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Financial & Banking

Uniqa Insurance, Uniqa Life Insurance, gross written premiums worth 73.4 M euro in first 9 months

Monday, December 2, 2019

Uniqa Insurance and Uniqa Life Insurance have concluded the first nine months of 2019 with a total of gross written premiums worth 73.4 million euro, according to IFRS, a release of the company reveals.The cumulated profit of the two companies remains at 1.7 million euro.According to the release, non-car insurances remain the main engine for growth, maintaining their uphill trend, with a two-digit increase compared to the same period of 2018. In the ...

Assets of optional pension plans exceed 2.43 billion lei, as of Oct. 31, 2019

Monday, December 2, 2019

The optional pension plans had assets worth over 2.43 billion lei, as of October 31, 2019, up 21.7% from the same period of 2018, according to the Financial Supervisory Authority (ASF).Government securities held the highest share in the assets, of 1.373 billion lei, which is 56.4%. Second came stocks, at 600.509 million lei (24.67%). Corporate bonds were third, at 210.930 million lei, and 8.66% of the total assets.According to data with ASF, the value ...

Bloomberg: With Ally Re-Elected, Romania’s Government Moves on Budget

Monday, December 2, 2019

Finance minister eyeing 2020 shortfall closer to EU’s 3% limit Romania to boost local-debt sales after deficit-target miss Romania’s government, emboldened by the landslide win of its ally in Sunday’s presidential election, announced the first concrete measures to tackle a budget deficit that’s set to blow ...

Governor Isarescu: Internal and external reasons have fuelled conflict between creditors and debtors

Monday, November 25, 2019

The conflict between creditors and debtors has been fuelled for internal and external reasons, and this is why an alternative dispute resolution institution was started later in Romania, the governor of the National Bank of Romania (BNR), Mugur Isarescu, told the annual conference of the Alternative Banking Dispute Resolution Centre (CSALB)."I am on my way to the airport, but I still greatly wanted to come here to answer your invitation for two very simple ...

TransferGO launches the real-time local transfer service in Romania

Monday, November 25, 2019

TransferGO, a fintech company based in London, is launching the local transfer service in Romania. The service is free of charge and will allow the fintech’s clients to send money to other TransferGO customers, but also to their relatives or friends who have the app installed yet. The local transfer service in real time is launched in the Romanian beta version as of this month. Money transfers from Romania and to Romania ...

CEC Bank targets top-five position after capitalisation

Monday, November 25, 2019

The EUR 200 million capital increase recently approved by the European Commission will help Romanian state-owned lender CEC Bank to set high targets such as ranking among the five biggest banks in the country, the bank’s new CEO Bogdan Neacsu said in a conference. CEC is one of the two banks still controlled by the Romanian state, alongside Eximbank. Romania’s largest banks are Banca Transilvania (a private lender controlled by ...

BCR gets Fitch rating for planned unsecured bonds

Monday, November 25, 2019

International rating agency Fitch has assigned the upcoming senior unsecured notes announced by Romania’s second-biggest lender Banca Comerciala Romana (BCR; BBB+/Stable) a BBB+ expected long-term rating, with the final rating contingent on the receipt of final documents conforming to the information already received. The notes are rated in line with BCR's Long-Term Issuer Default Rating (IDR) because they will constitute direct, unsecured and ...

Official data : Romanian banks’ record profits in Q3

Monday, November 25, 2019

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The aggregated net profits of Romanian banks reached RON 2.23 billion (EUR 470 million) in the third quarter of this year, the second-highest result in the post-crisis period while the non-performing loans ratio dropped to the lowest level since it started being assessed in 2014, according to data released by Romania’s National Bank (BNR). Higher quarterly profits were posted only in the last quarter of 2015 (EUR 498 mln) while the profits ...

Dorinel Umbrarescu to sell his bank, Banca Romana de Credite si Investitii

Monday, November 25, 2019

Romanian businessman Dorinel Umbrarescu, known as one of the local “asphalt kings” due to his construction companies’ infrastructure contracts with the state, has reached an agreement to sell his bank, Banca Romana de Credite si Investitii (BRCI).The deal is currently being analysed by Romania’s National Bank (BNR) for compliance with local regulations. Umbrarescu has been trying to sell his credit institution for about three ...

