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Financial & Banking

Mandatory private pension plans' assets exceeding 56.7 billion lei in July 2019

Monday, August 26, 2019

The mandatory private pension plans had assets worth over 56.7 billion lei as of July 31, 2019, up 27.8pct from July 2018, according to data with the Financial Oversight Authority (ASF).Government securities made up the highest share among the assets, at 34.09 billion lei, or 60.06pct of the total. Stocks and shares were second in size, at 11.537 billion lei (20.32pct). The corporate bonds were in third place, at 4.152 billion lei, or 7.31pct of the total ...

Alexandru Paunescu (CSALB): Romanian banks are more open to conciliation procedures with dissatisfied clients – a win-win process

Monday, August 26, 2019

Romanian banks are now more willing to accept entering into conciliation procedures with dissatisfied clients, a process that aims to be a fair one, as it has a win-win nature, Alexandru Paunescu, board member at Alternative Dispute Resolution Centre in Banking (CSALB), told Business Review. Paunescu points out that the procedure is free for the customers, who benefit from the support and consultancy of law and financial experts. For banks, the ...

Romanian banks’ profits drop in H1 2019 

Monday, August 26, 2019

The 34 banks operating in Romania have registered total profits of RON 2.75 billion (EUR 579 million) in the first half of this year, down 23.4 percent year-on-year, as declining rates at government bonds and future economic corrections increase the risk of major challenges for the local financial sector. The total bank assets in Romania increased by 5.6 percent year-on-year in June, up to RON 458.8 billion (EUR 96.6 billion), equal to around 45 ...

Private Equity Fundraising for CEE hit the highest annual level in a decade in 2018, Romania -12% of the total investment level

Monday, August 26, 2019

Private equity fundraising for Central and Eastern Europe (CEE) hit the highest annual level in a decade in 2018 with EUR 1.8 billion, according to new data from Invest Europe. Buyout funds in CEE raised EUR 1.1 billion, while the region’s venture capital funds attracted over EUR 500 million for the second year in a row, reveals Invest Europe’s 2018 Central and Eastern Europe Private Equity Statistics report, released ...

Visa launches pilot project in Romania

Monday, August 26, 2019

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Romanian Visa cardholders will be the first in Europe to benefit from a new solution piloted by Visa for financial institutions and merchants, which allows their customers to pay their purchases in installments, in stores or online, with a Visa credit card. The Visa installment payment service in Romania is part of a broader global pilot project also offering a set of installment APIs, which is due for commercial roll-out in 2020. Eligible Visa ...

Venture capital to maintain growth drive in 2019

Monday, August 26, 2019

Almost USD 2.5 trillion worth of unspent cash, known as dry powder among private equity (PE) funds, is awaiting promising companies across the world. In Romania, the venture capital (VC) market was dynamic in the first half of the year, and players have suggested that this trend will continue through to the end of 2019. In the first half of 2019, the most significant deal that impacted the Romanian market was the USD 568 million funding that UiPath, ...

BR ANALYSIS. Romanian savers faced with little option aside from losing money at the bank 

Monday, August 26, 2019

Romanians who prefer to keep their savings in bank accounts are losing money in real terms, but there are few other choices available due to the lack of safe investment opportunities on the market.  Generally, people who prefer to keep their money in banks are rather conservative, with a high degree of risk aversion.  In normal conditions, banks attract people’s money by offering ...

BNR: Balance of payments and external debt – June 2019

Monday, August 19, 2019

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According to BNR ( Central Bank) data, in January - June 2019p, the balance-of-payments current account posted a deficit of EUR 5,135 million, compared with EUR 3,717 million in January - June 2018. The deficit on trade in goods widened by EUR 1,486 million, the surplus on services income increased by EUR 104 million, the deficit of the primary income balance narrowed by EUR 204 million, and the surplus of the secondary income balance decreased by EUR 240 ...

Patria Bank got on profit after the first six months: net result: 2.8 million lei

Monday, August 19, 2019

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Patria Bank had a net profit of 2.8 million lei in Q1 2019 against a loss of 23.3 milliion lei in the first six months of last year according to a press release of the bank.The bank gave new loans of almost 342 millin lei with a superior dynamics for companies loans (SME loans, micro-loans and agro). The gross balance of commercial loans had a growth of 80.6 million lei against the end of 2018.Operational costs dropped  by approximately 8% against ...

