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Financial & Banking

Outlook 2021:  Erste Group expects economic upturn in 2021 

Monday, March 1, 2021

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• GDP growth rates seen between +3% and +6%, with Hungary posting region’s strongest upswing • CEO Bernd Spalt: „We will experience an economic rebound in 2021“  • Insolvencies: only trailing effect, no insolvency wave  • Company outlook: lower risk costs, significantly higher ...

BCR's 2020 net profit at 814.1 ml lei, up 37.2 pct

Monday, March 1, 2021

BCR's 2020 net profit of 814.1 million lei (168.3 million euros) was 37.2 percent higher than the 593.3 million lei (125 million euros) reported in 2019, due to the strong increase in lending and a higher operating result, partly from offsetting higher risk costs, the bank said in a release.The bank mentions that the net profit of 2019 was affected by the creation in Q2 2019 of an exceptional provision related to the activity of BCR Banca pentru ...

Profit of Banca Transilvania goes down 20% in 2020

Monday, March 1, 2021

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The consolidated net profit of Banca Transilvania (TLV), Romania's biggest financial group by assets, decreased by 20% to RON 1.48 billion (just over EUR 300 million) in 2020.The group's assets reached RON 107 bln (EUR 22 bln), 17.2% more than the previous year.   Banca Transilvania's individual net profit dropped by 26% to RON 1.2 bln (EUR 247 mln), while its operating income edged down by 2.3% to RON ...

Ocean Credit invests LEI 4 mln in the development of the new core banking platform OC 3.0

Monday, March 1, 2021

Ocean Credit, the first fintech startup to bring the card2card money transfer technology to the Romanian credit market, is investing LEI 4 mln in the development of a new core banking platform, OC 3.0, the 100% transparent user interface. The platform was built to support the new innovative ...

FONDUL PROPRIETATEA FINANCIAL RESULTS FOR 2020

Monday, March 1, 2021

Fondul Proprietatea (hereinafter “The Fund”) published ts financial results for 2020 and would like to share the following highlights: The Fund’s share price registered a strong performance in the second part of 2020, following the rebound of global stock markets, which led to a historical high level of the share price of RON 1.4500 per share registered on 30 December 2020, and also the lowest discount ...

OTP Bank Romania opens new branch in Timisoara

Monday, March 1, 2021

OTP Bank Romania has announced the inauguration of a new branch in the city of Timi?oara, located within the ISHO real estate district, bld. Take Ionescu, no. 50-52. The new branch is developed under the regional banking service center concept, which brings together a self service area and personalized customer advice from trained bank specialists.   The new OTP Bank investment is part of the organic ...

BNR participates in final of largest acceleration programme for fintech startups in Romania

Monday, March 1, 2021

The Romanian central bank (BNR) and two other central banks in the region are participating in NEXTFintech, the final of the largest acceleration programme for fintech startups in Romania, according to a press release ."Central but also private banks from Romania, Georgia and North Macedonia, including the National Bank of Romania, Banca Transilvania, ...

Romania, identified with one of highest annual percentage rate in EU

Monday, March 1, 2021

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Romania was identified with having one of the highest annual percentage rate (APR) in the entire European Union, namely 30,341% (thirty thousand three hundred forty one percent), for a loan of 180 Euro granted by a non-bank institution for a payday loan, a study reveals, regarding crediting in Romania made by the Credere Association, upon the request of Finance Watch Brussels."The ambiguity of costs, hiding some costs or redirecting ...

Bittnet Systems stock included in FTSE Global Micro Cap and FTSE Total-Cap indices

Monday, March 1, 2021

 Bittnet Systems (BNET) stock will be included as of March 22 in the FTSE Global Micro Cap and FTSE Total-Cap indices, following the latest half-yearly review of the FTSE Russell indices, the Bucharest Stock Exchange (BVB) informs."FTSE Russell's announcement is very important news for the entire capital market and even more so for all those who have chosen to invest in Bittnet stock. Romania's upgrade to emerging market status ...

