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Financial & Banking

BRD Asigurari de Viata has new general director

Monday, October 30, 2017

Sabine Mireille Lucette Eustache De Lattre received yesterday the approval of the Financial Supervisory Authority (ASF) to take over as general director of the local insurer BRD Asigurari de Via?a, romania-insider.com infoms. She joined the Société Générale group in 2002. She has coordinated the company’s operations in Belgrade for two years. BRD Asigurari de Viata, owned ...

Companies and households bank arrears decreased by 7.6 pct in September

Monday, October 30, 2017

The total value of companies and households bank arrears decreased by 7.6 pct in September, down to about 12.5 billion lei, compared to the level recorded in the same month of the previous year, the National Bank of Romania (BNR) informs. Of this amount, ...

Romania's M3 money supply growth accelerates in Sept

Monday, October 30, 2017

Romania's M3, the broadest gauge of the country's money supply, grew by a nominal 12.3% year-on-year to 332.3 billion lei ($84.8 billion/72.2 billion euro) in September, compared to a 11.7% rise in August, the central bank, BNR, said on Tuesday quoted by seenews.com. On a monthly comparison basis, Romania's M3 money supply increased by 0.6% in September, BNR said in a statement. In real terms, September M3 money supply was 10.3% ...

Romania’s consumer protection authority fines 15 banks

Monday, October 30, 2017

Romania’s Consumer Protection Authority (ANPC) has fined 15 local lenders with over RON 500,000 (EUR 108,700) for unfair commercial practices in advertising activities, romania-insider.com reads. The institution has also asked them to cease these practices, to correct the contracts already concluded, to return the amounts received without legal basis, and to suspend the ad campaigns. The 15 banks ...

Annual bank deposit growth speeds up in September

Monday, October 30, 2017

The value of deposits of the non-government sector in Romanian banks grew 10.8% on the year to 286.38 billion lei ($73.1 billion/62.2 billion euro) in September, accelerating from an annual rise of 10.2% in August, the central bank, BNR, said on Tuesday quoted by seenews.com. Leu deposits increased 11.3% year-on-year to 194 billion lei in September, after growing by an annual 10.9% in the previous month, BNR said in a monthly monetary statistics ...

FinMin Misa: The value of VAT arrears exceeds EUR 1.5 bln

Monday, October 30, 2017

The value of non-recoverable arrears amounted to RON 7.1 billion (EUR 1.5 billion) at the end of September, finance minister Ionut Misa said last week. This represents VAT registered for taxpayers in bankruptcy, insolvency and reorganization. Of the total amount, almost RON 6 billion (EUR 1.3 billion) are arrears of taxpayers with no activity, reports ...

Government plans turnover tax for microenterprises

Monday, October 30, 2017

The minister of labor, Lia Olguta Vasilescu, has announced that the gross minimum wage in Romania will be hiked from RON 1,450 to RON 1,900 as of January 2018, as the government plans to shift the social contributions from employers to employees, while cutting the amount levied on gross wages by 2 percentage points, business-review.eu informs. This means that the level of social contributions will fall from 39.25 percent to 37.25 percent on the amount ...

Tiriac Leasing to take a loan of EUR 10 mln from Alpha Bank Romania to finance leasing contracts

Monday, October 30, 2017

Tiriac Leasing will take a loan of EUR 10 million from Alpha Bank Romania to finance and refinance the financial leasing contracts, according to a decision of the shareholders adopted at the end of September, business-review.eu says. The loan will come along with a movable mortgage for cars/ light vehicles financed/refinanced within the loan facilities that are the object of the leasing contract. Also will be closed a movable mortgage on the rights of ...

Romanian insurance market is stable, says ASF

Monday, October 30, 2017

The Romanian insurance market is stable and characterized by safety indices improvement, according to the Financial Surveillance Authority (ASF) quoted by business-review.eu. “Romania’s insurance market exceeded the imbalance moment and is stable and growing today. We are moving to a maturation of the market with a developing potential,”  stated ASF vice-president Cornel Coca Constantinescu. According to ...

Elke Meier, the new CFO of BCR as of 2018

Monday, October 30, 2017

Elke Meier takes over the Chief Financial Officer position in the Management Board of Banca Comerciala Romana (BCR) starting January 1st, 2018, romaniajournal.ro informs. Adriana Jankovicova, current Board Member in charge with the Financial line, has decided to pursue other career opportunities outside of Erste Group at the end of her existing term, December 31st 2017.   Elke Meier joins BCR after an international career span in Austria ...

