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Financial & Banking

CEC Bank reports almost 433 ml lei in 2018 pre-tax profit, an 11-year best

Monday, June 17, 2019

 CEC Bank closed 2018 with a pre-tax profit of 432.97 million lei, the best financial result in the last 11 years, the bank said in a statement released on Monday.Loans to legal entities were 13.1 pct up year-on-year, far above the banking system's overall performance, which was of just 6.8 pct, the cited source said.CEC Bank's loans to individuals were also 7.3 pct higher in 2018 compared to the previous year.The amount of new loans ...

Convergence towards euro enlargement

Monday, June 10, 2019

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NBR Governor Mugur Isarescu opening speech at the ELEC’s Monetary Conference Your Excellency Baron Snoy, Dear members of ELEC, Ladies and gentlemen, It is a pleasure for me to open this ELEC Conference, which is the 9th taking place in Romania and hosted by the National Bank. It all started in 2011 with “Renewable energy and transport infrastructure in the Black Sea ...

Banks harden credit standards significantly

Monday, June 10, 2019

The first quarter of 2019 marked a significant hardening of credit standards both for loans for the purchase of houses and lands and for consumer credits for the population, according to a study made by the National Bank of Romania (BNR) about credits for non financial companies and for people. According to the document, in the segment of non financial companies, banks maintained constant credit standards against the previous ...

Mihaela Bitu is the new ING CEO

Monday, June 10, 2019

Starting with July 3rd, Mihaela Bitu will become the new CEO of ING Bank Romania. Mihaela has a long history with ING, having joined ING Romania shortly after the company’s establishment in Romania 25 years ago. With a rich, multi-disciplinary banking experience, both in the Romanian market and abroad, she is currently acting as Head of Wholesale Banking and Deputy General Manager. Since May 2018, Mihaela Bitu is also a ...

Optional pension funds assets, over RON 2.17 billion at 30 April 2019

Monday, June 10, 2019

Optional pension funds had assets worth over RON 2.17 billion (rd EUR 456 million) at 30 April 2019, up 15.1 percent against the level at 30 April 2018, according to data released by the Financial Surveillance Authority (ASF).State securities held the largest share in the assets, namely 56.11 percent, seconded by shares with RON 483.445 million (22.28 percent) and by corporate bonds worth RON 199.172 million or 9.18 percent of total assets.According to ...

Omnicredit, the first fintech platform that offers exclusively online loans

Monday, June 10, 2019

The first fintech platform in Romania for multicredit services, Omnicredit, which operates exclusively online, has been launched on the local market. Omnitech offers 8 types of loans; the maximum loan could reach RON 25,000 and be approved in less than an hour. Online registration is done within 30 seconds, the credit decision is taken within one hour of uploading the documents and the money reaches the customer’s account within 8 hours of ...

EBRD launches new financing programme to support innovative SMEs in Romania

Monday, June 10, 2019

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The European Bank for Reconstruction and Development (EBRD) and the European Union have launched a new financing programme that supports investment in research and innovation by small and medium-sized enterprises (SMEs) and midcaps in Bulgaria, Latvia and Romania. Launched at an event in in Bucharest, the Horizon 2020 programme is offering up to 200 selected enterprises financial and advisory support. The financing targets these ...

Moody’s salutes outcome of Romania’s referendum on justice

Monday, June 10, 2019

International rating agency Moody’s, in a commentary dedicated to the event and handed over to the financial markets on June 3, saluted the outcome of the referendum on justice launched by Romania’s President Klaus Iohannis, according to ...

The Council of Competitiveness analyses the taking over of Leumi Bank Romania by First Bank

Monday, June 10, 2019

The Competitiveness Council analyses the trading through which First Bank SA takes over Leumi Bank Romania SA by acquiring 99.9235% of their  social capital, informs the authority for competitiveness in a press release. First Bank SA is a loan institution which offers a complete range of banking services for natural persons and judicial people.First Bank is controlled by JCF IV Tiger Holdings  Sarl whole majority capital is owned by J.C.Flowers IV, L.P., ...

Mandatory private pension funds' assets worth 52.26 bln in April, up 21.42pct

Monday, June 10, 2019

Mandatory private pension funds in Romania had assets worth over 52.26 billion lei on 30 April 2019, up 21.42 percent from the same level of the previous year, according to the Financial Oversight Authority (ASF) data.Government securities made up the largest share of the assets, of 30.06 billion lei, respectively 57.52 percent. Shares came in second, at 9.96 billion lei (19.07 percent). Bank deposits ranked third in this respect, at 4.75 billion lei and 9.10 ...

