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Financial & Banking

Erste Group wins “CEE’s Best Bank for Corporate Responsibility” award from Euromoney

Monday, July 16, 2018

• Award honours Erste Group’s innovative Social Banking programme for “[becoming] a lifeline for many in the region” • Erste has disbursed over EUR 140 mn in loans to starting entrepreneurs, rural farmers, and social organizations • Euromoney also praises Erste Group as a “champion for diversity and inclusion” Erste Group Bank AG ...

Pillar II pension funds post assets of EUR 9.25 bln in May, up 19.1 pct y/y

Monday, July 16, 2018

Romania’s mandatory private pensions (or Pillar II) funds had assets of RON 43.01 billion (EUR 9.25 billion) under administration at the end of May, up by 19.1 percent year on year, and 60 percent of the amount is invested in government securities, according to the Financial Supervisory Authority (ASF). Compared with April, total assets declined by 0.07 percent in May. More than half of total amount (60.5 percent) is ...

EximBank: 2017 turnover of 162 mln euro from factoring operations

Monday, July 16, 2018

EximBank registered a 2017 turnover of almost 162 million euro from factoring operations, marking the third consecutive year of accelerated growth, according to a press release issued last week."In 2017, EximBank continued its upward trend in the factoring segment, with a turnover by 47pct higher than that in the previous year and by four times higher than in 2015. It is an evolution that proves both the market's interest in this type of financing and our ability ...

Garanti Bank, RON 11 million loan to Heka Hospital Constanta

Monday, July 16, 2018

Garanti Ban granted a RON 11 million loan to Heka Hospital Constanta, http://business-review.eu reads. The funding has been granted for a period of 10 years, so that a former office building in the center of Constanta to be transformed into the first private hospital with Emergency Receiving Compartment, which aims to become a center of excellence in extensive surgical services: general, thoracic, ...

BNR”s Board decisions on monetary policy

Monday, July 9, 2018

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In its meeting of 4 July 2018, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ...

Fitch Affirms Romania at 'BBB-'; Outlook Stable

Monday, July 9, 2018

Fitch Ratings has affirmed Romania's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Stable, a press release issued în London on 06 July informs. A full list of rating actions is at the end of this rating action commentary.KEY RATING DRIVERS Romania's investment-grade ratings are supported by moderate levels of public debt, and GDP per capita and governance indicators that are ...

Gov't planning tax amnesty

Monday, July 9, 2018

The government is working on a mechanism to approve a tax amnesty in Romania, said the minister of finance, Eugen Teodorovici. The minister said that the tax amnesty might become applicable only if the left wing ruling coalition reaches a political agreement. “The amnesty has no threshold. It can be decided that if the person who has debts to the state budget pays the principal, the penalties and part of the ...

Banca Transilvania 285 ml euro worth of bonds enter Stock Exchange trading on Friday

Monday, July 9, 2018

 Banca Transilvania bonds worth 285 ml euro this Friday entered trading on the Bucharest Stock Exchange. They were not offered for subscription to the broad public in Romania, but were available only via private investments to a limited number of eligible investors. Banca Transilvania (BT) announced on June 26 having successfully closed a private placement of Tier 2 unsecured subordinated bonds denominated in euro, carrying an interest equal to the ...

Romanian authorities prepare draft bill regulating electronic money

Monday, July 9, 2018

The Romanian Ministry of Finance has published a draft Emergency Ordinance regulating the activity of issuing electronic money, or e-money, http://business-review.eu informs. The draft sets an EUR 350,000 threshold for the issuer’s social capital and demands that all members of the issuer be cleared by Romania’s central bank. ...

GDP's growth of 4 pct in Q1, reconfirmed by INS

Monday, July 9, 2018

The National Institute of Statistics (INS) reconfirmed on Friday Romania’s economic growth estimate of 4 percent in the first quarter of 2018. The statistics office said that the local economy expanded by 4 percent on gross series and by 4.2 percent on seasonally adjusted series compared to the same period of last year. The estimated GDP for Q1 was RON 226.2 billion in current prices, up 0.1 percent in real terms versus ...

London Stock Exchange Group (LSEG) is opening a new Business Services Centre in Bucharest

Monday, July 9, 2018

CBRE, the world and local market leader in real estate consultancy, advised London Stock Exchange Group (LSEG) in the leasing transaction of 3,000 m² office space for a new Business Services Centre in Bucharest. The center will open later this year in Skanska’s Campus 6. Campus 6 is located in the Central-West area of Bucharest, near the Polytechnic University, a strategic location chosen by the British company. LSEG will initially employ 200 people ...

