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Financial & Banking

Raiffeisen Romania’s bonds to be floated on May 15

Monday, May 11, 2020

Raiffeisen Bank on May 6 received the approval from the financial markets supervisor (ASF) for the bond listing prospectus. Thus, its bonds launched in December 2019 are to be traded on the Bucharest Stock Exchange starting May 14, 2020. In December 2019, Raiffeisen Bank issued through a private placement the first subordinated bonds in local currency on the local market with a maturity of 10 years. The bond issue has a value of ...

First Bank finalized acquisition of Bank Leumi Romania

Monday, May 11, 2020

First Bank, owned by the American investment fund J.C. Flowers & Co., concluded the legal and operational merger with Bank Leumi Romania, a subsidiary of Bank Leumi Israel, thus finalizing the transaction initiated in the summer of 2019, according to a bank's release sent on Tuesday.This merger has become a complex process due to the pandemic. Our teams have had to keep their distance and work from home, but were fully supported by the Boards of Directors of ...

Coface: COVID-19 swings the spotlight back onto emerging countries’ debt

Monday, May 11, 2020

While the focus so far has mainly been on China, Europe, and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe for emerging economies.  Even though their degree of vulnerability to this shock depends on many factors, the starting point of their public finances is a key issue, as it determines their capacity to respond to the crisis’ many economic consequences. However, their public debt was ...

BCR posts 60% stronger profit in Q1

Monday, May 11, 2020

Romanian lender BCR, part of Austrian group Erste Bank Group, announced a net profit of RON 428 million (EUR 89.3 mln) in the first quarter of the year (Q1), up 60% compared to the same period of the previous year. It says that the performance was due to the higher operating result and the positive impact of significant recoveries from non-performing customers. Net interest income increased by 9.4% to RON 598 mln (EUR 125 mln), ...

Banca Transilvania sees 40% profit drop in Q1

Monday, May 11, 2020

Banca Transilvania, the largest bank in Romania by assets, reported its net profit dropped by 40% in the first quarter of the year (Q1) to RON 261 million (EUR 53.8 mln). The entire financial group Banca Transilvania reported a net profit of RON 304 mln (EUR 62.7 mln), also down 40% compared to the same period last year. "We had a strong start of the year, but, after the first two months, we had to quickly adapt to a new reality ...

BNR: Monetary indicators – March 2020

Monday, May 4, 2020

At end-March 2020, broad money (M3) amounted to RON 433,934.7 million, up 2.5 percent (1.9 percent in real terms) month on month. In year-on-year comparison, broad money rose by 13.3 percent (9.9 percent in real terms), Central bank (BNR) announced. At end-March 2020, loans to non-government sector granted by credit institutions grew 0.6 percent (0.1 percent in real terms) from February 2020 to RON 272,551.0 million. ...

Moody’s worsened the rating perspective for BCR, BRD and Raiffeisen Bank

Monday, May 4, 2020

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Moody’s Investors Service revised from stable to negative the rating perspective of three banks in Romania – Banca Comerciala Romana (BCR), BRD – Groupe Societe Generale (BRD) and Raiffeisen Bank – and confirmed at ‘Baa1’ the ratings attributed for the long termn deposits and at ‘Baa3’ the qualifications for long term deposits in foreign currency, shows the press release of the agency for financial evaluation.The ...

Deloitte: the authorities need a plan for the increase of collections to the budget for a longer time

Monday, May 4, 2020

The situation of the budget could improve slightly in April, due to the boost offered for the payment on time of the profit tax, but the authorities need a plan for the growth of collection to the budget for a longer time, considers Vlad Boeriu, partner Fiscal Services Deloitte Romania. ‘The drop in income to the state budget reported  by the ministry of public finances through budgetary execution at three months, confirms the expectations, ...

Erste Group posts net profit of EUR 235.3 million in Q1 2020

Monday, May 4, 2020

Net interest income increased – mainly in the Czech Republic and Austria, but also in Romania – to EUR 1,229.0 million (+5.9%; EUR 1,160.9 million). Net fee and commission income rose to EUR 504.2 million (+3.4%; EUR 487.7 million), primarily on the back of increased fees from securities business but also from asset management and insurance brokerage. While net trading result declined significantly to EUR -157.4 million (EUR 153.3 million), ...

BCR: Romania has demonstrated in 6 weeks that it can turn into "contactless economy"

Monday, May 4, 2020

Romania has demonstrated in six weeks that it can turn into a "contactless economy", BCR Chief Executive Officer Sergiu Manea, told on Thursday a conference on the post-crisis situation of SMEs."Crises, when they usually happen, expose the difference in orientation and technological appetite between different countries. The more oriented we are in managing the next 24 hours, the more we run the risk of not being able to jump on the very big bandwagons, which we ...