Study: Almost half of Romanian millennials save up regularly

Monday, June 10, 2019

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A total of 47.57% of the Romanian youth aged 18 to 38 (the Millenials) save up regularly, the Millennial Money Report drafted by fintech Revolut shows. Still, 17.11% of the local millennials do not manage to save up anything. At the same time, over 70% of the young Romanians said they are happy to manage their personal finances, while 61.45% worry about their financial future and find it difficult to save up ...

Romania: Post-crisis performance and current challenges

Monday, June 3, 2019

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NBR Governor Mugur Isarescu speech at AmCham CEO Forum Ladies and gentlemen, I am honoured to address, this morning, such a distinguished audience. I have gladly accepted your kind invitation, for AmCham Romania has become, during the last 25 years, an important voice of the business community, speaking on behalf of many US-based, international and local companies that are doing business in Romania, ...

Fondul Proprietatea shares, historic record at end-May, higher by 138 pct against 2011, when listed

Monday, June 3, 2019

The shares of Fondul Proprietatea (FP) on 30 May 2019 touched a new record of RON 1.0150, by 15 percent over the RON 0.8830 per share recorded at end of 2018 and higher by 138 percent against RON 0.4270, the closing price per share at end-2011, the year the FP was listed on the Bucharest Stock Exchange (BVB), the FP investment administrator Franklin Templeton Investment Management Ltd. informs in a release sent on Sunday.The RON 1.00 is the nominal value set by ...

Romanian banks post higher profits in Q1 2019 despite the “greed tax”

Monday, June 3, 2019

The 34 banks operating in Romania have registered total profits of RON 1.8 billion in the first quarter of this year, up 2.1 percent year-on-year, as improved credit demand combined with low NPL rates have boosted assets and earnings despite the new “greed tax”, central bank data show. The total bank assets in Romania increased by 4.7 percent year-on-year in March, up to RON 451.9 billion (EUR 95.1 billion), ...

FinMin Teodorovici: Interest on credits granted through government programs, to be calculated using reference index

Monday, June 3, 2019

The Government adopted on Thursday's sitting a decision stipulating that the reference index will be used instead of ROBOR (Romanian Interbank Offered Rate) for the interest calculated on loans granted through state guaranteed government programs, Finance Minister Eugen Teodorovici announced."A government decision has been adopted to amend the legislation specific to state guaranteed government programs aimed at clarifying the way the provisions of OUG 19/2019 are ...

Gv't decides new way of calculating minimum share capital of private pension funds

Monday, June 3, 2019

The Government has decided a new way of calculating the minimum share capital of private pension funds, Minister of Public Finance Eugen Teodorovici announced on Thursday."Today we have adopted in the Government meeting the necessary modifications for the optimal operation of private pension managers and the diversification of the investment sphere in order to protect the interests of contributors to pension pillar II and to strengthen the perspective of a secure ...

April's overdue loan payments up 1.4 pct in lei; 0.85 pct higher in foreign currency

Monday, June 3, 2019

 Overdue loans - both corporate and individual - in domestic lei totaled 4.98 billion lei, up 1.4 per cent against the amount recorded in March 2019, while past due loans in foreign currency inched up to 0.85 per cent, to 2.839 billion lei (equivalent), according to a report of the National Bank of Romania (BNR).Loans in lei amounted to an aggregate of 169.6 billion lei in April (exceeding by 1 per cent the value recorded in the previous month), of which ...

BVB: Romanians can earn more on stock exchange than if they keep savings in bank

Monday, June 3, 2019

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Romanians can earn more on the stock exchange than if they keep their savings in bank deposits and decision-makers should encourage a much larger participation of the population in the capital market, Adrian Tanase, CEO of the Bucharest Stock Exchange (BVB) said on Tuesday."Why are we with our capital market at such a low level? Because we have a primary market with very few companies addressing the capital market for financing, we have few companies to go ...

PwC Romania : Fight against VAT fraud more likely to affect good companies than fraudulent ones

Monday, June 3, 2019

In the past few years, the fight against VAT fraud has led to legislation changes, tax controls and unfair competition; all these are perceived by most companies as the main consequences of the VAT fraud phenomenon over their activity, according to a survey conducted by PwC Romania among companies on the effects of VAT fraud. “In recent years, tax authorities have imposed several measures to reduce tax fraud and tax evasion, with the latest ...

Calu Monica, member of the European Banking Authority

Monday, June 3, 2019

A Romanian, Calu Monica, consumer law expert, has taken over a three-year term as member of the European Banking Authority based in Paris as of mid-May, more precisely as part of the Banking Stakeholder Group of EBA. According to the CV posted on the EBA website, Calu has been a Consumer Law Expert Pro Consumatori Association, Bucharest (Romania) since April 2016 until present days. She graduated in Economy, the Faculty of Accounting and Management ...

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