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Financial & Banking

BVB: creation of new investment funds will boost Romania’s wealth

Monday, June 18, 2018

The development of new investment funds will increase the value of Romanian companies, both private and those where the state is a shareholder, and implicitly of Romania’s wealth, said on Tuesday Bucharest Stock Exchange (BVB) President Lucian Anghel, http://business-review.eureports. “As for the ...

BNP Paribas Leasing Solutions takes over German IKB Leasing Romania

Monday, June 18, 2018

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BNP Paribas Leasing Solutions signed a deal to take over leasing company IKB Leasing Romania, specialised in financing the agriculture sector, business-review.eu informs. The transaction which will improve BNP Paribas’s position on the leasing market, has to be approved by the regulators. The transaction, which settles IKB Leasing exit from Romanian market will be finalized at the end of ...

Analysts expect Romania’s RON to weaken 1 pct vs. EUR over the next year

Monday, June 11, 2018

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The Romanian national currency, RON, is expected to weaken by one percent versus the euro over the next year, according to a Reuters poll of 36 analysts quoted by http://business-review.eu. Romania’s currency is considered more tightly managed by the central bank than its regional peers, which it has outperformed this year. Analysts point out that inflation in Romania is the highest in the region and “mounting ...

BVB President advises retail investors to move from money stashing to diversified investment schemes

Monday, June 11, 2018

 The principle according to which one keeps his savings only in deposits or current accounts, not to say in "money stashed under the mattress" isn't healthy as regards the value added to the owner's financial wealth, and it is best to invest a little in several instruments, stock, mutual funds, pension funds included, President of the Bucharest Stock Exchange (BVB) Lucian Anghel told the audience at the Individual Investors Forum on Saturday."Let us not ...

World Bank's Proskuryakova: Romania's Pension Pillar II works fine, there is no reason to reform it

Monday, June 11, 2018

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Country Manager for Romania and Hungary of the World Bank Tatiana Proskuryakova stated on Wednesday, during a meeting with the press in Bucharest, that Romania's Pension Pillar II works fine and there is no reason to reform it."We believe that the Pillar II works fine and our opinion is if it's not broken, why fix it? Why reform a system that runs well? There are other things that should be fixed, but it's not the case to reform something that seems to run well," ...

Eurolife ERB Romania's 2017 revenues from life insurance premiums at 110 ml lei, up 62 pct

Monday, June 11, 2018

Eurolife ERB Insurance Group, owner of a life insurance and of a general insurance company in Romania, had gross written life and general insurance premiums of roughly 110 million lei in 2017, up 62 percent from the end of 2016, the financial group announced in a release on Wednesday.Eurolife ERB Insurance reported a net consolidated profit of over 3 ml lei and investment expenditures of 4.6 million lei, twice the figure in the previous year. The ...

BVB : 15 bn euro stashed in Romania overnight deposits, but capital market returns are higher

Monday, June 11, 2018

 Fifteen billion euro are stashed in Romania's overnight deposits, which clearly speaks of the preference for bank deposits because of the comfort they offer, but we must understand that capital markets, the Bucharest Stock Exchange (BVB) respectively, produce higher returns in the long run, BVB CEO Adrian Tanase told the Individual Investors Forum on Saturday."We have some statistics on bank deposits in Romania. We know that 15 billion euro are stashed ...

Romanian finance minister to start talks of fiscal codes this month

Monday, June 11, 2018

Finance minister Eugen Teodorovici plans to start an ample campaign for the Fiscal Code and Fiscal Procedure Code and to come up with a legislative package that is new, modern and easy to apply by fall, romania-insider.com informs. He added that the two codes would be analyzed article by article together with the Parliament and business organizations, ...

Ionut Dumitru (Raiffeisen Bank): In Q1 2018, due to the so-called fiscal revolution the consumer confidence crashed

Monday, June 11, 2018

Ionut Dumitru, the chief economist of Raiffeisen Bank, says that private consumption was the driver of economic growth last year, while the raft of changes in the fiscal legislation have impacted the confidence of consumers. “In Q1 2018, due to the so-called fiscal revolution the consumer confidence crashed, which led to a 0 percent growth q/q, showing that the recent economic growth has been fragile and not sustainable,” said the economist ...

Romania’s government faces increasing challenges to borrow money even if it pays the highest interest rates in EU

Monday, June 11, 2018

Romania’s government finds increasingly difficult to borrow the money it desperately needs to cover its ballooning spending, even if it already accepts to pay the highest interest rates in the European Union, amid growing concerns regarding the health of public finances. In May, the Ministry of Finance borrowed only RON 1.9 billion from the lenders, half the projected amount (RON 3.4 billion), and June started with another bad ...

