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Financial & Banking

Erste Group posts net profit of EUR 235.3 million in Q1 2020

Monday, May 4, 2020

Net interest income increased – mainly in the Czech Republic and Austria, but also in Romania – to EUR 1,229.0 million (+5.9%; EUR 1,160.9 million). Net fee and commission income rose to EUR 504.2 million (+3.4%; EUR 487.7 million), primarily on the back of increased fees from securities business but also from asset management and insurance brokerage. While net trading result declined significantly to EUR -157.4 million (EUR 153.3 million), ...

BCR: Romania has demonstrated in 6 weeks that it can turn into "contactless economy"

Monday, May 4, 2020

Romania has demonstrated in six weeks that it can turn into a "contactless economy", BCR Chief Executive Officer Sergiu Manea, told on Thursday a conference on the post-crisis situation of SMEs."Crises, when they usually happen, expose the difference in orientation and technological appetite between different countries. The more oriented we are in managing the next 24 hours, the more we run the risk of not being able to jump on the very big bandwagons, which we ...

Shareholders keep Franklin Templeton as manager of Fondul Proprietatea

Monday, May 4, 2020

The shareholders of Fondul Proprietatea, the biggest investment fund in Romania, voted on Tuesday, April 28, to extend the mandate of the fund’s manager, U.S. group Franklin Templeton. They also voted the fund manager’s proposal to distribute RON 440 mln (EUR 91 mln) worth of dividends from the net profit achieved in 2019. The gross dividend per share is RON 0.0642 and represents 5.5% of the current price of the ...

Euler Hermes research: Europe should unlock excess savings from COVID-19 response

Monday, May 4, 2020

An Euler Hermes research estimates that in Europe, household saving rates could increase by as much as +20pp to 36% on average in Q2 2020. This means EUR1.3tn of additional savings, or 10% of GDP. Total savings could peak at EUR2.3tn. In 2009, savings in the EU28 jumped by EUR100bn, with a total of EUR1.1tn of total savings (annualized) seen at the trough of the crisis. Covid-19 lockdowns has made consumption in many areas – ...

Cash payments halved by the COVID-19 pandemic

Monday, May 4, 2020

The general lockdown against COVID, have led to a series of changes regarding the payment behavior of Romanians. To see how big these changes are, NOCASH and iSense Solutions conducted 500 online interviews among internet consumers in the week of April 13-17 a.c. The survey is representative for the urban environment, for the population aged between 18 and 65 years. The frequency of online shopping is ...

New financing package of circa 205 million euros with IFC to support business plan WDP Romania

Monday, May 4, 2020

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WDP and IFC, a member of the World Bank Group, have signed a financing package of circa 205 million euros. The funds will be exclusively dedicated to newbuild logistics development projects in Romania with green standard certification. Several loans will be issued by IFC directly and through the mobilization of third-party resources for a total consideration of circa 205 million euros. The loans with a duration of up to nine years, will be structured ...

Chamber passes ordinance extending easy terms to loan holders

Monday, April 27, 2020

At a plenary sitting on Thursday, the Chamber of Deputies passed - 208 to 103 and 8 abstentions - a government emergency ordinance OUG 37/2020 that extends easy repayment terms to holders of loans given by banks and non-banking financial institutions to certain categories of debtors.The object of the ordinance is to suspend, upon request, the repayment of loan principal, interest and commissions fees for a period not exceeding December 31, 2020, by debtors to ...

Finance Minister: Budget under high pressure, but things look OK

Monday, April 27, 2020

The pressure on the budget is high, but not that massive, the state is paying its bills, the Sibiu - Pitesti motorway will be built this year and the metro line to the Drumul Taberei Bucharest quarter will also be completed this year, Public Finance Minister Florin Citu told public broadcaster TVR 1 on Thursday evening."We didn't halt works on any construction site in Romania. Secondly, this is the first budget revision I can recall that doesn't cut money from the ...

Fitch Revises Romanian City of Brasov's Outlook to Negative; Affirms 'BBB-'

Monday, April 27, 2020

Fitch Ratings has revised the Romanian City of Brasov's Outlook to Negative from Stable, while affirming the city's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. A full list of rating actions is below. The revision of Outlook follows a recent similar action on the sovereign ratings of Romania (see Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated to 17 April 2020 ...

Fitch Revises Outlook on City of Oradea to Negative; Affirms at 'BBB-'

Monday, April 27, 2020

 Fitch Ratings has revised the Outlook on the City of Oradea's Long-Term-Foreign- and Local-Currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDR at 'BBB-'. A full list of rating actions is below. The revision of the Outlook follows the similar action on the Romanian sovereign ratings (see 'Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated 17 April 2020 ...

