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Financial & Banking

Bittnet's third corporate bond issue, worth 4.7 million lei, listed on BVB

Monday, December 3, 2018

Bittnet (BNET), the first IT company in Romania that was listed on the AeRO market operated by the Bucharest Stock Exchange (BVB) had on Wednesday its third issue of corporate bond, worth 4.7 million lei, which entered trading within the BSE's Alternative Trading System, a BVB press release informs."We arrived on the stock market in 2015 as a company with interests in the area of technology and education and with several courageous promises and plans of ...

Romanian has second-lowest tax-to-GDP ratio in the EU

Monday, December 3, 2018

The overall tax-to-GDP ratio, meaning the sum of taxes and net social contributions as a percentage of GDP, rose to 40.2 percent in the EU in 2017, from 39.9 percent in 2016, http://business-review.eu reports. Romania has the second-lowest ratio in the EU of 25.8 percent of GDP, after Ireland (23.5 percent). The tax-to-GDP ratio varies significantly between Member States, with the highest share of taxes and ...

First Bank officially opens its first branch in Romania

Monday, December 3, 2018

First Bank, the former Piraeus Bank, Wednesday opened its first branch on the local market under a new identity, U.S. Ambassador Hans Klemm joining the event, which took place at the bank’s headquarters on Nicolae Titulescu Boulevard in Bucharest, along with Dominic Bruynseels, Executive President First Bank Romania and Alexandru Petrescu, Minister of Communications, romaniajournal.ro informs. According to the financial institution’s ...

OTP Leasing Romania gets RON 5.5 million capital increase

Monday, December 3, 2018

The shareholders of OTP Leasing Romania, OTP Bank Romania and Merkantil Bank Hungary, approved a capital increase of RON 5.52 million. The capital increase was made through additional cash contribution, fully paid in RON in the company’s main account, opened with OTP Bank Romania. The shareholders contributed to the capital increase, based on their own participation in the share capital, as follows: OTP Bank Romania ...

European Commission proposes Romania annual structural adjustment of at least 1pct of GDP

Monday, November 26, 2018

The European Commission has established that no effective action was taken by Romania in response to the council recommendation of June and proposes that the council adopts a revised recommendation to Romania to correct its significant deviation from the adjustment path towards the medium-term budgetary objective.In June 2018, the council issued a recommendation of an annual structural adjustment of 0.8 percent of GDP in both 2018 and 2019 to Romania under the ...

Isarescu: Worse than moving slowly on the road to convergence, is to miss the way. We are at risk

Monday, November 26, 2018

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“Worse than progressing slowly on the road of convergence, or stepping on the spot, is to miss the road. We are at risk. Being and staying on the right track in the approach to recover the gaps should be our permanent concern, if we want to preserve the coherence of the economic integration process,” National Bank Governor, Mugur Isarescu, said on Wednesday at the conference ‘Romania 2030: How do we recover the gaps to Western ...

Daianu: Global economy to enter into a new recession but not as bad as the financial crisis

Monday, November 26, 2018

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The global economy could enter into a new recession into the next period but not as bad as it was the crisis registered in 2007-2009, National Bank of Romania (BNR) board member Daniel Daianu said on Wednesday. “This must be said: the technical recession is not the same thing with real recession. It can turn into a real recession if you have a cocktail of circumstances like: major international corrections, a 9-year economic recovery in the US ...

Uniqa Insurance and Uniqa Life Insurance report a 9 pct drop in gross written premiums at 9 months

Monday, November 26, 2018

Uniqa Insurance and Uniqa Life Insurance announced that in the first nine months of the year, compared to the same period of 2017, they recorded a decrease of 9 percent in gross written premiums, to EUR 69 million, in the context of lower exposure on the auto segment. The best dynamics in the first nine months of this year were recorded in the life insurance segment, within Uniqa Life Insurance, with sales of EUR 13.2 million, ...

Local and foreign investment funds' net assets down 5.6 pct year-to-date

Monday, November 26, 2018

Net assets managed by the 206 local and foreign open- and closed-end investment funds were by 0.7 pct less this October, at 43.2 billion lei and 9.25 billion euro, respectively, and 5.6 pct down since the beginning of the year, with net outflows of the month amounting to 234 million lei (50.2 million euro), Romania's Fund Managers Association (AAF) reported on Tuesday.The net assets of the 78 local open-end funds were 1.3 pct down in October from the previous ...

