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Financial & Banking

Investment fund industry reaches 52 billion RON in assets

Monday, February 28, 2022

The investment fund industry administers presently assets worth approximately 52 billion RON, said, on Wednesday, the President of the Association of Fund Administrators of Romania (AAF), Horia Gusta, in a debate about the evolution of investment funds in the past year.The event organized by the Bucharest Stock Exchange (BVB) was attended by the representatives of the investment funds with the top five yields last year - Patria Asset Management, BRD Asset ...

Transport organisation accuses financial watchdog vice-president of increasing by 36 pct RCA reference fees

Monday, February 28, 2022

The Confederation of Licensed Romanian Operators and Hauliers (COTAR) will file a criminal complaint against financial watchdog vice-president Cristian Rosu for having presented to the Finance Ministry, as part of the draft government decision on the capping of the mandatory motor vehicle liability insurance (RCA), a list of reference fees by 36 percent higher than those published by the market supervisory authority on February 21."Financial Supervisory Authority ...

BRD – Groupe Société Générale becomes ARIR member

Monday, February 28, 2022

The Romanian Investor Relations Association (ARIR) announced a new Associate Member – BRD – Groupe Société ...

UniCredit group reports 81% higher earnings in Romania

Monday, February 28, 2022

The Italian group UniCredit reported for 2021 a net profit of EUR 170 mln from its operations in Romania, increasing by about 81% compared to the consolidated earnings in 2020, according to the financial results announced in Milan, quoted ...

Raiffeisen Bank Romania reports 31.8% higher earnings in 2021

Monday, February 28, 2022

Austrian group Raiffeisen Bank International reported a net profit of EUR 173 mln for its operations in Romania last year, up 31.8% from 2020, according to preliminary figures subject to final evaluation by Raiffeisen's supervisory board. The final financial results for 2021 will be announced in March.   Raiffeisen Bank Romania, a top 5 player, is one of the local ...

CEC Bank will issue bonds to meet regulatory requirements

Monday, February 28, 2022

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  CEC Bank, the largest credit institution controlled by the Romanian state through the Ministry of Finance, is preparing to list at the Bucharest Stock Exchange a bond issue as part of a program of regulatory requirements, according to statements made by Bogdan Neac?u, the executive president of the bank.   The bank expects to get a rating from an international agency by the end of ...

Four out of ten Romanians own or owned cryptocoins

Monday, February 21, 2022

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The study was made among 500 internet users with ages between 18 and 55, coming from the urban or rural environment in Romania.The market study Tradesilvania refering to cryptocoins identified the fact that the majority (96% according to the study)of the Romanians adults connected to the internet heard about cryptocoins, the biggest part being from big cities (with over 200,000 inhabitants) with a higher level of education.At the ...

XPRIMM’s report “Insurance Profile Romania FY2019–FY2020– 1H2021” 

Monday, February 21, 2022

Romanian insurance market maintained an upward trend throughout years despite the challenges raised by the Covid–19 pandemics. Reporting a 5.6% growth rate in 2019, insurers ended the first year of the pandemic crisis with a 4.6% y–o–y increase in the total GWP.   The first half of 2021 ended ...

NN Romania closed 2021 with strong performance across all business lines

Monday, February 21, 2022

NN Romania recorded solid financial performance on all business lines in 2021, despite challenges still faced by the local economy in the Covid-19 context. The company consolidated its position as a financially stable life insurance and private pensions leader with a significant footprint in the local economy. At the same time, NN accelerated its digital transformation strategy, providing more benefits and a digital experience to clients in their interaction with their ...

Garanti BBVA Group Romania recorded net profit of 166 million lei in 2021

Monday, February 21, 2022

Garanti BBVA Group Romania, which includes Garanti BBVA bank, Garanti BBVA Consumer Credits and Garanti BBVA Leasing, registered a net consolidated profit of 166.1 million lei in 2021, on the rise by 55% compared to 2020.   “Garanti BBVA Group recorded last year net incomes of 557.3 million lei, 4% more than in 2020 and a 7% increase of active stock volume to 13 billion lei,”the bank ...