Annual meeting of the European Federation of Building Societies will be held in Bucharest, November 2-3, 2017

Monday, October 30, 2017

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The annual meeting of the European Federation of Building Societies will be held in Bucharest, November 2-3 2017 and will bring together representatives of around 20 banking institutions from Austria, Belgium, the Czech Republic, Germany, Hungary, Romania and Slovakia, informs a press release of the Romanian Commercial Bank (BCR) BpL sent on ...

Transilvania Broker to sell 25 pct stake in IPO

Monday, October 30, 2017

Transilvania Broker for Insurance shareholders want to get up to RON 9.68 million from the company’s listing on the Bucharest Stock Exchange, business-review.eu reads. As part of the IPO, Login Gabriel wants to sell 15 percent stake (375,000 shares) from a total of 1.5 million shares and Niculae Dan, who wants to sell 10 percent (250,000 shares) from the total of 1 million shares. There will be a total listing of 25 percent of the company’s ...

Citu: 2% “solidarity fee” a desperate finding

Monday, October 23, 2017

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PNL (libeal party) vicepresident Florin Citu says that finance minister Ionut Misa “is manipulating at kindergarten level, and the solidarity fee is a “desperate finding” to cover the holes generated for the state budget by an “government irresponsible”in managing economy in difficulty. “What Ionut Misa is trying to induce into public opinion is fake, that is the fact that European regulations would impose the 2% ...

Romania 100 Platform: EU directive invoked by finance minister for solidarity fee does not exist

Monday, October 23, 2017

Romania 100 platform considers that all entrepreneurs in Romania (small companies, family business, medium and large companies) will suffer in 2018 because of the introduction of the solidarity fee and that the government should explain the introduction of the fee and the destination of the money. The Platform shows that the EU directive invoked by the finance minister as argument in favour the the tax does not exist and warns that productive employers and employees will be ...

Romanian share transactions up 30 pct in the first nine months to EUR 1.8 bln

Monday, October 23, 2017

Romania’s capital market strengthens its position in the region, after recording a 30 percent increase of shares’ transactions in the first nine months of this year to EUR 1.8 billion, according to a release of the Bucharest Stock Exchange (BVB), business-review.eu reads. Also, during the same period, the IPOs’ and corporate bonds’ value exceeded EUR 1 billion and the value of companies listed on ...

IFC and UniCredit Leasing Corporation Support Small and Medium Enterprises in Romania

Monday, October 23, 2017

IFC, a member of the World Bank Group, has provided a RON150 million (approximately $38.5 million equivalent) loan to UniCredit Leasing Corporation to help finance small and medium enterprises (SMEs), so they can grow their businesses and generate new employment, a statementsent to ACTMedia reads. The agreement will allow UniCredit Leasing, the market leader in Romania’s leasing sector, to extend its reach to smaller companies that need to ...

WB Report :Europe and Central Asia Economic Update, October 2017 - Migration and Mobility

Monday, October 23, 2017

The report finds that economic growth in Europe and Central Asia has been stronger than previously expected. At the same time, the region is facing both opportunities and challenges with regard to new technologies, more flexible labor contracts, and migration. Economic Developments & Outlook GDP growth in the Europe and Central Asia region will reach 2.2% in 2017, ...

World Bank report: Romanian economy to experience above-potential growth in 2017, 2018

Monday, October 23, 2017

Romania's economy is projected to grow above its potential in 2017 and 2018, the World Bank said in its latest Regional Economic Update, Migration and Mobility in Europe and Central Asia released on Thursday. "GDP will likely expand by around 5.5 percent in 2017, driven by the fiscal stimulus and aided by improvements in the European economy. The pickup in consumption is expected to widen the current account deficit to 3.1 percent in 2017, from 2.4 ...

EIF, Romania's BRD, ING Bank, Libra Bank sign partnership deal on SME financing

Monday, October 23, 2017

The European Investment Fund (EIF), part of the European Investment Bank group (EIB), on Thursday said it has concluded new partnerships with three Romanian banks to extend the range of financing products for small and medium-sized enterprises (SMEs) in the country, seenews.com informs. The three banks are Romania's BRD Groupe Societe ...

EIB lending 90 mln lei (20 mln euro) to Romania's ProCredit to back SMEs

Monday, October 23, 2017

 The European Investment Bank (EIB) said on Thursday it is lending 90 million lei ($23 million/ 20.3 million euro) to Romania's ProCredit Bank to support small and medium-sized enterprises (SMEs), seenews.com reads. The loan will support ProCredit Bank in providing financing to businesses in Romania that contribute to development and employment in the country, the EIB said in a press release. The credit line ...

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