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Financial & Banking

Profit net consolidated of TBI Bank dropped by 16% in Q1 at 82 million euro

Monday, September 21, 2020

The net consolidated profit  of TBI Bank dropped by 16% in Q1 at 8.2 million euro, while the assets increased by 8% up to 504 million euro,announced on Wednesday the bank in a press release. In the first half of 2020, TBI Bank offered new loans worth 150 million euro in the countries where they operate, which contributed to the increase of the consolidated portfolio up to 359 million euro. At the same time,the TBI Bank deposits had an ...

BVB sees 553 mln euro listings in Jan-Aug

Monday, September 21, 2020

The value of the financial instruments in the equity and fixed income segments listed on the Bucharest Stock Exchange (BVB) amounted to some 533 million euro ($632 million) in the first eight months of the year, the bourse said last week.   In ...

Approximately 8% of the households in Romania use loans as a financial instrument

Monday, September 21, 2020

Loans as a financial instrument are used by 8.1% of the households, they being purchased for installments, including leasing, goods such as cars, technical equipment and electronic equipment, etc, in proportion of 5.2% according to research of the Nationa Institute for Statistics (INS).The statistical research ‘ Living conditions of the population of Romania’ in 2019 shows the fact that loans have been contracted for the payment of ...

HR Spotlight Interview: Andreea Voinea, HR Executive Director at BCR

Monday, September 21, 2020

For the first interview of the new HR Spotlight series, Business Review sat down with Andreea Voinea, HR Executive Director at BCR, to see how the banking sector is preparing for the #futureofwork. Andreea Voinea will also feature in an All Star Panel titled Employer Branding: keys to success | Moving Forward, Together, at BR’s upcoming ...

OLAF Report: Romania, most fraud cases with European funds in 2019

Monday, September 14, 2020

Romania appears in OLAF Report (European Anti-Fraud  Office) in several chapters about fraud with European funds: aquaculture farms in areas without water, European funds for forest fire prevention or funds for waste water management. Complex international maneuvers were used to embezzle 148 million euros in 2019, OLAF mentioned in its latest report. Investigators pointed out new or recurrent tendencies in understandings between ...

Romania doesn't support switch from unanimity to qualified majority in taxation-related decisions at EU level

Monday, September 14, 2020

Romania does not support the transition from unanimity to a qualified majority in respect to the adoption of the decisions taken at the EU level in the taxation field, said the Minister of Public Finance, Florin Citu, at the Economic and Financial Affairs Council (ECOFIN).In the context in which the EU finance ministers debated the need to reform the fiscal system for fair and efficient taxation, Florin Citu recalled that taxation policy is an element of ...

Romania lost 6.5bn euros in 2018 due to VAT non-collection

Monday, September 14, 2020

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Romania lost 6.595 billion euros in 2018 due to non-collection of value added tax (VAT) revenues, according to a study on the VAT collection deficit published on Thursday by the European Commission.As in 2017, Romania registered the largest VAT collection deficit at national level, 33.8% of the expected revenues from this tax not being collected in 2018. Romania is followed by Greece (30.1%) and Lithuania (25.9%). The lowest deficits were in Sweden (0.7%), Croatia ...

Finance Ministry, Stock Exchange, Financial Supervisory Authority mull capital market strategy

Monday, September 14, 2020

The Public Finance Ministry is in talks with the Bucharest Stock Exchange and the Financial Supervisory Authority (ASF) for a capital market strategy to attract both issuers and clients for the capital market, Finance Minister Florin Citu said on Thursday."You mentioned something very important for Romania: the transition to emerging market status. I think that we have gone over this too easily in the public space and this aspect should be emphasized, because for ...

66% of BNP Paribas’ customers intend to adjust their costs in the pandemic context and save more

Monday, September 14, 2020

BNP Paribas Personal Finance SA Bucharest Branch, through its Cetelem trademark, conducted a study among the portfolio clients that aimed to measure the financial perception and behavior in the context of the COVID-19 pandemic. According to the study, the overall impact felt by customers was high, 62% said that they had felt reppercusions. In terms of current financial behavior, the highest reported impact is on consumption, 66% of customers intending to adjust their ...

FinMin Citu: To ensure rapid recovery of economy fiscal, monetary policies need to work together

Monday, September 14, 2020

Investments had a positive contribution to the economic growth of 0.4 percentage points in the second quarter, and the net median nominal wage has increased in July by 8.1 pct, over July 2019, yet, in order to maintain rhythm and to ensure a rapid recovery of the economy, it's necessary that the fiscal and monetary policies work together, states the Minister of Finance, Florin Citu."Good news from the economy, in the context of the biggest economic crisis in ...

