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Financial & Banking

Vardinogiannis Group finalizes acquisition of Marfin Bank in Romania

Monday, July 23, 2018

Vardinogiannis Group finalized the acquisition of Marfin Bank, after receiving approval from the National Bank of Romania, romaniajournal.ro informs. Part of its investment strategy in Romania, the Vardinogiannnis Group has already acquired Marfin Leasing, and thus further consolidates its presence on the Romanian financial market. The Romanian business community, as well as the bank’s customers, now benefit from the strength and reliability of ...

Budget revenues up 13.5 per cent to rd 112.8 bln lei in 1st half of 2018

Monday, July 23, 2018

The money collected to the state budget by the National Agency for Tax Administration (ANAF) saw 112.795 billion lei in the first half of 2018, by 13.5 per cent (nominal index), respectively by 13.434 billion lei more than the similar period of 2017, that reached 99.36 billion lei, reads a release sent on Thursday.(1 Euro = 4.6549 lei)The degree of realization of the cash programme set by the annual budget laws is 101.8 per cent, which means a plus by over ...

FinMin confirms tax amnesty will be adopted very soon

Monday, July 23, 2018

The Romanian government is preparing a fiscal amnesty for companies and households, with a total amount of close to RON 100 billion (EUR 21 billion), according to the former Finance minister Darius Valcov, currently an advisor of the prime minister. Valcov was sentenced to eight years in prison for corruption but his case is still in appeal. He said that such a measure is included in the government ...

Romania to face stricter conditions to join Eurozone than past entrants

Monday, July 23, 2018

Romania, like Bulgaria and other Eastern members of the European Union, will be forced to accept stricter conditions than past entrants to join the Eurozone, according to a Bloomberg analysis quoted by http://business-review.eu. Bulgaria, the latest ex-communist country to set its sights on the single currency, was already forced to accept stricter conditions – and Euro-area finance ministers have indicated the new terms will still apply when the ...

Payment by card mandatory in Romania for companies exceeding EUR 50,000 in turnover

Monday, July 23, 2018

Payment by card will be required in Romania for stores with a turnover of more than EUR 50,000, including for service providers and wholesalers, which is five times more than the current threshold, after a new law was promulgated by the president Klaus Iohannis and published in the Official Gazette, http://business-review.eu reads. The obligation to accept payments by card has been extended as a final decision ...

J.C. Flowers & Co and EBRD acquire Piraeus Bank Romania

Monday, July 23, 2018

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Piraeus Bank has completed the sale of its Romanian subsidiary to private equity firm J.C. Flowers & Co and the European Bank for Reconstruction and Development, the EBRD announced on Tuesday, ekathimerini.com informs. The EBRD is purchasing a 19 percent stake in the lender, while J.C. Flowers & Co is acquiring 76.1 percent of shares in the company’s first investment in Romania. The remaining 4.9 percent of shares will be acquired by ...

Deloitte survey: it is to be expected that Romania continues to be interesting territory for the companies of private equity

Monday, July 16, 2018

The good moment for the companies of private equity of Central Europe should be kept and Romania is expected to continue to be an interesting territory for financial investors, as a series of major tradings involved investment funds in the last year and a half, shows the result of the most recent survey Deloitte Private Equity Confidence.According to the quoted souce, two thirds of the respondents estimate that the volume of tradings will stay at similar level, ...

The UniCredit report : towards the end of the year,  the euro/leu exchange rate can get to 4.70

Monday, July 16, 2018

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The UniCredit economists   anticipate an inflation rate over the estimates of the Central Bank (the data for June will be communicated by Statistics  on Wednesday), their calculations indicating for the end of this year a growth of the price of 4.1% (in December 2018) against the  level of 3.6% estimated by BNR).The price of food and fuel could be the main source for inflation pressure in the EU in the next months due to a weaker harvest and  dearer ...

ASF: five companes  control almost 60% of the insurance market. Allianz-Tiriac  has become the leader

Monday, July 16, 2018

At the end of March,five insurance companies controlled 59.51% of the insurance market and Allianz-Tiriac has become the leader of the market, getting City Insurance down, according to the market report published on Monday by the Authority for Financial Supervision  (ASF). At the end of last year, the most important five companies controlled 57.67% of the market,and the market leader was City Insurance with a market quota of ...