A New Real-Time Data Terminal Created By BVB For Investors

Monday, March 1, 2021

Bucharest Stock Exchange (BVB) brings to the market a new product dedicated to investors and all those interested in trading and the evolution of financial instruments listed on BVB. Exchange ...

Fiscal Council sees 2021 budget draft feasible

Monday, February 22, 2021

The Romanian Fiscal Council issued a positive opinion on the 2021 budget planning drafted by the Government.The budget deficit targets, both under the national (7.16% of GDP) and ESA (8.2% ...

The Economic and Social Council gave a negative opinion on the draft budget

Monday, February 22, 2021

Romania's Economic and Social Council (CES) issued a negative opinion on the 2021 budget law drafted by the Government, objecting to the so-called "austerity measures" included: no holiday ...

AmCham argues Romanian Govt. should work on increasing tax collection

Monday, February 22, 2021

Romania's Government should strengthen the administrative capacity to best benefit from the significant allocations for health, education, and infrastructure on the expenditures side, AmCham Romania recommended in the context of the debates on the 2021 State Budget project.   On the revenues side, the authorities should also pursue concrete measures to increase the tax collection revenues by modernizing and digitizing the ...

BSTDB Supports Business Infrastructure in Romania

Monday, February 22, 2021

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The Black Sea Trade and Development Bank (BSTDB) has extended a EUR 50 million loan to One United Tower S.A. to facilitate the development of business infrastructure in Romania, a statement sent to ACTMedia informs.   The purpose of the BSTDB loan is to finance the development costs of “One Tower”, a green office building making  part of the newly developed One Floreasca City mixed-use ...

Assets of optional pension funds top 3 bln lei as of January 29

Monday, February 22, 2021

 As of January 29, 2021 optional pension funds held assets worth over 3 bln lei, up 18.58 percent YoY, the Financial Supervisory Authority (ASF) announced.Government securities account for the highest share of this amount, with 1.918 bln lei (63.53 pct), followed by stocks with 796.571 mln lei (26.38 pct) and corporate bonds with 89.509 mln lei (2.96 pct).Assets of Pillar III pension funds totaled 3.019 bln lei as of January 2021 and were ...

Assets of privately managed mandatory pension funds at over 77.6 bln lei this January

Monday, February 22, 2021

Assets of mandatory privately managed pension funds amounted to over 77.6 billion lei as of January 29, up 23 percent YoY, shows data of the Financial Supervisory Authority (ASF).Government securities account for the largest share in assets with 52.23 billion lei (67 pct), followed by stocks with 17.2 billion lei (22.16 pct) and corporate bonds with 2.97 billion lei (3.84 pct).According to ASF data, Pillar II pension fund assets totaled 77.607 ...

Romanians can access an Ocean Credit loan in just 8 minutes thanks to the new OC 3.0 platform

Monday, February 22, 2021

Ocean Credit has a mission, to turn complex financial information into simple data that can help people save money when borrowing, a press release sent to ACTMedia reads. Time and experience are the decisive factors that differentiate a Fintech from ...

Norofert pre-emptive rights start trading on BVB MTS

Monday, February 22, 2021

Bucharest Stock ...

Chimcomplex Borze?ti sells 189 million shares, at a total price of 356 million

Monday, February 22, 2021

Chimcomplex, the biggest chemical producer in Romania, has launched the final stage of a public offering of shares aimed at raising RON 356 million (EUR 74 ...

 iFactor raises EUR 700,000 on London-based crowdfunding platform Seedrs

Monday, February 22, 2021

iFactor, a Romanian fintech that aims to democratize SME lending, has raised close to EUR 700,000 in an equity crowdfunding campaign on the London-based equity crowdfunding platform Seedrs. The Romanian startup was aiming to get EUR 625,000 for 15.2% of its shares at a valuation of EUR 3.9 mln for the whole company.   Romanian venture capital fund ROCA X, part of the local Impetum Group, led the financing ...

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