SIF Banat-Crisana to buy 99.92% of South Korean-owned Doosan IMGB

Monday, September 14, 2020

Romanian investment fund SIF Banat-Crisana [BSE: SIF1] said on Monday that it has signed an agreement for the acquisition of a 99.92% stake in Doosan IMGB, a South-Korean-owned metallurgical company based in Bucharest.   The agreement was signed on September 4 and is pending approval from Romania's anti-trust body, SIF Banat-Crisana said in a statement ...

BNR: International reserves – August 2020

Monday, September 7, 2020

On 31 August 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,768 million, compared to EUR 36,249 million on 31 July 2020.   During the month, the following flows were recorded: EUR 1,360 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into ...

Romania's local currency securities included in the Bloomberg Barclays Global Aggregate index

Monday, September 7, 2020

Romania's local currency securities have been included in the Bloomberg Barclays Global Aggregate index, one of the most tracked indices globally by bond fund managers, the Bucharest Stock Exchange (BVB) informs.According to Bloomberg, as a result of this decision, a number of 39 bonds with a market value of $138.5 billion will be the equivalent of 0.2% of the Global Aggregate Index and 0.5% of the Global Treasure Index."This will make the passive ...

Only 22% of the arable land of Romania is insured, namely 2 million ha, out of 8.3 million ha

Monday, September 7, 2020

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The National Union of Companies for Insurance and Reinsurance of Romania announced that storms, and torrential rain generated over 96% of the damage paid to the farmers and at the same time that only 22% of the arable land of Romania is insured, namely almost 2 milion ha, out of 8.3 million ha. In the context of the extreme weather phenomena over the last years, which lead to important loss în agriculture, the Romanian farmers may protect their investments through ...

An ongoing look at how the attitudes of financial decision makers in Romania are evolving during the COVID-19 pandemic.

Monday, September 7, 2020

Over 40 percent of financial decision makers in Romania view the current economy as weak, and a similar percentage expect it to weaken further in the next 3 months. Similarly, over 50 percent of consumers state their current financial situation is at least somewhat weak, and only 20 percent expect it to improve in the next months. While almost half of consumers have experienced reduction in income and savings, less than a third have been able to reduce household spending. ...

SIGNAL IDUNA Romania announces a turnover of over RON 57.4 million in H1 of 2020

Monday, September 7, 2020

SIGNAL IDUNA Romania insurance company ended the first six months of 2020 with a turnover of over RON 57.4 million, which represents an increase of 44% compared to the same period of 2019. The number of insured persons reported at the end of the first six months of 2020 amounts to over 180,000 people, increasing compared to the same period last year by 64%, of which 88% are corporate contracts, the rest being assigned to the retail segment. The results achieved ...

FONDUL PROPRIETATEA H1 2020 FINANCIAL RESULTS

Monday, September 7, 2020

Fondul Proprietatea (hereinafter “The Fund”) has published its semi-annual report and financial results for the first half of 2020 and would like to share the most important highlights:   The share price had a strong performance in the first two months of the year, reaching a record high of RON 1.3800 per share on 14 February 2020. The negative impact of COVID-19 ...

"CIRCULAR EUROPE" STUDY BY ENEL AND THE EUROPEAN HOUSE – AMBROSETTI

Monday, September 7, 2020

FOR THE FIRST TIME THE STATE OF THE ART OF CIRCULAR ECONOMY IN EUROPEAN COUNTRIES HAS BEEN MEASURED: THE TRANSITION TO A CIRCULAR ECONOMY WILL BRING ECONOMIC, SOCIAL AND ENVIRONMENTAL BENEFITS THROUGHOUT EUROPE   The study analyses the state of the art of Circular Economy in Europe (27 EU countries and the United Kingdom) using an innovative analysis model, the Circular Economy Scoreboard, which ...

BNR: Monetary indicators – July 2020

Monday, August 31, 2020

At end-July 2020, broad money (M3) amounted to RON 446,125.4 million, up 0.5 percent (in both nominal and real terms) month on month and 14.0 percent (10.9 percent in real terms) year on year, National Bank of Romania – BNR's data ...

ECB and BNR have agreed to extend the framework arrangement to provide euro liquidity to the BNR until end-June 2021

Monday, August 31, 2020

The European Central Bank (ECB) and Banca Nationala a Romaniei (National Bank of Romania - BNR) have agreed to extend the framework arrangement to provide euro liquidity to the BNR via a repo line, in order to address possible euro liquidity needs in the presence of market dysfunctions due to the COVID-19 shock. Under a repo line, the ECB provides euro liquidity to a foreign central bank in exchange for adequate ...

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