ING Bank: Romania’s public finances at their worst since the financial crisis; technical recession expected in 2019

Monday, November 26, 2018

Analysts from ING Bank have issued a warning on the future of the Romanian economy, given that fiscal policies and the budget are in the worst situation they’ve been since the crisis, economic growth is slowing and the country is entering an electoral period. “Romania is entering election mode, with the bulk of the previous electoral promises backloaded to maximise the impact. Hefty state handovers without structural reforms should widen ...

National Bank of Romania, only authorised institution to issue currency

Monday, November 26, 2018

Issuing Sibcoin, if it is a currency, as defined by the law, is not in compliance with the legislation in force, the National Bank of Romania being the only institution authorized to issue currency in the form of banknotes or coins, BNR representatives said."Article 12 of Law 312/2004 specifies that BNR has the exclusive right to issue, namely the National Bank of Romania is the only institution authorized to issue currency in the form of banknotes and coins as ...

Value of shares listed on Bucharest Stock Exchange, 10pct of GDP, developed stock exchange should be 30pct

Monday, November 26, 2018

The value of the shares listed on the Bucharest Stock Exchange is over 10 percent of the GDP, but on a developed exchange it should be at least 30 percent of the GDP, the Director General of the Bucharest Stock Exchange, Adrian Tanase said on Tuesday at a specialist event."I think that if the Stock Exchange widens its range of instruments to offer to investors, and this community of local investors grows, then we will have a more active primary market. Just to ...

Libra Internet Bank reports nine-month profit of 75.3 ml lei

Monday, November 26, 2018

Libra Internet Bank, member of the American investment group New Century Holdings, reported a nine-month net profit of 75.3 million lei, more than 20 pct higher than the 2017 full-year figure, the bank said in a release."Libra Internet Bank is having a remarkable period, and the nine-month financial results confirm this. The most important growth drivers were the niche segments we have been focusing on as a priority, namely agriculture, liberal professions and ...

Banks’ cumulative net profit in Romania – RON 5.88bn in nine months

Monday, November 26, 2018

The 35 banks in Romania obtained a cumulative net profit of almost RON 5.88 billion in the first nine months of this year, level uncompensated with losses, up by 42% as compared to the same period last year, the National Bank of Romania (BNR) informs, romaniajournal.ro reads. Out of this total, 81% (RON 4.77 billion) was achieved by the first six banks, as a share of assets, on the market. The Romanian banking system’s ...

Total trading value goes up by 20 percent in October for all the segments of the Bucharest Stock Exchange

Monday, November 26, 2018

Investors trading on Bucharest Stock ...

Romania ranks 49th in the world on the ease of paying taxes

Monday, November 26, 2018

Romania ranks 49th out of 190 countries in terms of ease of paying taxes, according to fresh “Paying Taxes 2018” report released by PwC and World Bank,quoted by http://business-review.eu.   The report has compared tax systems across 190 economies, highlighting how technology is changing the way taxes are administered and collected. According to the report, Romania has a total tax and contribution rate of 40 ...

UniCredit Leasing Romania to have new CEO as of January 1, 2019

Monday, November 26, 2018

Daniela Bodirca, currently Chief Risk Officer and executive vice-president of UniCredit Bank will take over the CEO position of UniCredit Leasing as of January 1, 2019. With a 20-year expertise in the banking sector, Daniela Bodirca has been part of the UniCredit team since 2008. „I am honoured by the new mandate and I am looking forward to joining the UniCredit Leasing team so that we could contribute together to the ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2018

Monday, November 19, 2018

13 November 2018 The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, ...

Opening address for Andrea Enria, Chair of the EBA, at the conference Financial Integration and Home–Host Trust in the EU

Monday, November 19, 2018

Mugur Isarescu, NBR Governor Distinguished guests, Ladies and gentlemen, Welcome to the National Bank of Romania. On behalf of the National Bank of Romania’s Board, allow me to welcome Mr. Andrea Enria, Chair of the European Banking Authority, our guest of honour. It has become quite a tradition for ...

IMF recommends Gov't to reconsider public wage increases for negative implications on economic growth

Monday, November 19, 2018

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Increases in public wages and planned changes to pension benefits should be reassessed for their negative implications for fiscal sustainability and long-term growth, the International Monetary Fund (IMF) said in a statement at the end of the visit to Bucharest, November 6 - 12, 2018, of an IMF staff team led by mission chief Jaewoo Lee, to discuss recent macroeconomic and policy developments."Economic activity in Romania remains strong with unemployment at a ...

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