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Financial & Banking

Finance minister: Not sure we can keep deficit below 3%

Monday, November 11, 2019

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The new Government in office in Romania since November 5 will target a 3%-of-GDP budget deficit this year, finance minister Florin Citu announced. The new finance minister also has to decide if he keeps the head of the tax collection agency - ANAF and wants to have the budget planning for next year drafted, “based on current laws”, by December 15. “Current laws” include the revised Pension Law and the 40% pension hike planned ...

The European Commission expects the Romanian economy to slow down from 4.1% in 2019 to 3.6% in 2020 and 3.3% in 2021

Monday, November 11, 2019

The pace of growth of the Romanian economy will slightly speed in at the end of this year, up to 4.1%, from 4% in 2018, but will slow down up to 3.6% in 2020 and to 3.3% in 2021, according to the autumn economic forecast released by the European Commission on Thursday. Compared to the economic forecast released in July, the EC has slightly revised upward the forecast on Romania, considering they were counting back then on a 4 pc rise in 2019 and an ...

BRD-GSG three-quarter net profit up 7.9 pct

Monday, November 11, 2019

BRD Groupe Societe Generale made a three-quarter net profit of 1.226 billion lei, 7.4 percent higher than the 1.142 billion lei registered in the same period of 2018, the bank said in a statement on Wednesday.The gross operating result increased to 1.26 billion lei from 1.185 billion lei in the first nine months of 2018 (+ 9.2 percent in annual terms, the contributions to the Bank Deposit Guarantee Fund and the Bank Resolution Fund excluded).The first ...

Mazars Romania: Out of the 75 companies listed on BVB only 4% had a compliance level of 100%

Monday, November 11, 2019

Mazars Romania launched the study “Corporate Governance: building trust or compliance burden?”, where it analyses the companies listed on the Bucharest Stock Exchange (BVB), in terms of compliance with the Corporative Governance Code of BVB, implementing the principle Comply or Explain (CoE). The findings revealed that out of the 75 companies listed on the Bucharest Stock Exchange and surveyed here only 4% had a compliance level of 100%, ...

Fiscal Council president: Libra cryptocurrency is “very dangerous”

Monday, November 11, 2019

The Libra cryptocurrency is very dangerous because it would break the monetary system almost irretrievably, as central banks would lose their effectiveness, said on Tuesday Daniel Daianu, the president of the Fiscal Council, cited by Agerpres. “Cryptocurrencies are highly speculative financial assets, and assets such as Libra – whether they rely on a bunch of assets which are considered safe or on coins – are very dangerous because ...

Private pension funds made payments of 95 million euros for more than 60,000 participants and heirs

Monday, November 11, 2019

APAPR, the Association for Privately Administered Pensions in Romania announced on Tuesday that private pension funds (pillar II, compulsory and pillar III optional) made payments of 454.7 million lei (95.7 million euros) to 63,153 participants and heirs since its setting up to the end of September. The amounts are equally divided between mandatory and optional pension funds (226 million lei for pillar II and 228 million lei for pillar ...

Orban govt aims to list 3 SOEs on BVB, close sovereign fund

Monday, November 11, 2019

Romania's new government of National Liberal Party (PNL) aims to list three of the biggest state-owned enterprises (SOEs) on the Bucharest Stock Exchange and scrap the sovereign investment fund created by the previous leftist government, the prime minister's economic adviser said on Tuesday. The three SOE's that the cabinet led by Ludovic Orban plans to list during its tenure are savings bank CEC, hydro power producer Hidroelectrica ...

Profitability of Romanian banks improves in Q3 compared to H1

Monday, November 11, 2019

The profitability of Romanian banks expressed as return on assets (ROA) and return on equity (ROE) improved in the third quarter of this year (Q3) compared to the first half (H1). However, for the whole January - September period, the two indicators are lower than the record levels posted in 2018 when the system boasted the best financial ratios since ...

International reserves – October 2019

Monday, November 4, 2019

On 31 October 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 34,908 million, compared to EUR 35,423 million on 30 September 2019. During the month, the following flows were recorded: EUR 559 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows ...

PwC Romania has offered consultancy to CEC Bank in the process of getting the EC agreement for the increase of social capital

Monday, November 4, 2019

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CEC Bank and the ministry of public finances (MFP) as single shareholder of the bank benefitted from the expertise of PwC Romania in all stages of the  getting the agreement of the European Commission – DG Competition for the increase of the social capital of the banking institution, informs the consultancy company in a press release sent on Wednesday.‚PwC Romania offered the bank services of assistance in the ...