Fitch Revises Bucharest's Outlook to Negative; Affirms at 'BBB-'

Monday, April 27, 2020

Fitch Ratings has revised the Outlook on the City of Bucharest's Long-Term-Foreign- and Local-Currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at 'BBB-'. A full list of rating actions is below. The revision of the Outlooks follows the similar action on the Romanian sovereign ratings (see 'Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated 17 April 2020 ...

Fitch Affirms Romanian Garanti Bank at 'BB-'/Stable

Monday, April 27, 2020

Fitch Ratings has affirmed Garanti Bank S.A.'s (GBR) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook and Viability Rating (VR) at 'bb-'. A full list of rating actions is detailed below. KEY RATING DRIVERS IDRS AND VR The IDRs of GBR are driven by its standalone profile as reflected in its VR. The VR reflects the bank's limited size and franchise in Romania, adequate earnings and asset ...

World Bank predicts sharpest decline of remittances in recent history

Monday, April 27, 2020

Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country. Remittances to low and middle-income countries (LMICs) are projected ...

Fitch Revises Outlooks on Romanian BCR and BRD to Negative; Affirms at 'BBB+'

Monday, April 27, 2020

Fitch Ratings has revised Romania-based Banca Comerciala Romana S.A.'s (BCR) and BRD-Groupe Societe Generale S.A's. (BRD) Outlooks to Negative from Stable, while affirming the banks' Long-Term Issuer Default Ratings (IDRs) at 'BBB+'. This follows a similar action on Romania's sovereign rating (see 'Fitch Revises Romania's Outlook to Negative; Affirms at 'BBB-'' dated 17 April 2020, available ...

Banking Fraud, AML And KYC Compliance In The Era Of COVID-19

Monday, April 27, 2020

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Opinion article by Burcin Atakan, Partner, and Ioana Ungureanu, Manager, Financial Advisory, Deloitte Romania As the new coronavirus continues to spread across the globe, top-down measures are imposed to slow down its effects and minimize potential damages. Countries across the globe are taking diversified approaches to fight against the virus spread. When these measures are combined with the long awaited recession, being hit by a financial ...

Immofinanz properties in Romania – EUR 677.3 M, counting for 14.3% of the total portfolio

Monday, April 27, 2020

IMMOFINANZ properties in Romania account for EUR 677.3 million, representing 14.3% of the total portfolio of the company. According to the global financial results for last year, IMMOFINANZ increased its net profit by roughly 62% to EUR 352.1 million in 2019 , while FFO 1 rose to EUR 137.4 million. “The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the ...

Lending in Romania, down to a quarter of the normal volume

Monday, April 27, 2020

The demand for loans has plunged below 25% of the average level for this time of the year, amid the state of emergency caused by the COVID-19 pandemic, estimates Banca Transilvania CEO, Omer Tetik However, he believes there's nothing bad about this. "On the lending side, there was a sharp drop in demand. It is a natural reaction to the state of emergency," Tetik said, according to ...

Fitch forecasts Romania's general government deficit to widen to 8% of GDP in 2020

Monday, April 20, 2020

Fitch Ratings forecasts Romamnia's general government deficit to widen to 8% of GDP in 2020, reflecting a projected sharp fall in revenue as most economic sectors suffer and an increase in expenditure, driven in part by automatic stabilisers, expecting it to narrow in 2021, to 4.2% of GDP.In a press statement released on Saturday, Fitch has revised Romania's outlook to Negative from Stable, while affirming the Long-Term Foreign-Currency (LTFC) Issuer Default ...

BNR: Balance of payments and external debt – February 2020

Monday, April 20, 2020

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In January - February 2020p, the balance-of-payments current account posted a deficit of EUR 325 million, compared with EUR 176 million in the same year-ago period, the Romanian Central Bank(BNR) says. The deficit on trade in goods widened by EUR 240 million, the surplus on services decreased by EUR 123 million, the surplus of the primary income balance increased by EUR 88 million, and the surplus of the secondary income balance rose by EUR 126 ...

OTP joins IMM Invest to support SMEs in need during COVID-19 Crisis

Monday, April 20, 2020

OTP Bank has announced that in order to support SMEs facing economic difficulties and liquidity shortages as a result of the COVID-19 pandemic, it has joined the Guarantee and Payment Grants Convention and to play an active role in the Program for supporting small and medium-sized enterprises – IMM INVEST ROMANIA. “We understand the urgency and the need to support Romanian entrepreneurs, especially in this extremely difficult context ...

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