Shareholders keep Franklin Templeton as manager of Fondul Proprietatea

Monday, May 4, 2020

The shareholders of Fondul Proprietatea, the biggest investment fund in Romania, voted on Tuesday, April 28, to extend the mandate of the fund’s manager, U.S. group Franklin Templeton. They also voted the fund manager’s proposal to distribute RON 440 mln (EUR 91 mln) worth of dividends from the net profit achieved in 2019. The gross dividend per share is RON 0.0642 and represents 5.5% of the current price of the ...

Euler Hermes research: Europe should unlock excess savings from COVID-19 response

Monday, May 4, 2020

An Euler Hermes research estimates that in Europe, household saving rates could increase by as much as +20pp to 36% on average in Q2 2020. This means EUR1.3tn of additional savings, or 10% of GDP. Total savings could peak at EUR2.3tn. In 2009, savings in the EU28 jumped by EUR100bn, with a total of EUR1.1tn of total savings (annualized) seen at the trough of the crisis. Covid-19 lockdowns has made consumption in many areas – ...

Cash payments halved by the COVID-19 pandemic

Monday, May 4, 2020

The general lockdown against COVID, have led to a series of changes regarding the payment behavior of Romanians. To see how big these changes are, NOCASH and iSense Solutions conducted 500 online interviews among internet consumers in the week of April 13-17 a.c. The survey is representative for the urban environment, for the population aged between 18 and 65 years. The frequency of online shopping is ...

New financing package of circa 205 million euros with IFC to support business plan WDP Romania

Monday, May 4, 2020

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WDP and IFC, a member of the World Bank Group, have signed a financing package of circa 205 million euros. The funds will be exclusively dedicated to newbuild logistics development projects in Romania with green standard certification. Several loans will be issued by IFC directly and through the mobilization of third-party resources for a total consideration of circa 205 million euros. The loans with a duration of up to nine years, will be structured ...

Chamber passes ordinance extending easy terms to loan holders

Monday, April 27, 2020

At a plenary sitting on Thursday, the Chamber of Deputies passed - 208 to 103 and 8 abstentions - a government emergency ordinance OUG 37/2020 that extends easy repayment terms to holders of loans given by banks and non-banking financial institutions to certain categories of debtors.The object of the ordinance is to suspend, upon request, the repayment of loan principal, interest and commissions fees for a period not exceeding December 31, 2020, by debtors to ...

Finance Minister: Budget under high pressure, but things look OK

Monday, April 27, 2020

The pressure on the budget is high, but not that massive, the state is paying its bills, the Sibiu - Pitesti motorway will be built this year and the metro line to the Drumul Taberei Bucharest quarter will also be completed this year, Public Finance Minister Florin Citu told public broadcaster TVR 1 on Thursday evening."We didn't halt works on any construction site in Romania. Secondly, this is the first budget revision I can recall that doesn't cut money from the ...

Fitch Revises Romanian City of Brasov's Outlook to Negative; Affirms 'BBB-'

Monday, April 27, 2020

Fitch Ratings has revised the Romanian City of Brasov's Outlook to Negative from Stable, while affirming the city's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. A full list of rating actions is below. The revision of Outlook follows a recent similar action on the sovereign ratings of Romania (see Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated to 17 April 2020 ...

Fitch Revises Outlook on City of Oradea to Negative; Affirms at 'BBB-'

Monday, April 27, 2020

 Fitch Ratings has revised the Outlook on the City of Oradea's Long-Term-Foreign- and Local-Currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDR at 'BBB-'. A full list of rating actions is below. The revision of the Outlook follows the similar action on the Romanian sovereign ratings (see 'Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated 17 April 2020 ...

Fitch Revises Bucharest's Outlook to Negative; Affirms at 'BBB-'

Monday, April 27, 2020

Fitch Ratings has revised the Outlook on the City of Bucharest's Long-Term-Foreign- and Local-Currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at 'BBB-'. A full list of rating actions is below. The revision of the Outlooks follows the similar action on the Romanian sovereign ratings (see 'Fitch Revises Outlook on Romania to Negative; Affirms at 'BBB-' dated 17 April 2020 ...

Fitch Affirms Romanian Garanti Bank at 'BB-'/Stable

Monday, April 27, 2020

Fitch Ratings has affirmed Garanti Bank S.A.'s (GBR) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook and Viability Rating (VR) at 'bb-'. A full list of rating actions is detailed below. KEY RATING DRIVERS IDRS AND VR The IDRs of GBR are driven by its standalone profile as reflected in its VR. The VR reflects the bank's limited size and franchise in Romania, adequate earnings and asset ...

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