The service can be activated from the Home’Bank account. Once activated, the service instantly creates a virtual card attached to one of the user’s accounts, which will be used for mobile payments. The client can choose which of his accounts the app uses and the limit for the ...

New leadership team of Piraeus Bank is lead by Nicolae Danila and Dominic Bruynseels

Monday, July 30, 2018

Piraeus Bank Romania has established its new leadership team after finalizing the takeover of J.C. Flowers and BERD, http://business-review.eu informs. The CEO of the bank will be Dominic Bruynseels, and the president will be Nicolae Danila, both announced more than six months ago by J.C. Flowers. Also, Catalin Parvu will be first-vicepresident and member of the Board, Madalina Teodorescu will be vicepresident, Viorel Mischie will be vicepresident and ...

Garanti Consumer Finance signs 7 mln euro loan deal with BSTDB

Monday, July 30, 2018

Garanti Consumer Finance, part of Garanti Romania group, said on Tuesday it has signed a loan agreement of 7.0 million euro ($8.2 million) with the Black Sea Trade and Development Bank (BSTDB), seenews.com informs. The loan facility will be used to finance energy efficiency, renewable energy and water-saving solutions in the residential sector, Garanti said in a statement. "We have a strong commitment here and signing this agreement further confirms our long-term strategy," ...

PayU acquires ZOOZ, the supplier of payment technology of Israel

Monday, July 30, 2018

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PayU announces the acquisition of the payment technologica platform ZOOZ. The trading supports the continuous extension of PayU on the emerging markets and aims at the opportunity of 994 billion dollars for transborderly payments. The sum of the ZOOZ acquisition is not revealed, but it brings the total sum of investments and PayU acquisitions in fintech at the world level at over 350 million dollars,  since the company has started a series of strategic movements at global level ...

Optional pension funds assets reach 1.89 billion lei at end of June 2018

Monday, July 30, 2018

Optional pension funds had assets worth about 1.89 billion lei on June 30, 2018, up 13.26% as compared to the level registered on June 30, 2017, according to the Financial Supervisory Authority (ASF).State securities held the largest share in the assets, worth 1.12 billion lei, respectively 59.18%. Shares came in second, with 385.281 million lei (20.36%). Corporate bonds ranked third in this respect, with 122.043 million lei and 6.45% of total assets ...

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