SIF Oltenia closes H1 with net profit of 114.28 ml lei, up 62.4 pct YoY

Monday, August 19, 2019

Financial investment company SIF Oltenia closed H1 with a net profit of over 114.28 million lei, up 62.4 percent from the same period of 2018, shows a company report sent to the Bucharest Stock Exchange.According to the document, as of June 30, 2019 SIF Oltenia's total revenues stood at 126.759 million lei, 158.97 percent higher YoY. The company's main revenue categories are: gross income from dividends - 119.513 million lei, interest income - 316,570 lei, other ...

Banca Transilvania posts 28 pct higher H1 net profit

Monday, August 19, 2019

Banca Transilvania (BT) reported a mid-year consolidated net profit of 848 million lei, up 28 percent YoY, while the net profit of BT Financial Group was 942.36 million lei, up from 864.6 million lei one year ago, show the bank's financial results released on Wednesday by the Bucharest Stock Exchange (BVB).According to the financial statement, the assets of BT Group amounted to 81.6 billion lei as of June 30, while the operational efficiency stays at 45.87 ...

Romanians from abroad will send fee-free money home via CEC bank

Monday, August 19, 2019

 The CEC bank is working on a product to be launched probably in September through which money from abroad could be sent home free of any fee, on Friday said the Public Finance Minister Eugen Teodorovici, at a meeting with Romanians working abroad."The Romanians send money home, that's great. They mostly pay commissions for this. The CEC and us, from the state, as owner of this bank, will open branches in the countries with large Romanian communities, will ...

ING Bank Romania’s net profit reached RON 385 million in the first half of 2019

Monday, August 19, 2019

ING Bank Romania achieved a net profit of RON 385 million in the first half of 2019, up 12 percent compared to the same period of last year. The gross profit reached RON 451 million in the first half of 2019, 16 percent more than the same period last year, in the context of strong and continuous commercial growth. Revenues increased by 15 percent to RON 1 billion, as a result of increased volumes and a positive evolution of ...

BR ANALYSIS. Big banks gobble up minnows in troubled waters

Monday, August 19, 2019

During the last couple of years, the Romanian banking sector has undergone a fast consolidation process, with unprecedented mergers and acquisitions. Smaller banks and Greek subsidiaries were the main subject of takeovers as their businesses on the local market came under increasing pressure, with credit demand remaining weak and limited options for placing money. The biggest winner of the consolidation process among local lenders was Banca ...

OTP Bank Romania announces the financial results for the first half of 2019

Monday, August 19, 2019

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OTP Group announces the financial results for the first half of 2019. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group’s reporting standards, OTP Bank Romania recorded a consolidated after-tax profit of RON 53,6 million (HUF 3,6 billion), with 164% higher than the base period. The FX-adjusted performing loan volumes increased with 17% year-on-year, supported by robust ...

Radu Ghetea joins Libra Internet Bank’s Board of Directors

Monday, August 19, 2019

Radu Ghetea, the former president of CEC Bank, will join Libra Internet Bank as a member of the Board of Directors, according to a statement by the bank.  ”I believe that my experience in various institutions in the financial-banking environment together with the successful entrepreneurial spirit of Libra Internet Bank can contribute decisively to the rapid and safe evolution of the bank, both in traditional areas where it is specialized as ...

BNR Board decisions on monetary policy

Monday, August 12, 2019

In its meeting of 5 August 2019, the Board of the National Bank of Romania (BNR) decided the following: 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 ratios on both leu- and foreign ...

Fiscal Council slams government’s budget revision plans, says deficit is likely to exceed 3 pct of GDP target this year

Monday, August 12, 2019

  The Fiscal Council, led by Daniel Daianu, issued an opinion on Thursday regarding the Romanian government’s budget revision project and the semestrial report on the fiscal and budgetary status. The main takeaway of the document released by the Fiscal Council is that its members are confident that the budget ...

Planned pension hikes increase risk of Romania getting its rating downgraded to junk status

Monday, August 12, 2019

The planned pension hikes threaten the fiscal stability in Romania and increase the risk of a rating downgrade of the country to junk status, according to CEE 3Q 2019 report released by UniCredit Bank. “While the government may avoid controversial measures, economic populism could threaten fiscal stability and the country’s investment grade. Planned pension increases of 15 percent in September 2019 and 40 percent in September 2020 could push the budget deficit above 4 ...

Raiffeisen Bank ends H1 with net profit on decrease to 384 mln lei

Monday, August 12, 2019

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Raiffeisen Bank ended the first half of this year with a net profit on the decrease to 384 million lei, from 423 million lei in the first half of 2018, and the total assets of Raiffeisen Bank rose in the first half of this year to 40 billion lei, up 5pct year on year, according to a statement from the bank.The lending activity continued to grow, and the balance of the net loans granted to the clients of the bank reached 26.22 billion lei, an increase of 11pct, compared to the ...

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