Radu Hanga, elected Bucharest Stock Exchange CEO

Monday, November 25, 2019

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Radu Hanga was elected on Wednesday CEO of the Bucharest Stock Exchange (BVB) for the next four years by the BVB stockholders, according to sources with the General Meeting of BVB Shareholders.At the same time, Dragos Neacsu, Robert Pana, Dan Paul, Stefan Szitas, Mihaela Biciu, Radu Hanga, Octavian Molnar, Claudia Ionescu and Razvan Rat were elected to the BVB Board of Governors.Competing for membership of the BVB Board were 12 candidates: respectively ...

BCR plans to issue bonds on local market

Monday, November 25, 2019

Banca Comerciala Romana (BCR), the local subsidiary of Austrian group Erste, announced that it plans to sell bonds denominated in local currency to qualified investors and list them on the stock ...

Idea Bank, first bond issuer and first bank that joins ARIR

Monday, November 25, 2019

The Romanian Investor Relations Association (ARIR) has announced that Idea Bank, the first credit institution that issued this year bonds in euro on the alternative market – AERO, became Associate Member of ARIR. Idea Bank offers products and services to  individuals and SMEs, relying on the development of new technologies and the diversification of the sales and after sales alternative channels. Mioara Popescu, Executive President Idea Bank ...

Coinbase launches debit cards in Romania

Monday, November 25, 2019

The Coinbase cryptocurrency trading platform, among the largest in the world, has launched its debit card in 10 new European countries, including Romania, increasing to 29 the total number of markets where this product is available. Coinbase Card, a Visa debit card that allows holders to directly spend their cryptocurrencies in the digital wallet, was introduced in the UK in April, now being launched in 10 other states: Romania, Bulgaria, Croatia, ...

ING Bank Romania switches to flexible/collaborative work concept at new headquarters in Bucharest

Monday, November 25, 2019

ING Bank Romania, one of the biggest lenders in Romania, has moved almost 2,000 employees working at its headquarters in Bucharest to a new office building. The move marks 25 years since the Dutch group started operations in Romania. It also comes with a new office concept, with flexible workspaces and relaxation/entertainment areas, which are more common to tech companies. ING is the first local lender to implement such an office concept in ...

EIB Group moves to finance Romania’s SMEs sector 

Monday, November 25, 2019

The European Investment Bank Group has signed the “SME Initiative in Romania”, a deal with nine commercial banks aiming to ease lending terms for local entrepreneurs. BR spoke with Andrew McDowell, the Vice President of the EIB Group, about how the local economy can benefit from EU Bank financing. The EIB is moving towards supporting SMEs in Romania, as you already announced, after a period ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2019

Monday, November 18, 2019

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13 November 2019 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; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Csaba ...

BNR: Balance of payments and external debt – September 2019

Monday, November 18, 2019

Accordingto data issued by the Central bank (BNR),in January - September 2019p, the balance-of-payments current account posted a deficit of EUR 8,103 million, compared with EUR 6,798 million in the same year-ago period. The deficit on trade in goods widened by EUR 2,342 million, the surplus on services income increased by EUR 343 million, the deficit of the primary income balance narrowed by EUR 747 million, and the surplus of the secondary income balance decreased ...

UniCredit expects Romania’s economic growth to weaken below region’s average

Monday, November 18, 2019

UniCredit Bank Romania, in its November quarterly report, affirmed the estimate expressed in October by its chief economist Florin Andrei for Romania’s 4.2% economic growth this year, a robust performance compared to projections as pessimistic as 2.8% voiced in April by the same bank. However, the “populist public spending” has exhausted the resources for increasing the spending in any other area, the bank’s economists warned in ...

Eurostat: Romania ranks second in the EU in terms of inflows of funds through personal transfers

Monday, November 18, 2019

In 2018, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €35.6 billion, compared with €32.6 bn in 2017. Inflows to the EU totalled €10.9 bn in 2018, unchanged compared with 2017. This resulted in a negative balance (-€24.6 bn) for the EU with the rest of the world. The majority of personal transfers consist of flows of money sent by migrants to their country of ...

Extra-EU personal transfers mostly directed to Africa and Asia

Monday, November 18, 2019

 In 2018, the highest shares of intra-EU inflows among total inflows of personal transfers were recorded in Slovakia (99%), Hungary (90%), Luxembourg and Romania (both 89%), Poland (85%) and Sweden (83%). On the contrary, extra-EU inflows accounted for about three-quarters of total inflows in France (74%) and for about two-thirds in Malta (63%) and Belgium (61%). Slovakia (97%), Luxembourg (88%), Ireland (79%) and Finland (70%) were the Member ...

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