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Financial & Banking

President of ASF guarantees all private pension funds comply with minimum yield

Monday, October 26, 2020

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All private pension funds comply with that mandatory condition regarding the yield, a very good one, of over 4%, the president of the Financial Supervision Authority, Nicu Marcu told on Tuesday evening private television broadcaster Digi24."I can guarantee you that all private pension funds comply with this yield. Moreover, the real yield is over 4%, a very good return. Even now, in crisis, because the investments made by pension funds are long-term ...

Biofarm, the second pharma company to join ARIR

Monday, October 26, 2020

The Romanian Investor Relations Association has announced that Biofarm had become Associate Member of ARIR. Biofarm is one of the first drug manufactures in Romania, founded 100 years ago by merging several pharmaceutical companies. Biofarm shares are listed on the Bucharest Stock Exchange since January 2005 and they are included in the Premium ...

Romanian banks extend EUR 2.85 bln loans to SMEs under Govt. backed program

Monday, October 26, 2020

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Local banks have granted 20,000 loans to Romanian SMEs under the IMM Invest program so far. The value of these loans is RON 14 billion (EUR 2.85 bln), or some 1.4% of GDP, said Stefan Nancu, head of the state body (FNGCIMM) that manages this Government program aimed at helping small and medium-sized companies.   Under this program, the state guarantees up to 90% of the bank loans and covers interest costs ...

Private pension system assets exceed 14 billion euro

Monday, October 26, 2020

The value of total assets, under management throughout the private pension system, reached 72.58 billion lei on 30 September 2020, an increase of 17.96 pct compared to September 2019, thus exceeding the 14 billion euro threshold, the Financial Supervisory Authority (ASF) announced on Friday.The institution mentions that this evolution was based on two important factors: increasing contributions by 5.61 pct and obtaining a profit of 1.35 billion lei, at the level ...

Innova Capital agrees to buy PayPoint Romania

Monday, October 26, 2020

Innova Capital, a leading private equity firm operating from Poland, has agreed to buy PayPoint Romania from LSE-listed PayPoint plc. The sale is subject to competition and regulatory approvals, as well as other conditions precedent, and therefore completion is anticipated to take place on 31 March 2021.   PayPoint Romania is a market leading consumer payments operator in Romania, collecting over 100 m bill payments for 85% ...

Banks can start offering pay over the phone facility

Monday, October 26, 2020

Transfond, a payment operator owned by Romania's National Bank (BNR) and local commercial banks, has developed the infrastructure needed to make payments over the phone possible in Romania.   The service, commercially available under the name AliasPay, allows users to send money based on only the phone number - provided the recipient has set a bank account (or an account of a payment service ...

Private placement of Safetech heavily oversubscribed

Monday, October 26, 2020

Cybersecurity company Safetech Innovations said that the offer for private placement of 20% of its shares was oversubscribed 8.6 times by investors. The company, which planned to raise 2.5 million lei ($603,049/512,862 euro) from Bucharest Stock Exchange investors, saw its offer oversubscribed  within 37 seconds, Safetech said in a press release.  By the end of ...

PwC Report: ”Securing your tomorrow, today. The future of financial services”

Monday, October 26, 2020

In contrast to the global financial crisis (GFC), COVID-19 triggered initial impacts in the real economy and will increasingly manifest itself in a second stage throughout the financial sector. The lockdowns and social-distancing measures imposed by governments around the globe to flatten the infection curves have caused significant damage to many industries, all of which are served by financial institutions.   Compared to ...

State aid: Commission approves €103 million Romanian guarantee scheme to support trade credit insurance market in coronavirus outbreak

Monday, October 19, 2020

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The European Commission has approved, under EU State aid rules, a €103 million (approximately RON 500 million) Romanian guarantee scheme to support the trade credit insurance market in the context of the coronavirus outbreak.   Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the coronavirus outbreak, ...

BNR: The NCMO meeting of 14 October 2020

Monday, October 19, 2020

The third meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 14 October 2020 by written procedure, the Central bank (BNR) informs.   During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical ...