Romania’s central bank approves new Bancpost CEO

Monday, June 11, 2018

Romanian executive Leontin Toderici has received the central bank’s approval to take over as the new CEO of local lender Bancpost, romania-insider.com informs. He has been mandated by Banca Transilvania, Bancpost’s new owner, to coordinate the integration process of Bancpost, ERB Retail Services and ERB Leasing into the BT financial group. Toderici has been deputy general manager and chief operating officer ...

Intesa Sanpaolo climbs to 11th place in Romania with total assets of RON 8.8 bln in 2017

Monday, June 11, 2018

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, top bank in Italy and one of the strongest banking groups in the Euro Zone, has finalized the transfer of business, comprising of assets and liabilities, customers and employees, from Intesa Sanpaolo SPA Torino Bucharest Branch, http://business-review.eu informs. Intesa Sanpaolo Bank has now an asset volume of RON 8.83 billion, with a market share ...

BNR's International reserves – May 2018

Monday, June 11, 2018

On 31 May 2018, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,123 million, compared to EUR 33,539 million on 30 April 2018. During the month, the following flows were recorded: EUR 2,184 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into ...

BNR's Isarescu: As economists, we are responsible to cover deficit of economic, financial analysis to avoid wrong interpretations

Monday, June 4, 2018

The economists have the responsibility to cover the deficit of economic and financial analysis or else exactly the wrong person comes along and covers the public space, poisoning the society with all kinds of nonsense, hard to backtrack, the National Bank of Romania (BNR)'s governor Mugur Isarescu told a specialised conference, on Thursday."You have and we all have, as economists, a responsibility to cover this vacuum, this deficit of economic and financial ...

MFP to borrow EUR 26 million/day in June

Monday, June 4, 2018

The Public Finance Ministry (MFP) has planned loans totalling RON 3.63 billion from commercial banks in June, of which RON 3.2 billion through state bond auctions and treasury certificates, to which RON 435 million could be added through extra sessions of non-competitive offers related to bond auctions. The sums will be used for refinancing the public debt and financing the state budget deficit. Compared to May, MFP’s planned loans are EUR 200 ...

Shares of Banca Transilvania, BRD and OMV Petrom most highly traded on main segment in May

Monday, June 4, 2018

The shares of Banca Transilvania, BRD and OMV Petrom were the most traded on the main segment of the Bucharest Stock Exchange in May, but the same securities also saw the most significant depreciation. According to data published on the BVB website, the value of Banca Transilvania shares trading reached RON 184.9 million, while the depreciation was of  7.21 percent. BRD shares accounted for transactions worth RON 128.1 million, but had the ...

Fitch confirmed the rating of the Oradea city to’ BBB minus’ with stable perspective

Monday, June 4, 2018

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Fitch Ratings confirmed the ratings for loans on long term in foreign currency and local currency of Oradea city to ‘BBB minus’ the perspective associated being stable, shows the agency for financial evaluation in a press release. Similary, the agency confirmed the rating on short term in foreign currency at ‘F3’.The confirmation by  Fitch of the ratings for loans on long term in foreign currency and in the local currency reflects the ...

Immofinanz makes almost EUR 12 mln from rents in Romania

Monday, June 4, 2018

Immofinanz, one of the most important players on the Romanian real estate market, registered rental income of EUR 11.9 million in Romania in the first quarter of 2018, which represents 20.2% of the group’s total revenues from rents, romania-insider.com informs. Immofinanz’ properties in Romania represent 19.3% of the group’s total portfolio, including 64 properties with a value of EUR 809.3 ...

Total outstanding loans in lei down 1pct, foreign currency loans down 1.47pct, in April

Monday, June 4, 2018

The overall value of overdue loans in lei of households and companies recorded in April 2018 stood at 5.22 billion lei, dropping by 1 percent compared to the amount recorded in March 2018, while the overdue loans in foreign currencies declined by 1.47 percent to 4.21 billion lei (equivalent), according to a report of the National Bank of Romania (BNR).Total lei loans in April reached 152.94 billion lei (by 1.38 percent over the value recorded in the previous ...

Fitch upgrades Banca Transilvania, affirms three other Romanian banks

Monday, June 4, 2018

Fitch Ratings said it has upgraded the long-term issuer default rating (IDR) of Romania's Banca Transilvania (BT) to 'BB+' from 'BB', seenews.com reads. Fitch has also affirmed the long-term IDRs of Banca Comerciala Romana (BCR) and BRD-Groupe Societe Generale (BRD) at 'BBB+' and of UniCredit Bank (UCBRO) at 'BBB-'. The outlooks are stable, Fitch said in a statement on Friday. Fitch has also upgraded the Viability Ratings (VRs) ...

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