The insurance market closed down the Q1 with a drop of 1.5% up to2.53 billion lei

Monday, July 16, 2018

The Authority for Financial Supervision (ASF) announced on Monday that  insurance companies subscribed in Q1 of the year gross premiums worth approximately 2.53 billion lei, dropping with 1.45% against the same period of last year. Despite this  drop, the beginning of the year was characterised by improvement of the indicators of solvency on the insurance market, according to ASF. ‘At the end of the first three ...

The net assets of the investment funds dropped by 1.7% in June

Monday, July 16, 2018

The active funds of the 201 funds opened and closed down (with the exception of SIF and FP) local and foreign dropped in June by 1.7% until the level of 25.1 billion lei (5.4 billion euro) and by comparison to the beginning of the year the decline is 4.7% according to a press release of the Association of the Administrators of Funds.The net outflows of May were 553.8 million lei( 118.8 million euro).The net assets of the 78 funds locally opened dropped ...

Competition Council to evaluate BNP Paribas’s takeover of IKB Leasing Finance and IKB Leasing

Monday, July 16, 2018

The Competition Council has announced that it will analyse the transaction through which BNP Paribas Lease Group, BNP Paribas Leasing Solutions IFN and BNP Paribas Renting Solutions have taken over IKB Leasing Finance IFN and IKB Leasing, http://business-review.eu informs. IKB Leasing Finance and IKB Leasing are active in Romania in the financial services and leasing sectors by providing financial loan and ...

Fitch affirms rating for Bucharest municipality at "BBB -", stable outlook

Monday, July 16, 2018

Fitch Ratings on Friday affirmed the Bucharest municipality's long-term local and foreign currency issuer default ratings (IDRs) at "BBB-," with stable outlook, informs a press release of the financial assessment agency.The agency also affirmed the short-term foreign currency IDR at "F3.""The affirmation reflects Bucharest's continuing sound operating performance, moderate debt levels relative to its operating balance and current revenue and sound debt ...

 EIB supports construction of Arctic white goods factory in Romania

Monday, July 16, 2018

* The new factory will produce 2.2 million washing machines a year, generating some 1.400 new jobs in a less developed region facing structural changes. This is the first production facility in Romania, and one of the few in Europe, compliant with the Industry 4.0 standards The European Investment Bank (EIB) is lending EUR 68 million to white goods producer Arctic to finance the ...

Erste Group wins “CEE’s Best Bank for Corporate Responsibility” award from Euromoney

Monday, July 16, 2018

• Award honours Erste Group’s innovative Social Banking programme for “[becoming] a lifeline for many in the region” • Erste has disbursed over EUR 140 mn in loans to starting entrepreneurs, rural farmers, and social organizations • Euromoney also praises Erste Group as a “champion for diversity and inclusion” Erste Group Bank AG ...

Pillar II pension funds post assets of EUR 9.25 bln in May, up 19.1 pct y/y

Monday, July 16, 2018

Romania’s mandatory private pensions (or Pillar II) funds had assets of RON 43.01 billion (EUR 9.25 billion) under administration at the end of May, up by 19.1 percent year on year, and 60 percent of the amount is invested in government securities, according to the Financial Supervisory Authority (ASF). Compared with April, total assets declined by 0.07 percent in May. More than half of total amount (60.5 percent) is ...

EximBank: 2017 turnover of 162 mln euro from factoring operations

Monday, July 16, 2018

EximBank registered a 2017 turnover of almost 162 million euro from factoring operations, marking the third consecutive year of accelerated growth, according to a press release issued last week."In 2017, EximBank continued its upward trend in the factoring segment, with a turnover by 47pct higher than that in the previous year and by four times higher than in 2015. It is an evolution that proves both the market's interest in this type of financing and our ability ...

Garanti Bank, RON 11 million loan to Heka Hospital Constanta

Monday, July 16, 2018

Garanti Ban granted a RON 11 million loan to Heka Hospital Constanta, http://business-review.eu reads. The funding has been granted for a period of 10 years, so that a former office building in the center of Constanta to be transformed into the first private hospital with Emergency Receiving Compartment, which aims to become a center of excellence in extensive surgical services: general, thoracic, ...

BNR”s Board decisions on monetary policy

Monday, July 9, 2018

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In its meeting of 4 July 2018, the Board of the National Bank of Romania (BNR) decided: 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 ...

Fitch Affirms Romania at 'BBB-'; Outlook Stable

Monday, July 9, 2018

Fitch Ratings has affirmed Romania's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Stable, a press release issued în London on 06 July informs. A full list of rating actions is at the end of this rating action commentary.KEY RATING DRIVERS Romania's investment-grade ratings are supported by moderate levels of public debt, and GDP per capita and governance indicators that are ...

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