Introductory allocution for keynote speech held by Peter Praet, Member of the Executive Board of the ECB

Monday, July 9, 2018

Mugur Isarescu, NBR Governor Minister, Your Excellences, Mr. Ambassadors, Members of the diplomatic corps, Distinguished guests, Ladies and gentlemen, It is my pleasure to welcome you to the National Bank of Romania. The Board and I are honored to host today a keynote speech given by a very distinguished guest, Professor Peter Praet, ...

CFA Romania: Estimated ROBOR in next 12 months is 3.45%

Monday, July 2, 2018

CFA Romania’s estimates for the evolution of ROBOR are 3.45% in the  ext 12 months, while interest rate for state bonds due for 5 years is 5%, said Adrian Codirlasu, the president of CFA Romania, at “Summer Banking Academy”. “Interest rates are correlated with inflation. Therefore higher inflation leads to higher interest rates. In economy interest rates must be real positive. Now, in Romania they are still real negative. ...

Savings and mortgages system relaunched under stricter conditions, following the adoption of new law by Parliament

Monday, July 2, 2018

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Romania’s savings and mortgages system, a local form of the German “bauspar” system, will be relaunched within the next few months following the adoption by the Parliament of a new bill with stricter conditions. The law is expected to be promulgated by the president of ...

Romanian lender Banca Transilvania makes offer to Bancpost’s CHF debtors

Monday, July 2, 2018

Banca Transilvania has made an offer to Bancpost clients with mortgage loans in Swiss Francs CHF who want to convert their debts into local currency RON or euro, informs. Banca Transilvania will reduce by 18% the current balance but only after recovering all overdue payments. Bancpost will cover the conversion costs and the debtor will cover any costs related to the real-estate guarantee if its judicial status changed compared to the mortgage date. ...

Romanians among the most interested in crypto market at international level

Monday, July 2, 2018

Although the cryptocurrencies industry is not regulated in any way in Romania, more individuals say they want to be part of the phenomena and buy some of the most popular digital currencies that are trading at present at global level, http://business-review.eu informs. The interest for cryptocurrencies remains high in Romania and even the head of the central bank made a rate ...

Overdue loan payments down 1.36 pct in domestic lei, 13.8 pct lower in foreign currency

Monday, July 2, 2018

 Overdue loans - both corporate and individual - in domestic lei totaled 5.15 billion lei this May, 1.36 percent down from the figure reported in April 2018, while past due loans in foreign currency dropped 13.8 percent to the equivalent of 3.63 billion lei, the National Bank of Romania (BNR) said in a report. Loans in lei amounted to an aggregate of 155.139 billion lei this May (1.43 pct more compared to the previous month), of which 63.94 billion lei ...

BNR consultant: Romania’s central bank has no intention to limit lending

Monday, July 2, 2018

Romania’s National Bank (BNR) has no intention to limit lending, but tries to avoid population’s over-indebtedness, said Adrian Vasilescu, BNR’s strategy consultant. Romania has the lowest financial intermediation share to GDP in the EU, as the BNR’s governor previously explained. Thus, the central bank has no interest in limiting lending, Vasilescu emphasized, according to ...

Erste to buy 6.29% of Romanian bank BCR for 140 mln euro

Monday, July 2, 2018

Erste Group [BSE:EBS] has reached a preliminary agreement with Romanian investment fund SIF Oltenia [BSE: SIF3] to buy its entire 6.29% stake in Banca Comerciala Romana (BCR) for 140 million euro ($163 million), Erste said on Monday quoted by seenews.com. The execution of the transaction is planned for the second half of the year 2018, Erste said in a statement. Subsequent to the completion of the transaction, Erste ...

MFP signed  contracts with the rating agencies  Standard&Poor’s and Fitch Ratings for 2018 – 2019; in negotiations with Moody’s

Monday, July 2, 2018

The ministry of public  finances(MFP) signed at the end of last year contracts  for services with the rating agencies Standard&Poor’s and Fitch Ratings for the period 2018- 2019 while the contract with Moody’s  is under negotiation according to the information given by the institution.‘Starting with 2016, the Ministry of public finances sign contracts for services with the rating agencies for a period of two years. For the ...

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