Purpose of creating national development banks in Romania is direct tackle of market malfunction 

Monday, February 21, 2022

The purpose of creating national development banks in Romania is the direct tackle of financial market malfunction, and among their beneficiaries there will be both companies, as well as city halls, universities and research institutes."The purpose of creating national development banks in Romania is to directly tackle financial market malfunction and financing gaps, based on an ex-ante independent analysis, with the purpose of mitigating and reducing them by ...

Signal Iduna gets consent to buy ERGO Asigurari And ERGO Asigurari De Viata

Monday, February 21, 2022

The insurance company Signal Iduna Asigurare Reasigurare announces the receipt of the approval from the Romanian Financial Supervisory Authority (ASF) for the acquisition of ERGO Asigurari and ERGO ...

BNR publicly reaffirms commitment to July 2021 updated version of Global FX Code

Monday, February 21, 2022

The National Bank of Romania (BNR) publicly reaffirms its commitment to the July 2021 updated version of the Global FX Code, together with the related guidance materials, according to a BNR press statement."The FX Global Code sets the standard for good market practice and first published in 2017. In order to keep its principles in line with the ongoing evolutions in the global foreign exchange market, in July 2021 there was published an updated version of ...

BCR Pensii becomes first Pillar IV occupational pension fund administrator in Romania

Monday, February 21, 2022

BCR Pensii is the first company in Romania to be authorised by the Financial Supervisory Authority (ASF) as an administrator of Pillar IV occupational pension funds, the company announced on last Tuesday.Pillar IV is an optional pension scheme employers can use to provide additional benefits to employees during their employment in the form of a contribution in order for them to be able to draw an occupational pension.Pillar IV is a pension scheme ...

IN THE YEAR 2021, AS AGAINST THE PREVIOUS YEAR, THE GROSS DOMESTIC PRODUCT INCREASED BY 5.6%

Monday, February 21, 2022

• Gross domestic product in Q4 2021 was, in real terms, by 0.5%1 lower, as compared to Q3 2021; • As against the same quarter of 2020, the Gross Domestic Product recorded an increase by 2.2% for unadjusted series and by 2.7% for seasonally adjusted series; • The seasonally adjusted series of quarterly Gross Domestic Product were readjusted as a result of the ...

CEC Bank registers net profit up by 5.12% in 2021

Monday, February 21, 2022

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CEC Bank reported a net profit of 355 million RON in 2021, going up by 5.12% from the previous year, and assets have gone up by 22.7% and exceeded the threshold of 50 billion RON, according to the bank's results.Last year, net income from interest reported by CEC Bank summed up 1.1 billion RON and remained stable when comparing with the previous year, while net income from fees has gone up by 11.4%, to the value of 297.5 million RON.CEC Bank's net ...

BVB-listed bank BRD promises outstanding 18% dividend yield this yea

Monday, February 21, 2022

With a proposed dividend of RON 2.41 per share distributed from its retained earnings accumulated in 2019-2020 (as a result of the dividend disbursement restrictions), plus the net profit of 2021, BVB-listed bank BRD-SocGen is so far paying the highest yield among the companies listed on the main market of the Romanian Stock Exchange, with a cumulative return of almost ...

Unfunded risk-sharing, new EBRD product for Romanian banks

Monday, February 7, 2022

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Unfunded risk-sharing framework for Banca Transilvania and Raiffeisen Bank New EBRD guarantee product for Romanian banks to expand businesses’ access to finance EBRD to guarantee up to 65 per cent of each individual sub-loan by two ...

International reserves – January 2022

Monday, February 7, 2022

On 31 January 2022, the National Bank of Romania’s foreign exchange reserves stood at EUR 43,106 million, compared to EUR 40,475 million on 31 December 2021.   During the month, the following flows were recorded: EUR 5,152 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required ...

Senate passes draft bill to ease taxation for equity gains

Monday, February 7, 2022

The Senate adopted on February 2 a draft bill aimed at simplifying the taxation of gains investors make on the local capital market. Of the 120 senators present, 118 voted in favor, one abstention and one vote against. The legislative proposal will go to the Chamber of Deputies, which is the decision-making forum.   The bill provides for the withholding tax on capital gains for individual investors to be ...

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