Bucharest Stock Exchange lost 1.9 billion RON in capitalization last week

Monday, October 19, 2020

The Bucharest Stock Exchange (BVB) has lost lasy week 1.9 billion RON in capitalization, representing 1.45 pct of the total, and the value of stock transactions recorded an increase of 18.99 pct.According to data published by the BVB, market capitalization reached 131.238 billion RON, in the October 12-16 period, from 133,175 billion RON in the previous ...

BNR: Balance of payments and external debt – August 2020

Monday, October 19, 2020

In January - August 2020p, the balance-of-payments current account posted a deficit of EUR 5,789 million, compared with EUR 7,099 million in the same year-ago period. The deficit on trade in goods widened by EUR 851 million, the surplus on services increased by EUR 426 million, the primary income balance saw its deficit narrowing by EUR 1,193 million, and the surplus of the secondary income balance rose by EUR 542 ...

Finance Minister assures no tax raise envisaged for this year or the next

Monday, October 19, 2020

The Finance Ministry has no plan to raise taxes either this year or the next, because it already has solutions for financing the expenses due during this period, Finance Minister Florin Citu said on Thursday."We are not raising taxes. I've said it: we are not going to raise taxes, neither now, nor in the future. This is not the time for putting up taxes. We believe in a liberal economy with few and low taxes which everyone duly pays. You must be confident. ...

Burak Yildiran, the new CEO of Patria Bank

Monday, October 19, 2020

Burak Yildiran will be the new General Manager (CEO) of Patria Bank and will lead bank’s development strategy in supporting local entrepreneurship and private clients, as well as in improving the customer experience and developing digital processes. Burak Yildiran has nearly 25 years experience in finance – banking and technology, of which almost 20 years spent within the Garanti BBVA group. Throughout his tenure he has been ...

XTB analysts win Bloomberg rank for Q3 2020

Monday, October 19, 2020

XTB’s Research Team has been selected the top forecaster for 13 Majors and second in the G10 Bloomberg Ranking for the third quarter of 2020, https://business-review.eu/ reports.  The Bloomberg ranking takes into account the ...

McKinsey’s latest report: CEE’s digital economy grew twice as fast during COVID-19 lockdown as it did in 2017–2019

Monday, October 19, 2020

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During the first five months of the COVID-19 pandemic, the digital economy in Central and Eastern Europe (CEE) grew almost twice as fast as it did in the prior two years, according to McKinsey’s latest report, Digital Challengers in the next normal. Central and Eastern Europe on a path to digitally-led growth. Romania experienced a slightly smaller boost during the same interval. McKinsey estimates that between January and May 2020 the digital economy in ...

ASF: There is still a high degree of uncertainty that hovers around the future evolution of economic activities

Monday, October 19, 2020

Present at the online debate: “The Romanian insurance market” organized by Media XPRIMM, the Director of the Strategy and Financial Stability Department within ASF, Mr. Valentin Ionescu, said: “According to IMF, the global economy is projected to contract sharply by 3% in 2020 reflecting a much deeper economic shock than during the financial crisis of 2009 when growth contracted only by 0.7%. In EU the forecast for Euroa area is ...

US Export-Import Bank to finance nuclear project at Cernavoda

Monday, October 12, 2020

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The Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today signed a memorandum of understanding (MOU) with Romania’s, Ministry of Economy, Energy, and Business Climate, aimed at enhancing trade and economic opportunities between the two countries, a statement issued by the bank informs. EXIM Chairman Reed and Romania Minister for Economy, Energy and Business Climate Virgil-Daniel Popescu ...

THE GROSS DOMESTIC PRODUCTS IN 2018 WAS, IN REAL TERMS, BY 4.5% HIGHER, AS COMPARED TO 2017

Monday, October 12, 2020

The Gross Domestic Product estimated for 2018 – final data amounted to 951728.5 million lei current prices, increasing – in real terms – by 4.5% as against 2017. As compared to the semi-final version, in the final version the nominal Gross Domestic Product estimated for 2018 decreased by 0.1%. Ressources In 2018, most ...

ARB: the banks offered the population and the companies new loans of 38.5 billion lei in six months

Monday, October 12, 2020

The volume of the new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, announced on Monday the Romanian Association of the Banks (ARB) which quotes the BNR data.  ‘The volume of new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, which represents 14% of ...

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