Romania adheres to the International Monetary Fund’s Special Data Dissemination Standard Plus

Monday, November 4, 2019

Starting with November 1 2019 Romania joins the select group of advanced countries in terms of dissemination of statistical information that met the requirements of adherence to the Special Data Dissemination Standard – Plus (SDDS-Plus), requested by the IMF. Thus, as the IMF’s Communication Department transmits, Romania’s data are retrieved and posted in the Dissemination Standards Bulletin Board, attesting the ability of Romanian ...

IIB lists new bond issue on Bucharest Stock Exchange

Monday, November 4, 2019

Budapest-based International Investment Bank (IIB), a development bank whose members are mainly former communist countries, has raised RON 500 million (EUR 105 mln) through a new bond issue denominated RON, which will be listed on the Bucharest Stock Exchange. This is the fifth bond issue the IIB has carried in Romania. It will have a maturity of three years and a fixed 3.98% coupon payable annually, as shown in the documents published on the Stock ...

Loredana Chitu (Dentons): The Romanian stock exchange market lacks liquidity, which keeps investors away

Monday, November 4, 2019

The Romanian stock exchange lacks liquidity, which is something that discourages investors, Loredana Chitu, Partner and Head of the Capital Markets Group at Dentons, said at Business Review’s Foreign Investors Summit. “The Romanian stock exchange is unfortunately rather flat at the moment, and lacks liquidity, which makes investors hesitate and sometimes decide not to enter this market. It had some good years around 2013 with the ...

BCR 9-mo net profit plummets 65.6%

Monday, November 4, 2019

Banca Comerciala Romana (BCR), part of Austria's Erste Group, said on Wednesday its net profit plummeted by 65.6% year-on-year to 348.8 million lei ($81.6 million/73.6 million euro) in the first nine months of 2019. Net profit was impacted by the significant one-off provision allocation related to the activity of BCR Banca pentru Locuinte booked in the second quarter of 2019, despite the robust operating result, low risk costs and good performance on ...

BCR ups loan portfolio by 10%, net profit impacted by one-off charge

Monday, November 4, 2019

BCR, the second-biggest lender in Romania by assets, part of Austrian group Erste, recorded a 10% increase in the total stock of loans from September 2018 until September 2019, to RON 39.5 billion (EUR 8.4 bln). The group’s operational results also improved significantly in the first nine months of this year, but the bottom line was impacted by a one-off provision related to the housing loans division – BCR Banca pentru Locuinte ...

Erste Group posts a net result of EUR 1.223 billion for the first nine months of 2019 

Monday, November 4, 2019

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"We continued to achieve very good results also in the third quarter, with healthy growth in both lending (+5.7 percent ytd) and deposits (+6.1 percent ytd), as well as excellent liquidity and funding positions. Overall for the first nine months of 2019, Erste Group achieved a net result of 1.223 billion euros. What’s more, our income growth outpaced cost growth, despite rising wages across CEE and the higher contributions we made to deposit insurance systems during the ...

Romanian Banking Association: Banks remain the main financing tool of the Romanian economy

Monday, November 4, 2019

For the banking system, the digital agenda is very important and Romania is above Bulgaria from this perspective, but it still has a long way to go, said Florin Danescu, Executive President at the Romanian Banking Association, at Business Review’s Foreign Investors Summit. “The gap between Romania and other EU member states is decreasing and we have a lot of potential. But we still have a long way to go,” says Florin ...

Cromwell: Romanian banks are afraid to invest in companies, the unpredictability of tax legislation affects the credit market

Monday, November 4, 2019

Romanian banks are afraid to invest in small companies and don’t have the tools to help SME’s become profitable as they are worried about the unpredictability of tax the legislation, which affects the credit market, Oana Motoi, Managing Partner at Cromwell Evan Global, said at Business Review’s Foreign Investors Summit. “The unpredictability of the tax legislation and other applicable legislation for the banking sector is one of ...

BRD: “Romania should have no more than 10 big banks and a few highly specialised banks”

Monday, November 4, 2019

The Romanian banking sector is going through consolidation for several reasons, including problems in banks’ home countries and the fact that banks need to be of a certain size in order to be able to survive on the market, according to François Bloch, the CEO of BRD, who spoke in the “Investments and Banking and Insurance Sectors” at Business Review’s Foreign Investors Summit.  “When we speak about ...

Five major trends in the banking sector

Monday, November 4, 2019

The Romanian banking sector has a lot of potential that could materialize in the near future, and it is currently experiencing five major trends – consolidation, strong focus on increasing performance, digitalization, decision making process moving from local to regional level and increasing partnerships with fintech companies, Alina Radu, partner at NNDKP, said at BR’s Foreign Investors Summit. “All of ...

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